The global market for glycolic acid is expected to reach USD 277.8 million by 2020, according to a new study by Grand View Research, Inc. Glycolic acid is being increasingly used as an active ingredient in personal care products such as haircare and skincare. The growing consumer awareness regarding the benefits of glycolic acid as an anti oxidizing and exfoliating product is expected to fuel demand over the forecast period. In addition, glycolic acid is used in the manufacturing of polyglycolic acid (PGA), used for the manufacturing of absorbable sutures for healthcare applications. Growing standard of healthcare in emerging economies is expected to result in increased demand for these sutures which in turn would boost the demand for glycolic acid.
Personal care products were the largest application segment accounting for over 30,000 tons of glycolic acid consumption in 2013. Exfoliation and anti-ageing properties of glycolic acid make them ideally suited for use in haircare and skincare products. Growing disposable income and changing lifestyle are expected to play a key role in augmenting demand for glycolic acid based personal care products.
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Further key findings from the study suggest:
- North America was the largest regional market for glycolic acid, owing to high use of glycolic acid based personal care products, with market revenue estimated at USD 44.82 million in 2013.
- Asia Pacific is expected to witness fastest growth, at an estimated CAGR of 11.5% from 2014 to 2020, owing to changing lifestyle in emerging markets of China and India resulting in higher adoption and utilization of haircare and skincare products.
- Glycolic acid is used in the manufacturing of PGA, which is a key raw material for absorbable sutures. The growing preference of absorbable sutures in developed nations is expected to increase demand for glycolic acid in this segment.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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