Everything You Want to Know About the Glycolic Acid Market
Glycolic Acid Market: Key Highlights
·
The
global glycolic acid
market was valued at ~US$ 285 Mn in 2018 and is
anticipated to expand at a CAGR of ~7% during the forecast period
·
Rising
use of skin care and hair care products across the globe is the primary factor
projected to drive the global glycolic acid market during the forecast period.
Additionally, increase in usage of glycolic acid for industrial and household
cleaning purposes, due to rise in awareness about hygiene is anticipated to
drive the global glycolic acid market during the forecast period.
Request A Sample- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1462
Key Drivers of Glycolic Acid
Market
·
Glycolic
acid products are widely used in industrial cleaning applications in water
treatment plants, dairies, concrete trucks, and metal cleaning plants. Glycolic
acid is an ideal material for industrial cleaning, as it is eco-friendly,
biodegradable, readily rinsable, dilutable, and compatible with several
formulations. Thus, growth of the global industrial cleaning sector is expected
to fuel the demand for glycolic acid during the forecast period.
·
Polyglycolic
acid is used to manufacture drug delivery devices for small-molecule drugs,
proteins, and macromolecules in commercial and research applications. It is
also used in various tissue-engineering applications, as it possesses tunable
mechanical properties, biodegradability, and biocompatibility. This factor is
expected to drive the demand for polyglycolic acid globally in the near future.
Increase in Use of Glycolic Acid
in Cleaning Agents
·
In terms
of application, cleaning agent was a rapidly expanding segment of the global
glycolic acid market in 2018. The segment is expected to maintain its
attractiveness during the forecast period, due to wide compatibility of
cleaning agents with a range of ingredients such as surfactants, biocidal
agents, corrosion inhibitors, fragrances, and dyes.
·
Glycolic
acid has low dissociation constant and molecular weight, which increases its
efficiency on hard water scales and leads to low corrosion of household
surfaces
·
Glycolic
acid is increasingly being used in cleaning and washing of various industrial
equipment, due to its solubility and ease of handling. Additionally, it has
negligible toxicity. Thus, it can be employed in dairy and food & beverages
industries. Furthermore, glycolic acid is biodegradable. Thus, waste management
is easy in case of glycolic acid. Glycolic acid is increasingly being utilized
in industrial applications such as cleaning and washing. It is also employed in
certain industrial applications such as finishing of metal surfaces. Growth in
industrial activities is expected to drive the demand for glycolic acid during
the forecast period.
Purchase A Report- https://www.transparencymarketresearch.com/checkout.php?rep_id=1462<ype=S
Availability of
Superior-performance Substitutes to Glycolic Acid Likely to Hamper Global
Market
·
Personal
care products, such as skin care and hair care products are driving the
glycolic acid market. Glycolic acid is used as an exfoliating and moisturizing
agent in the formulation of various personal care products. Development of
substitutes, with similar or better functional values, is a major factor
restraining the glycolic acid market. Salicylic acid, which is a beta hydroxyl
acid, is possibly a key substitute to glycolic acid for use in skin care product
formulations. Salicylic acid is more effective in terms of skin exfoliation
than glycolic acid. Various companies have been using salicylic acid in their
product formulations. This factor is likely to hamper the glycolic acid market
during the forecast period.
Asia Pacific Dominates Glycolic
Acid Market
·
Among
regions, Asia Pacific accounted for a prominent share of the global glycolic
acid market in 2018. The region is expected to remain a highly lucrative market
for glycolic acid during the forecast period, owing to the growth in
population, improvement in the standard of living, and rise in e-Commerce
activities in the region.
·
The
economy of Asia Pacific countries, such as China and India, is expanding
significantly. As a result, several key players have started investing in the
chemical sector of the Asia Pacific, due to easy availability of raw materials
and favorable rules and regulations in the region. Major players from other
regions are investing through collaborations, acquisitions, and mergers with local
players.
·
Asia
Pacific is a hub for production of specialty chemicals. A large number of
glycolic acid manufacturers operate in the region. These include Shandong
Xinhua Pharmaceutical Co. Ltd., Avid Organics, Zhonglan Industry Co., Ltd.,
Water Chemical Co., Ltd, Hebei Chengxin Co., Ltd., Hefei TNJ Chemical Industry
Co. Ltd., and Saanvi Corp.
Top Six Players Account for Key
Share of Global Glycolic Acid Market
·
The
global glycolic acid market is consolidated. Top six players i.e. The Chemours
Company, Phibro Animal Health Corporation, Water Chemical Co. Ltd., CABB Group
GmbH, Zhonglan Industry Co. Ltd., and CrossChem LP cumulatively accounted for
more than 60% share of the global glycolic acid market in
2018.
·
The
Chemours Company was a major producer of glycolic acid, accounting for more
than 40% share of the global glycolic acid market in 2018. The
company manufactures glycolic acid at its plant in Belle, West Virginia (the
U.S.), which is the largest manufacturing facility for glycolic acid in the
world.
·
CABB
Group GmbH is also a key manufacturer of glycolic acid. The company specializes
in the manufacturing of specialty as well as fine chemicals. It also
specializes in custom manufacturing. CABB Group GmbH runs production facilities
in Finland, Switzerland, India, and Germany.
·
Other
companies include a large number of local manufacturers in India and China,
which produce glycolic acid in smaller volumes and cater to domestic markets.
These are a part of the unorganized sector.
Get Trending Report- https://www.prnewswire.com/news-releases/rapid-inclination-towards-vegan-food-choices-to-invite-enormous-growth-opportunities-for-tiger-nuts-market-tmr-insights-301333737.html
Comments
Post a Comment