Press release
Glycolic Acid Market Trend with Global Foresight 2023 | Key Players Insights - The Chemours Company, Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich Corporation, Zhonglan Industry Co, and Mehul Dye Chem Industries
Glycolic Acid Market is expected to reach USD 375.5 million by the end of 2023
Glycolic Acid is alpha hydroxyl acid highly soluble in aqueous solution and is usually colourless and odourless. Glycolic Acid is naturally found in vegetables and fruits such as sugarcane, pineapple, and sugar beets. Also, glycolic acid can be commercially synthesized through synthesis of formaldehyde in presence of catalyst.
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Global Glycolic Acid Market is projected to reach USD 375.5 million at a healthy CAGR of 6.09% over the forecast period. The high penetration of Glycolic Acid in personal care products is the major driver of the Global Glycolic Acid Market. This growth can be attributed to the various properties of glycolic acid such as anti-inflammatory and anti-oxidant behaviour. It is also used in the fibroblast stimulation and kerotolytic therapy. Growing demand of acne products amongst the aging population for reducing face lines, scars and marks are projected to drive the market growth. Glycolic acid is used as a disinfectant cleaner and is widely consumed in household cleaning applications. Glycolic Acid is also used in formulation of polyglycolic acid, which is further used in extraction of shale gas. Additionally, adoption of polyglycolic acid in absorbable medical sutures and PET bottles owing to high biodegradability are expected to offer new opportunity for market participants in coming years. However, stringent regulation regarding the concentration of Glycolic Acid in personal care products and availability & development of substitute such as salicylic acid are expected to hinder the market growth during the review period.
Glycolic Acid Market- Competitive Landscape
The Global Glycolic Acid Market is witnessing rapid growth primarily driven by growing consumer awareness for the skin health coupled with the high disposable income. The Chemours Company, Phibro Animal Health Corporation, CrossChem LP, CABB GMBH, Merck KGaA are the leading players in this market. Most of these market participants are adopting the acquisition, collaboration tactics and launching new products in order to strengthen their market position and meet the growing demand. Growing demand for personal care products across the globe coupled with the continuous collaborations and agreements between manufacturers, distributers, and marketing firms are key factors for the growth of Glycolic Acid in the global market. Considering these trends, the Global Glycolic Acid Market is set to witness considerable competition over the forecast period of 2017-2023.
Industry/ Innovation/ Related News:
May 18, 2018- The Chemours Company announced a global price increase of up to 15 percent for all grades for glycolic acid products, effective from July 01, 2018. This price adjustment will ensure the company to continue to invest and provide high level of product quality, service, and innovation to meet their customer’s needs worldwide.
October 05, 2016- - Chemrous has launched a new product Glypure Gl Cosmetic grade. The launch of new product will benefit the company in adding a new product line in Glycolic acid. Glypure is an active ingredient in anti-aging formulation which used in many personal care and cosmetic products. With unique advantages, this product has proven ability to be first choice for cosmetic grade glycolic acid.
April 25, 2016- Lanxess AG, a German based has agreed to acquire Chemours’s Clean & Disinfectant Chemical business for USD 230 million, but will retain their glycolic acid line. The Chemours Company reported net loss of around USD 86 million in 2015. The sell-off the Clean & Disinfectant business was the company’s strategy towards reversing its recent misfortunes.
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