Glycolic Acid Market Size Worth $604.4 Million by 2030

The global glycolic acid market generated a revenue of $309.3 million in 2021, and the market size will advance at a CAGR of 7.7% during the forecast period, to reach $604.4 million by 2030. This is majorly due to the rising usage of glycolic acid in personal care products and other end-use applications since it is organic and has several beneficial features.

Personal Care & Cosmetics Category To Experience Fastest Growth

During the forecast period, the personal care & cosmetics category is expected to witness the highest CAGR, of 7.9%, from 2021 to 2030. This can be because the demand for glycolic acid-based personal care and cosmetic products is propelled by the rising awareness of these products and personal hygiene, changing consumption habits, and increasing purchasing power among women. In the U.S., for example, prominent personal care items include cosmetics (35% of industry revenue), hair products (20%), and creams and lotions (20%).

Glycolic acid is widely used in household products, from skincare and cosmetics to anti-aging and sun screams. It is utilized as an effective skin treatment solution and is safe to use on sensitive skin. Moreover, it is used in personal care products, such as moisturizers, body lotions, shampoos, conditioners, and cleaners.

Advertisements have a major impact on consumer behavior and attitudes about a product. These help people know about the product ingredients. People generally prefer to use natural ingredients over synthetic, which is driving the market for glycolic acid.

Europe Is the Largest Shareholder in the Market

Geographically, Europe accounted for the largest market share in 2021, owing to the presence of a large number of cosmetics players in the region. Glycolic acid is a premier ingredient used in anti-aging creams, skincare creams, and exfoliating the dead skin layers. Thus, the demand for this chemical is high in Europe.

Moreover, the regional glycolic acid market is likely to be driven by the rising demand for glycolic acid-based over-the-counter skin care products and the surging need for keratolytic agents, as a result of the increasing cases of dermatological diseases. For instance, Loreal Paris brand has various applications of glycolic acid in its product range such as Revitalift crystal micro-essence cream, Revitalift crystal micro-essence sheet mask, and Revilatlift Hyaluronic acid serum.

Furthermore, the acid has several applications in the oil and gas and electronics sectors as a dyeing agent. In the oil field and petroleum refinery sector, glycolic acid improves cleaning and descaling operations. This acid also provides biodegradable metal complexing without increasing biological or chemical oxygen demand in formulated products.

Product Launches Are Most-Effective Strategic Measures for Market Players

Key players in the glycolic acid market have been involved in product launches and approvals to remain competitive. For instance:

• In February 2021, Neostrata announced the launch of the NeoStrata Glycolic Renewal Serum. This new serum is composed of glycolic acid, 10% alpha hydroxy acid, lactobionic acid, and green tea antioxidants. This combination helps in preventing enlarged pores, uneven skin, and acne scars.

Some of the major players in the glycolic acid market are The Chemours Company, China Petrochemical Corporation (Sinopec Group), CABB Group GmbH, Zhonglan Industry Co., Water Chemical Co, CrossChem LP, and Avid Organic.