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Glycolic Acid Market To Touch $765 Mn By 2032, At CAGR Of 5.3%: Report
The global market of glycolic acid is estimated to witness a CAGR of 5.3 per cent and the natural glycolic acid segment is likely to generate maximum revenues between 2022 and 2032, the report said
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The worldwide glycolic acid market size is set to increase to USD 764.8 million by 2032 from 456.4 million in 2022. Total glycolic acid sales are projected to surge at 5.3 per cent between 2022 and 2032, according to the latest Future Market Insights report.
The report also stated that based on end use, the chemicals segment is estimated to create an incremental USD 143.4 million and Europe and North America are expected to cumulatively hold around 48.8 per cent of the overall market share during 2022 and 2032.
The USA is a prominent importer of glycolic acid with an estimated import volume of 6,156 tons of glycolic acid. Whereas, Japan’s glycolic acid market is forecast to accelerate at 4.6 per cent CAGR between 2022 and 2032, according to the glycolic acid market study.
Demand from various end-use industries such as textile, pharmaceutical, personal care and chemicals, is augmenting growth in the glycolic acid market. Over the years, glycolic acid has become a commonly used substance across various industries due to its multifunctional features.
In the food industry, glycolic acid is used as a flavouring agent and preservative, in the textile industry as a dye and tanning agent and in the pharmaceutical sector as a skin care product. It is often used in solvents, emulsion polymers, and additives for paints and ink to improve flow qualities and impart gloss.
Glycolic acid is also used in plastics and adhesives. It is a component of products used for treating surfaces that raise the coefficient of friction on tile floors. It is also the primary component of the household cleaning solution called Pine-Sol. Hence, the growing application area of glycolic acid will continue to elevate demand in the global market.
Subsequently, the rising usage of glycolic acid in skincare products to treat various skin disorders and increasing focus on technological advancement and modernization of production techniques will further aid in the expansion of the worldwide glycolic acid industry.
“Consistently growing demand from various end-use industries, particularly from the textile, and pharmaceutical industries, are expected to boost the glycolic acid market over the projection period,” says a lead FMI analyst.
Key players are focusing on increasing their production capacity to enhance their market footprint all over the globe and to gain traction in the market. Further certain key players are focusing on investing in glycolic acid production owing to a significant increase in the demand from the various end-use industries.