Global glycolic acid market is expected to witness momentous growth owing to increasing application in major end-use industries including personal care and household cleaning over the forecast period. Rising concern over skin and hair problem among youth is expected to be the major factor driving the global glycolic acid market over the foreseeable period.
Growing anti-aging products demand among young inhabitants is further likely to propel the market growth in the future. Glycolic acid finds application in industrial products such as PET bottles and medical sutures. Increasing shore up for biodegradable product is anticipated to have positive impact on global glycolic acid market over the next six years.
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Polyglycolic acid (PGA) is a derivative product of glycolic acid, and is used in manufacturing surgical sutures. Growing PGA demand owing to increasing use in medical equipments is projected to compel the market over the forecast period. Glycolic acid is used as an ingredient in shampoos, face peels, ointments, and moisturizers. Growing personal care products demand coupled with increasing consumer awareness toward use of biodegradable products are expected to create an opportunity for the market players over the foreseeable period.
Water treatment is the also one of the major end-use application segment. Growing need of water owing to increasing population is expected to be the major factor driving the market over the foreseeable period. However, availability of salicylic acid as an alternative is expected to hinder the market growth in the future.
High consumption of concentrated glycolic acid may lead to skin burns. This hazardous factor is expected to restrain the global glycolic acid market in the future. Household cleaner is among the key glycolic acid application segment. Increasing household cleaner demand is further expected to propel the market growth over the forecast period.
Glycolic acid is used as a dyeing and tanning agent in textile industry. Growing textile industry owing to shift in fashion toward new lifestyle is likely to propel the market growth in the future. Glycolic acid finds application in food processing as a flavoring agent and as a preservative. Growing packaged food demand is further expected to drive the global glycolic acid market over the foreseeable period.
Glycolic acid often finds application in adhesives and plastics. Increasing adhesives demand in furniture industry is likely to fuel in market growth over the next six years. Glycolic acid is also used as surface treatment, which finds application in tile flooring. Growing building & construction industry in emerging economies including Brazil, India, China, and Argentina is expected to drive glycolic acid market in this region.
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North America was major regional glycolic acid market in 2013. Increasing medical equipments demand in U.S. and Canada is expected to drive North America glycolic acid market over the forecast period. Increasing packaged food consumption in U.S. is expected to be the major factor driving the market in North America. Stringent government regulation associated with glycolic acid for use in personal care product is expected to restrain the market over the foreseeable period.
Europe is the second major glycolic acid market. Increasing personal care products such as hair and skin care among young consumers in Europe is further anticipated to drive the market growth in this region over the forecast period. Increasing personal care concerns coupled with changing lifestyle in countries such as India and China is expected to drive the Asia Pacific market over the foreseeable period. Growing textile industry owing to increasing population in emerging nations of Asia Pacific is expected to propel the market growth in this region over next six years.
Global glycolic acid market is highly dominated by top players. DuPont is among the top players operating in the global market. Some other key players operating globally include CrossChem LP, Phibro Animal Health Corp., Chemsolv Inc., and Parchem.
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