Future Market Insights
Glycolic acid falls under the category of alpha hydroxy acid (AHA). Glycolic acid is generally odorless, colorless and hygroscopic crystalline solid. Furthermore the glycolic acid is highly soluble in aqueous solutions. Glycolic acid are generally obtained from natural phenomenon due to its abundance availability in fruits and sources such as unripe grapes, pineapple, sugarcane, cantaloupe and sugar beets. Commercially glycolic acid is prepared by the reaction of formaldehyde with synthesis gas in the presence of catalyst. This method is cost effective in nature and widely adopted by the manufacturers for the synthesis of glycolic acid. Furthermore reaction of sodium hydroxide with chloroacetic acid which is then followed by re-acidification is one more viable method for the synthesis of glycolic acid. In market place the glycolic acid are commercially available in different grades such as technical grade, industrial grade and pharmaceutical grade which are further consumed in different application areas. Glycolic acid is also used in the formulation of the polyglycolic acid which is commercially formed by the polycondensation of the glycolic acid. Furthermore the polyglycolic acid is used commercially in the extraction of the shale gas widely. Also there has been wide adoption of polyglycolic acid has been witnessed in absorbable sutures for surgical applications. Glycolic acid is also used in the formulation of the shampoos particularly for companion animals such as horses, cats and dogs. Glycolic acid shows numerous advantages such as restoration of damaged and dry skin cells with the help of the moisture process. Furthermore due to its smallest molecules present in the group the glycolic acid enables the fast and easy penetration on the human skin which enhanced the natural skin barrier, which helps in the reduction of the scales and crusts which further relieves from the irritation and itching of the skin.
Glycolic Acid Market: Drivers and Restraints
In last few years, an increase in the production & consumption of glycolic acid for numerous application has been witnessed and a similar roadmap and trend is expected to follow in the coming years. The main reason implicit behind the increase in sales and consumption of glycolic acid is increase in demand for skincare and hair care cosmetic products based on glycolic acid due which is driven by the increasing awareness about healthy skin and hair. Likewise the positive attributes like high solubility in water and highly acidic nature makes glycolic acid as the material for choice for the formulation and synthesis of creams and ointments which is used for the treatment of scars and wrinkles. Moreover the increase in adoption of the glycolic acid in emulsion polymer and in the formulation of additives which further used finds application in paints and ink industry also fuel the demand of glycolic acid. Other factors like improvement in healthcare standards in different growing and emerging economies will further propel the demand for glycolic acid. However, rise in awareness amongst the people about the ill effects of the usage of glyclolic acid leading to skin allergies will somehow dent the growth of glycolic acid globally. Also stringent regulations by the European government imposed on the manufacturers regarding the capping in the usage of glycolic acid in pharmaceutical formulation is acting as an adoption barrier over the forecasted period
Glycolic Acid Market: Segmentation
On the basis of Grade, the Glycolic Acid Market can be segmented as:
On the basis of Application, the Glycolic Acid Market can be segmented as:
Glycolic Acid Market: Region Wise Outlook
The global glycolic acid market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2016, North America is the major market for the consumption of glycolic acid based products, the growth is driven by the increasing demand for acne & wrinkle removal creams among the middle aged woman with in the region, and also increase focus in skin nourishment helps the compound gaining attention within the region. Europe is one of the prominent region holding the substantial demand for glycolic acid based product and growing health care industry. APEJ and Latin America regions will also register rapid growth due to the increasing demand for furan resins with the increase in application in pharmaceutical product formulations. China and India are the two major countries in the APEJ region contributing in the consumption of glycolic acid in different application industries such as industrial, household and cosmeceutical. Also low manufacturing cost in the region coupled with the growing and emerging economy drives the consumption of glycolic acid with in the region. Japan is showing the steady growth in the consumption and adoption of glycolic acid based products due to limited availability of the manufacturers. MEA region is also projected to expand with a significant CAGR over the forecast period.
Examples of some of the market participants in the global Glycolic Acid Market identified across the value chain include:
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