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The global glycolic acid market size is expected to reach USD 820.3 million by 2027. The growing demand for this acid for cleaning purposes in the oil industry will foster healthy growth of the market, mentioned in a report, titled “Glycolic Acid Market Size, Share & COVID-19 Impact Analysis, By Purity (Glycolic Acid 99%, Glycolic Acid 70%, Glycolic Acid 30%, and Others), By Application (Personal Care & Cosmetics, Household, Textile, Food Processing, Pharmaceutical, and Others), and Geography Forecast, 2020-2027.” The market size stood USD 468.2 million in 2019 and is expected to exhibit a CAGR of 7.3% between 2020 to 2027.
Introduction of SkinCeuticals’ New Glycolic Renewal Cleanser to Foster growth
SkinCeuticals, a major leader in advanced skincare technology announced the launch of Glycolic Renewal Cleanser. This new dual-acid exfoliating cleanser is the latest addition to the brand's problem-solution cleanser portfolio. The new product is made solely to address the problem of dullness and texture concerns among women. The soft-foaming gel made of glycolic effectively exfoliates the skin, delivering a clear and bright complexion while removing oil, dirt, debris, and long-wear makeup. The cleanser washes without leaving a residue but also refines the appearance of pores, and primes skin for corrective and professional treatments. The company also claims 1% of Phytic acid, Aloe Barbadensis leaf extract, and Glycerin along with glycolic acid demonstrated by a free acid value of 8% derived from sugar cane in the cleanser. The new product can stimulate new cell generation, resulting in improved skin texture, tone, and a brighter complexion. Moreover, Barbadensis leaf extract moisturizes, cools, and refreshes skin, and Glycerin, an emollient, attracts water to the skin and retains skin moisture. The introduction of the new product will have a tremendous impact on the market owing to its extraordinary benefits compared to the other products in the market.
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Lethal Effects of Hydroxyacetic Acid on Environment to Limit Market
The use of hydroxyacetic acid in cosmetic & personal care products can have a hazardous effect on the skin. For instance, excessive use can lead to skin irritation, itching, swelling, and inflammation. Exposure to chemicals can make the skin more sensitive to UV radiation. Moreover, the inhalation of chemicals can cause respiratory, thymus, and liver damage, thus inhibiting the demand among consumers and in, turn, hampering the growth of the market. The environmental effects caused by phosgene gas during the manufacturing of hydroacoustic acid can further be an impeding factor for the growth of the market. Likewise, Stringent environmental regulations imposed by the governments will further restrict the production of hydroxyacetic acid, thus hampering the market.
Focus on Robust Distribution Channels by Prominent Players to Intensify Business
The main companies in the market such as, The Chemours Company, CABB Group, and Saanvi Corp are focused on strong regional presence, distribution channels, and product offerings. For instance, Phibro Animal Health Corporation, a specialty chemical distribution, and service company that caters to industries including personal care & pharmaceuticals such as skin, hair & oral, coatings, sealant, adhesives, metal plating, and industrial market. The company offers a 70% solution of AHA cosmetic products. The on-going product innovation by companies will create opportunities for the market in the forthcoming years.
The Report Lists the Key Companies in the Glycolic Acid Market:
Further Report Findings:
The Report on this Market is Segmented into:
Value (USD Million); Volume (Ton)
Purity; Application; and Geography