Knowledge Sourcing Intelligence launches the publication of a new report on "Glycolic acid Market - Forecasts from 2019 to 2026" to their giving.
The prime factor driving the growth in the market is the surging demand for natural cosmetics and personal care products.
As per the report, the market for Glycolic Acid Market is expected to grow at a steady pace.
Glycolic Acid is a plant-driven substance, driven from plants like sugar beets, sugarcane, and Pineapple. It is clinically proven as a skin treatment as it has anti-aging properties and is safe to use on sensitive skin. Thus, it is used as a prime ingredient in many cosmetics as it deals with many skin problems effectively. It is also useful in textile dyeing and finishing operation which contributes to market growth. The several innovations in the skincare industries are also boosting factors for the growth of the Glycolic Acid market. Additionally, it also has properties like biodegradable, metoxyacetic acid-free, and non-flammable, which make it a perfect element in dyeing products. It has been observed that there is an increase in the global average disposable income with a surge in the standard of livings. This has resulted in an increase in the adoption of natural cosmetic and skincare products, which will boost market growth. However, the extraction of glycolic acid needs utmost safety with advanced technology to avoid the production of formaldehyde, which can cause a hazardous effect on the skin.
Based on the Grade type, the Glycolic Acid market is fragmented into industrial, Cosmetic, Medical, and technical grades. Medical and Industrial Grades are estimated to mark several applications in the respective research. However, with the rise in the demand for cosmetic products, Cosmetic Grade is expected to grow at a faster rate. The global average disposable income has increased which is accompanied by a surge in the standard of livings which inclines towards the use of more natural and chemical-free products.
Based on the Industry type, the Glycolic Acid Market is segmented into Household and Industrial. The Industrial application of Glycolic Acid is projected to dominate in terms of Glycolic Acid Market share in the forecast period. Also, the rise in demand for natural products paves the way for market opportunity. The awareness and inclination towards the chemical-free product have increased among the customers, especially the products such as natural skincare, cosmetic, and personal care product. Growing e-commerce natural products and internet penetration have provided many alternatives for the business.
Whereas By geography, the Glycolic Acid Market is segmented into North America, South America, the Middle East and Africa, and the Asia Pacific. The Asia Pacific is projected to grow at the fastest rate in Glycolic Acid Market. On the other hand, Europe is estimated to hold a significant share in the Glycolic Acid market in the forecast period. The booming textile industrial growth has also been estimated to hold significant growth in the region’s market growth. Due to the rise in internet penetration, many countries have witnessed the emergence of new business platforms. This factor has also resulted to show growth in the market. Increasing awareness and rising the adaptation of chemical-free lifestyle has been rising in many countries. This has resulted in the high demand for natural and safe cosmetic products.
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This analytics report segments the glycolic acid market on the following basis: