Glycolic Acid – An Effective Skin Treatment
The glycolic acid market is was valued at US$332.687 million in 2019 and will increase to US$477.485 million by 2026. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 5.30%.
Glycolic acid is a chemical derived from plants that have been clinically demonstrated to be an excellent skin treatment. This chemical has anti-aging qualities and can be used on sensitive skin without causing irritation. It is frequently utilized as a primary ingredient in a variety of cosmetic products due to these characteristics. It's made from plants like sugar beets, sugarcane, and pineapple, and it's great for clearing up acne. The glycolic acid market is segmented by grade, industry, and geography.
During the Projected Period, the Market for Glycolic Acids Is Predicted to Rise Due to a Surge in Demand for Natural Cosmetics and Personal Care Products
The increased popularity of natural personal and cosmetic products is one of the primary drivers of the glycolic acid industry. Glycolic acid has a considerable presence in the worldwide cosmetic business because of its numerous skincare benefits. Glycolic acid contains anti-aging qualities and has been demonstrated to be an excellent skin therapy component. The acid is gentle on delicate skin and effectively combats acne and other skin issues. Furthermore, glycolic acid is biodegradable, free of metoxyacetic acid, and non-flammable, making it a perfect component for the dyeing industry. It is exempt from the volatile organic compound (VOC) category, which aids in its chemical industry expansion. Furthermore, the decline in the market for chemical products as a result of the harmful effects of chemicals on skin and health has aided the rise of the market for natural products, hence raising demand for glycolic acids.
During the Anticipated Period, Cosmetic Grade Glycolic Acid Is Expected to Grow Significantly
Glycolic acid is classified as industrial-grade, cosmetic grade, medical grade, or technical grade depending on the grade type. Because of its widespread use in industries and medical research, industrial and medical-grade glycolic acid is expected to dominate the market. The cosmetic grade glycolic acid, on the other hand, is expected to grow at a high rate. The increased demand for natural cosmetics is the primary factor driving this segment's expansion. Furthermore, a boost in the use of natural cosmetic and skincare products has resulted from a considerable increase in worldwide average disposable income accompanied by an improvement in the level of living, which will promote market growth.
According to L'Oréal figures, the worldwide cosmetic market grew by 5.5 percent in 2019. In 2019, skincare accounted for 40% of the worldwide glycolic acid market share. With the introduction of the e-commerce business, online companies, the expansion of social networks, the increase in per capita disposable income, and consumer interest in various products, the market has grown globally.
Consumption of glycolic acid in hair and nail care products is also a prominent element driving market expansion. Apart from personal care and dermatology, industrial use, which is expected to be one of the fastest-growing applications of glycolic acid, is also a big consumer. The key element driving market demand is the rising need for glycolic acid in boiler cleaning applications in the industrial sector.
Analysts Anticipate That the Production of Formaldehyde Can Act as a Restraint for the Market’s Expansion
Glycolic acid is typically made using one of two methods: carbonylation of formaldehyde or glycolonitrile as a prime material. As a result of each of these techniques, formaldehyde is produced as a byproduct. When exposed internally, formaldehyde is a toxic sensitive toxin that can affect the immune system. Formaldehyde has also been related to the development of cancer in humans. Furthermore, repeated application of this chemical may irritate the eyes and skin. While formaldehyde is a waste product, it has the potential to harm consumers if it is accidentally mixed with glycolic acid. As a result, extracting glycolic acid necessitates extreme caution and cutting-edge equipment, limiting commercial potential.
Any substance with a glycolic acid concentration of more than 10% is classified as dangerous by the US Food and Drug Administration (FDA). Glycolic acid at higher concentrations can cause skin burns. The glycolic acid market is being hampered by a growing awareness of the dangers of utilizing products with high glycolic acid concentrations.
During the Forecast Period, Europe and the Asia Pacific Regions Are Likely to Account For a Considerable Portion of the Global Glycolic Acid Market
The glycolic acid market has been divided into five regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific. During the forecasted period, the European glycolic market is expected to hold a large proportion. Natural skincare and cosmetics are most popular in Europe. The market's expansion will be aided by rising demand for them. However, the Asia Pacific area is expected to grow at the fastest rate. In-market possibilities will be boosted by rising disposable income and rising demand for natural products. The burgeoning textile sector will also play a big role in the region's development. Furthermore, expanding internet penetration and increased customer choice create a significant opportunity for the sector. As a result of increased internet access, the e-commerce sector has grown, as has the creation of new business platforms, bringing stale growth to the market. Increased awareness and a better standard of living are other important factors. Prime markets in the region include India, China, Japan, South Korea, Singapore, and Thailand.
The coronavirus pandemic had a negative influence on the glycolic acid business. The government's containment measures resulted in a standstill in economic activity and an increase in global unemployment rates. Because of the loss of a source of income and the uncertainty surrounding the lockdown, people spent more on necessities and less on comfort and luxury items. This resulted in a large decrease in the demand for cosmetics and other items, as well as for glycolic acid. The industry's activities were further hampered by supply chain disruption.
Glycolic acid is used to make a variety of skincare products. Because the coronavirus attacks the respiratory system, the increased danger of inhaling cosmetic goods may limit their use during the pandemic. However, due to the enforcement of lockdown, the epidemic has resulted in a downturn in the cosmetic sector. Due to labor scarcity and mandatory social separation, cosmetic manufacturers have shut down production units.
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