The global glycolic acid market size is expected to reach USD 820.3 million by 2027, exhibiting a CAGR of 7.3% during the forecast period. The growing utilization of glycolic in the production of plastics and adhesives will enable speedy expansion of the market, states Fortune Business Insights, 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 at USD 468.2 million in 2019.
The coronavirus incident has severely impacted several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the glycolic acid market contains:
- All-encompassing report of the market
- Vital insights into the industry
- Latest market trends and drivers
- Information about the flourishing regions
- Impact of coronavirus on the global market
Market Driver:
Rising Demand for High-end Cosmetic Products to Bolster Growth
The escalating cosmetic industry will spur opportunities for the market in the forthcoming years. The increasing application of C2H4O3 in skincare products such as creams, face masks, and peels will boost the healthy growth of the market during the forecast period. The increasing consumer awareness along with rising per capita income will simultaneously incite the demand for cosmetics, in turn, aiding the development of the market. The utilization of C2H4O3 in the cosmetic industry due to its superior benefits such as removal of dark spots, irregular pigmentation, anti-aging, enlarges pores, dead skin and improves skin health. Thus, the cosmetic industry is expected to contribute positively to the growth of the market.
Adverse Effect of Coronavirus on the Global Market
The growing awareness about health and safety among populations will limit the use of cosmetic products during the COVID-19 pandemic. The Safety Data Sheets revealed that cosmetic products can be dangerous if inhaled, the chemical burns through the respiratory tract. The coronavirus majorly affects the lungs; hence this factor will restrict the use of cosmetics in the time of the pandemic. Moreover, the halt on production processes and declined consumer demand can further result in the impediment of the market during the COVID-19 epidemic.
Regional Analysis:
Evolving Lifestyle of Consumers to Influence Growth in Asia Pacific
The market in Asia Pacific is expected to witness a high growth rate during the forecast period owing to the flourishing cosmetics and textile industries in China and India. The well-established cosmetic industry in China will aid the expansion of the market in Asia Pacific. The evolving lifestyle and surging population will foster the growth of the market in the region. Moreover, the growing proclivity towards beauty and appearance will positively impact the business in the region. Europe is expected to hold the largest share in the global market owing to the growing demand from the textile industry.
Key Development:
January 2019: Skinceuticals unveiled a new glycolic acid cream, Glycolic 10 Renew Overnight that improves skin glow by 36% while also maintaining tolerability. The cream effectively targets dullness, fine lines, and uneven texture of the skin. It stimulates cell regeneration for enriched tone, texture, and brighter complexion.
Source:
https://www.fortunebusinessinsights.com/industry-reports/glycolic-acid-market-101922
