Glycolic Acid Market Size, Share, Forecast, & Trends Analysis by Purity (99%, 70%, 60%, 30%), Source (Synthetic, Natural), Grade (Industrial, Pharma, Cosmetic Grade), Application (Personal Care & Cosmetics, Household, Leather) - Global Forecast to 2031

The Glycolic Acid Marke was valued at $411.8 billion in 2023. It is expected to reach $754.8 billion by 2031 from an estimated $443.4 billion in 2024, at a CAGR of 7.9% during the forecast period of 2024-2031.

Glycolic Acid Market Size & Forecast

The growth of this market is driven by rising demand for glycolic acid from skincare & cosmetics manufacturers, growing adoption of glycolic acid in industrial and household cleaning products and wide application areas, and the related rise in the use of glycolic acid in leather & textile, food & beverage, medical, electronic and other industrial applications. Furthermore, increasing application areas in the food & beverage industry and significant opportunities from emerging economies are expected to generate growth opportunities for the stakeholders in this market.

Key Findings

• By Purity: In 2024, Glycolic Acid 99% Segment Dominate the Glycolic Acid Market
• By Source: In 2024, the Synthetic Segment is Expected to Dominate the Glycolic Acid Market
• By Grade: In 2024, the Cosmetic Grade Segment is Expected to Account for the Largest Share of the Glycolic Acid Market
• By Application Industry: In 2024, the Personal Care & Cosmetics Segment is Expected to Account for the Largest Share of the Glycolic Acid Market
• By Geography: In 2024, Asia-Pacific Dominates the Glycolic Acid Market

Glycolic Acid Market Drivers

Rising Demand for Glycolic Acid from Skin Care & Cosmetics Manufacturers

Glycolic acid, a type of alpha hydroxy acid (AHA), is widely utilized in the cosmetic industry for its exfoliating properties and ability to stimulate collagen production. This has made it a key ingredient in a variety of skincare products, including cleansers, toners, and serums. Its popularity has further surged as consumers increasingly seek anti-aging solutions, given its effectiveness in reducing the appearance of fine lines, wrinkles, and age spots. Additionally, growing consumer awareness of skincare ingredients and their benefits is driving the rising demand for glycolic acid-based products.

In addition, the expansion of the cosmetic sector and the introduction of new products by leading market players are driving the growth of the glycolic acid market. Key developments in the glycolic acid market include:

• In August 2024, Era Organics, Inc. (U.S.) launched glycolic acid chemical peel for women aged from 25 to 70.
• In February 2024, L’ORÉAL INDIA Private Limited (India) launched Glycolic Bright Dark Circle Eye Serum for the Indian market.
• In September 2024, Walgreen Co. (U.S.) launched a skincare line that includes a gentle cleanser, glycolic acid purifying cleanser, 2% BHA liquid exfoliant, and others.

Thus, increasing demand for skin care products containing glycolic acid is expected to drive the glycolic acid market.

Growing Adoption of Glycolic Acid in Industrial and Household Cleaning Products

Glycolic acid, a potent alpha hydroxy acid (AHA), is widely recognized for its ability to break down dirt, grease, and stains, making it a popular ingredient in various cleaning formulations. Its applications span from household cleaners and detergents to industrial cleaning agents. The growing demand for eco-friendly alternatives is further driving the adoption of glycolic acid, as it provides a biodegradable solution compared to harsher chemicals typically used in cleaning products. Additionally, increasing regulations on harmful chemicals in cleaning products are prompting manufacturers to seek safer alternatives, thereby boosting the demand for glycolic acid. For example, in 2021, the California Air Resources Board implemented stringent limits on volatile organic compounds (VOC) content in cleaning products, with the goal of reducing VOC emissions by 8-10 tons per day statewide by 2031.

Additionally, as regulations increasingly restrict the use of harmful chemicals in cleaning products, many manufacturers are focusing on developing formulations that incorporate glycolic acid. For example, in April 2024, PureTech Scientific LLC (U.S.) received approval from the EPA for its Glyclean D70-based Broad Spectrum Disinfectant and Cleaner (BSD) formulation as a hospital-grade disinfectant. Furthermore, in November 2021, The Chemours Company FC, LLC (U.S.) launched Glyclean D, a disinfectant and cleaner designed to deactivate the SARS-CoV-2 virus, as well as other viruses and bacteria. The growing emphasis on the development of industrial and household cleaning products featuring glycolic acid is expected to significantly contribute to the growth of the glycolic acid market.

Glycolic Acid Market Opportunities

Increasing application areas in the food & beverage industry

Glycolic acid serves as a natural preservative, helping to extend the shelf life of various food products by inhibiting microbial growth. Additionally, it enhances the flavor profiles of certain foods and beverages, making it a valuable ingredient for improving taste. The rising demand for clean-label ingredients further supports the growth of the glycolic acid market, as glycolic acid can be derived from natural sources, aligning with the increasing preference for clean-label products. For example, according to Dairy Farmers of America, Inc. (U.S.), the global clean-label ingredients market is projected to reach USD 64.1 billion by 2026, growing at a CAGR of 6.8% from 2019 to 2026.

Glycolic acid is increasingly recognized for its potential health benefits, such as aiding digestion, which makes it a promising ingredient for functional foods and beverages. As food & beverage manufacturers continuously seek innovative ingredients to differentiate their product offerings, glycolic acid's unique properties position it as a valuable addition to novel formulations. In summary, shifting consumer preferences for quality and safety and the evolving dynamics of the food & beverage industry present new growth opportunities for the glycolic acid market.

Glycolic Acid Market Analysis: Top Market Opportunity:

The Glycolic Acid 99% Segment is Expected to Dominate the Glycolic Acid Market in 2024

Based on purity, the glycolic acid market is segmented into glycolic acid 99%, glycolic acid 70%, glycolic acid 60%, glycolic acid 30% and others. In 2024, the glycolic acid 99% segment is estimated to account for the largest share of the glycolic acid market. The large share of this segment is attributed to the growing demand for anti-aging and skin care products, the trend towards clean and natural beauty products, and the versatility of 99% glycolic acid.

Glycolic acid's high purity level, 99%, makes it highly effective in various applications, including cosmetics, skincare, pharmaceuticals, and food preservation. Further, consumers are increasingly seeking products that deliver visible results, and high-purity glycolic acid meets this need, which contributes to its widespread adoption in formulations.

Geographical Analysis

Asia-Pacific Dominates the Glycolic Acid Market in 2024

In 2024, Asia-Pacific is estimated to account for the largest share of the glycolic acid market. The dominant share of the Asia-Pacific region in the glycolic acid market can be attributed to the rapid growth of the cosmetic and personal care industries in countries such as China, India, and Japan, along with the rising popularity of anti-aging treatments and increasing consumer awareness of skin health. Additionally, a strong emphasis on research and development in the region is driving innovation in product formulations, further supporting the region's leading position in the glycolic acid market.

Furthermore, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of the glycolic acid market can be attributed to several factors, including its expanding range of applications, the surge in online sales driven by the growing influence of social media, advertising, and content marketing, and the increasing demand for clean and natural beauty products. Additionally, rising disposable incomes in the region are fueling greater consumer spending on beauty and personal care products, further contributing to the market's growth.

Key Companies

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years (2021-2024).

The key players profiled in the global glycolic acid market report are CrossChem Limited (U.K.), PureTech Scientific, LLC (U.S.), CABB Group GmbH (Germany), Fengchen Group Co., Ltd (China), Nikko Chemicals (Japan), Nikko Chemicals (Japan), Mehul Dye Chem Industries (India), Junsei Chemical Co., Ltd. (Japan), Kishida Chemical Co., Ltd. (Japan), and Avid Organics Pvt. Ltd. (India)

Glycolic Acid Industry Overview: Latest Developments from Key Industry Players

• In April 2024, PureTech Scientific LLC (U.S.), the EPA approved the Glyclean D70-based Broad Spectrum Disinfectant and Cleaner (BSD) formulation as a hospital-grade disinfection formulation.
•  In June 2023, The Chemours Company FC, LLC (U.S.) entered an agreement with PureTech Scientific LLC (U.S.) to sell its Glycolic Acid business.
• In November 2021, The Chemours Company FC, LLC (U.S.) launched Glyclean D, a disinfectant and cleaner for deactivating the SARS-CoV-2 virus along with other viruses and bacteria.

Glycolic Acid Market Research Summary

Key questions answered in the report: