Glycolic Acid Market Trends

Growth Drivers

• Increasing Demand for Glycolic Acid in the Cosmetic Industry – In 2021, the market for cosmetics was growing by about 5.5%. In 2021, around 40% of the global market for glycolic acid was made up of skin care products. The growing popularity of cosmetic shopping online, which could be a driving force for growth in the glycolic acid market, has made it possible for most producers and manufacturers to establish an extensive sales network.
• Growing Demand for Biodegradable Polymers – Biodegradable polymers are used in order to provide temporary support for a body that is on the verge of a breakdown in a limited period. The most commonly used biodegradable polymers in the medical industry are polyglycolic acid, manufactured by ring polymerization with glycolide, which is a diester of glycolic acid. A number of key factors contribute to making this a highly biodegradable polymer suitable for use in biomedical equipment and tissue engineering applications, such as its good degradation behavior and minimal toxicity. Chemours Company introduced its new glycolic acid under the Glypure brand, which is a major player in the glycolic acid market, and has also responded to consumer demand for biodegradable polymers.
• Rise in Demand for Personal Care & Cosmetics – According to the most recent data, global beauty and personal care spending has grown over the past 20 years, and is worth USD 75 Billion. It is predicted that this boom would continue over the forecast period.
• Rising E-Commerce Sector &Growth of Social Media – It is expected that the growing e-commerce sector and social media contribute to the growth of online websites with cosmetics and products. This is estimated to drive customer demand for high and novel cosmetics and to drive market growth. The global cosmetics industry is estimated to be worth USD 93 Billion in the year 2022, with the skincare segment as the leading category.

Challenges

• Side effects of glycolic acid on environment and health - There is a growing trend to use glycolic acid in cosmetics and skin care products, which could lead to an undesirable effect on the skin. It can irritate your eyes, and produce swelling, itchiness, and inflammation in the skin while you are using it too much. Inhalation can also affect the liver, thymus, and respiratory system if it is present. Phosgene gas, which has some adverse environmental effects, is released into the atmosphere by glycolic acid production.
• Stringent regulations regarding glycolic acid
• Increasing consumer inclination towards organic products