TAGS: Hair Care Sun Care Skin Care
Markets and Markets (M&M) anticipates that the global glycolic acid market size is estimated at USD 327 million in 2022 and is projected to reach USD 450 million by 2027, at a CAGR of 6.6%, between 2022 and 2027.
Glycolic acid is a type of alpha hydroxyl acid (AHA) derived from natural or synthetic routes. It is widely used in differing purities for chemical peels, anti-aging creams, hair care, skincare creams, and other applications. Owing to the increasing demand from end-use applications, it is expected that the global glycolic acid market will have a significant potential for growth in near future.
Growing Demand for Glycolic Acid in Cosmetics Industry
The growing demand for glycolic acid in the cosmetic industry and personal care products, specifically as a preferred ingredient in anti-aging, anti-pollution, and over-the-counter skin care products, will continue driving the market. Its unmatched ability to quickly and effectively penetrate the skin, owing to its small molecular structure, helps to fight many negative effects of pollution and other anti-aging problems by cleansing and exfoliating the dead skin layers.
The use of glycolic acid in anti-aging and anti-pollution skincare creams, facial cleansers, gels, and scrubs reduces acne breakouts, hyperpigmentation, fine lines, scars, and other age-related skin marks or spots. Apart from these factors, the increasing demand for glycolic acid-based over-the-counter skin care products (creams, toners, and masks) and the growing market for keratolytic agents due to increasing dermatological conditions are further expected to drive the glycolic acid market.
Glycolic acid is the most commonly used keratolytic agent to treat skin conditions, owing to its ability to soften keratin, the key structural component of the skin. The growing popularity of natural personal and cosmetic products is also among the key drivers of the glycolic acid market.
Restraint: Glycolic acid-based Cosmetic Products Cause Skin Problems
Glycolic acid is a water-based alpha hydroxy acid, most used as a chemical ingredient in the formulation of different cosmetics and personal care products. The organic nature and high exfoliation property of glycolic acid make it a preferred ingredient for skincare and haircare products. However, skin damage can be a major disadvantage or restraint for market growth.
Glycolic acid is generally recommended to be used with a layer of sunscreen cream and in accurate proportion, failing to do so can cause severe skin damage and other problems. Stinging and burning of skin are the most common issues related to the use of glycolic acid, irrespective of its concentration. In addition, temporary and/or longer-lasting redness, crusting, scabbing, dryness, flaking, and peeling of the skin are some of the major issues faced by users, based on the concentration of glycolic acid used in the product.
Apart from these, change in skin color is also one of the rare but serious issues related to its usage. The skin may temporarily have a shade lighter or darker in this case. These issues may arise if the concentration of glycolic acid is too high, or if it remains on the skin for too long.
As glycolic acid has properties to exfoliate the topmost layers of dead skin and penetrate deep inside the skin layer, its precise concentration is of utmost importance. It is generally found in concentrations from 5 to 30%; with higher concentrations, the solution becomes more potent. Thus, while using the glycolic acid solution as an ingredient in cosmetic products, the manufacturer needs to focus on the concentration of the solution.
Growing Demand for Biodegradable Polymers
Biodegradable polymers are used to provide temporary support to the body with the ability to breakdown within a limited period. Polyglycolic acid, prepared through ring polymerization of glycolide, a diester of glycolic acid, is the most common biodegradable polymer used in the medical industry. Excellent degradation behavior and low toxicity are some of the major factors making it an ideal biodegradable polymer for biomedical devices and tissue engineering applications.
The expected huge demand for polyglycolic acid-based biodegradable polymers, especially in resorbable sutures, surgical fixation devices, and drug delivery devices, will provide major opportunities to glycolic acid manufacturers. The Chemours Company, a leading player in the glycolic acid market, has already catered to the market demand for biodegradable polymers with the launch of its new glycolic acid under the brand name Glypure. Resorbable polymer sutures are expecting a huge demand, owing to increasing use in surgical procedures related to the nervous system, respiratory system, and cardiovascular system.
Challenges: Stringent Regulations
Glycolic acid is one of the most regulated industries. Regulations regarding the usage of glycolic acid differ with different applications, and complying with each of them is a major challenge for manufacturers of glycolic acid-based products. For example, glycolic acid has to be registered with the Center for Food Safety and Applied Nutrition (CFSAN), a branch of the US Food & Drug Administration, to be used in cosmetic and personal care products.
For veterinary hygiene disinfectants and food & feed area disinfectant applications, glycolic acid has to be registered with European Chemical Authority (ECHA). In addition, this alpha hydroxy acid (glycolic acid) has also to comply with Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) and the United States Environmental Protection Agency (EPA) to be used in different industrial and household applications.
Thus, due to the compliance requirement of all these regulations, the production process of glycolic acid requires additional time. This factor acts as a major challenge for glycolic acid manufacturers as well as its users.
Cosmetic Grade: Fasted Growing Grade Segment
On the basis of grade, the market is segmented into cosmetic grade and technical grade. Because of its high transparency, which is similar to that of glass, amorphous PET is utilized in the manufacture of bottles and packaging. The cosmetic grade glycolic acid is an aqueous solution or crystalline powder with a concentration ranging from 10–99% purity level. It is a highly used and preferred grade of glycolic acid due to its unmatched and excellent performance in the field of anti-aging and anti-pollution skin treatments.
The use of cosmetic grade glycolic acid in different skincare creams and lotions as an active ingredient helps in reducing the effects of fine lines, irregular pigmentation, age spots, and enlarged pores., it is also highly used in skin peel products due to its supreme quality of exfoliating the stratum corneum (the outer layer of skin), which helps in dead skin removal and rejuvenation.
Personal Care & Dermatology: Largest Application Segment
The personal care & dermatology application segment led the market in terms of both value and volume. It is used in various personal care & dermatology applications owing to its superb exfoliation and hydration properties. Its small molecules help the solution to deeply penetrate the skin and treat it from within, which makes it ideal for skin care creams for acne removal, hyperpigmentation, anti-aging, and anti-pollution. Glycolic acid is used in chemical peels, moisturizers, shampoos, and other products.
The Asia Pacific region is projected to be the largest market, in terms of value. Asia Pacific is also expected to grow at the highest CAGR during the forecast period. The increasing per capita spending on cosmetic products, along with the huge demand for effective and innovative skincare and haircare products, will drive the glycolic acid market. There is huge consumption of glycolic acid in anti-aging products owing to the growing old age population in China, Japan, South Korea, and other countries will positively impact the market.
Source: Markets and Markets (M&M)