FELTON, California, October 10, 2018 /PRNewswire/ --
Global Glycolic Acid Market is anticipated to reachUSD 415.0 million by 2024. Glycolic acid falls in the category of alpha hydroxy acid (AHA). Glycolic acid is colorless, odorless, hygroscopic crystalline solid. Additionally, the glycolic acid is water-soluble. Glycolic
The factors that propel the growth of the Glycolic Acid Market include increasing demand from personal care and cosmetic industry, glycolic acid aids in reducing facial scars, marks, and age associated fine lines. On the other hand, there are factors that may hamper the growth of the market including growth of substitute products, and inhibitions with respect to hazardous nature of high absorption glycolic acid. Glycolic Acid industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Glycolic Acid industry may be explored by grade type, application, and geography. The key application that could be explored in the Glycolic Acid Market include Household, Personal Care, Industrial, and Others. The "Personal Care" segment led the Glycolic Acid industry in 2016 and is anticipated to maintain its dominance by 2024 due to growing demand for glycolic acid based products for hair nourishment and scalp treatment. The market could be explored based on Grade type as Pharmaceutical Grade, Industrial Grade, and Technical Grade.
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Asia-Pacific accounted for the major share of the Glycolic Acid Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth includes increasing demand for anti-ageing products because of a rising aged population base, and production of a huge number of skincare and haircare markets.
Some of the key players that fuel the growth of the Glycolic Acid industry comprise Phorbol Animal Health Corporation, Parchem, Griffin International, Kureha Corporation, The Chemours Company, SimcoQC, Vornia Biomaterials, CrossChem LP, Zhonglan Industry Co, and DuPont. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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