Sustainable Cleaning Agents Replace Traditional Mineral Acid-based Cleaners
Household cleaning is one of the major sectors for growth of the glycolic acid market, since cleaning and maintenance is a necessity. Hence, manufacturers are developing new cleaning agents to cater to end user needs in domestic as well as commercial applications such as housekeeping in hotels and maintenance in restaurants. As such, cleaning agent application segment of the glycolic acid market is estimated to reach the production of ~28,500 tons by the end of 2027. Hence, manufacturers in the glycolic acid market are innovating in new cleaning agents. For instance, the U.S. chemicals company, Chemours, is a supplier of sustainable cleaners and detergents.
Companies are increasing their efficacy in environment-friendly cleaning agents. These advanced cleaners made with biocidal agents and corrosion inhibitors are increasingly replacing mineral acid-based cleaners. Thus, companies are boosting their credibility credentials in the global glycolic acid market landscape by producing biodegradable cleaners that minimize environmental impact. Manufacturers are increasing the availability of improved cleaning agents for agricultural and food processing facilities.
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Innovative Biomaterials Create Growth Opportunities for Manufacturers in Tissue Engineering
Manufacturers in the glycolic acid market are tapping into opportunities in biomaterials for tissue engineering. This phenomena is creating incremental opportunities for manufacturers, since biomaterials are being increasingly used to produce scaffolds in the field of regenerative medicine. Thus, manufacturers are increasing efficacy in scaffold production. This has led to the development of innovative polymers involving polyglycolic acid (PGA) for the development of synthetic polymers. As such, the polyglycolic acid (PGA) manufacturing application segment of the glycolic acid market is projected to reach an output of ~9,800 tons by 2027. Thus, manufacturers are increasing the production of biocompatible PGA copolymer materials to cater to the needs of stakeholders in the regenerative medicine space.
Increased growth opportunities in the healthcare industry, such as rise in demand for suture threads, prostheses, and orthopedic screws are broadening the scope of income sources for manufacturers. Innovative healthcare products using PGA are improving patient quality of life, since PGA and its copolymers are well tolerated by a patient.
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Digital Pollution Triggers Demand for Glycolic Acid-based Skin Care Products
Growing awareness about digital pollution has created a demand for glycolic acid. Blue light emitted from LED screens of smartphones, TV, and laptops is found to penetrate the skin’s dermis, thus leading to complications of oxidative stress and premature ageing among individuals. Hence, manufacturers in the glycolic acid market are increasing awareness and availability of glycolic acid-based skin care products. The skin care sub-segment of the personal care & cosmetics application segment is anticipated to reach an output of ~25,100 tons by 2027. Thus, manufacturers are increasingly focusing on the development of novel skin care products.
Disturbing sleep cycles, hyperpigmentation, and decreased skin elasticity due to prolonged use of smartphones and laptops are some of the key factors that are triggering the demand for effective skin care products.
Increase in Use of Formaldehyde-free Glycolic Acid in Natural and Organic Personal Care Products
The glycolic acid market is highly consolidated with dominant players accounting for ~60-65% share of the total market. This poses as a challenge for emerging players willing to enter the glycolic acid market and gain credibility of consumers, as customer loyalty is one of the important aspects, especially in the personal care and cosmetics segment. Moreover, manufacturers are opting for polyhydroxy acid (PHA) instead of glycolic acid and salicylic acid in skin care products.
The adoption of PHA is on the rise, as it possesses a larger molecular structure as compared to glycolic acid, which makes it useful in skin care products that are gentler and safer on the skin. Hence, manufacturers are leveraging opportunities in new formulations of glycolic acid. They are innovating in formaldehyde-free glycolic acid to manufacture natural and organic personal care products. Moreover, owing to a shift in consumer preferences for a greener lifestyle, manufacturers are developing greener alternatives of glycolic acid to eliminate synthetic chemicals from beauty products. Favorable growth of the global natural and organic personal care sector is fueling the growth of the glycolic acid market.
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Analysts’ Viewpoint
The personal care and cosmetics segment of the glycolic acid market is projected for an exponential growth. This has led to increased application of glycolic acid in skin care products as well as the pharmaceutical industry for the treatment of various skin diseases. Additionally, manufacturers of glycolic acid are eyeing expansion opportunities in the textile industry for use in dyeing applications and the development of tanning agents.
However, health concerns of end users involving chemo-enzymatic production of glycolic acid is one of the key challenges for manufacturers catering to personal care and cosmetics domain. Hence, manufacturers should increase adoption of bio-production with the help of renewable carbon sources by establishing microbial cell factories. They should also explore opportunities in flavors and preservatives in the rapidly growing F&B industry.
Glycolic Acid Market - Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global glycolic acid market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the glycolic acid market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the glycolic acid market will progress during the forecast period of 2019-2027.
The report offers intricate dynamics about different aspects of the glycolic acid market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the glycolic acid market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the glycolic acid market, and estimate statistics related to the market progress in terms of value (US$ Thousand) and volume (tons).
This study covers a detailed segmentation of the glycolic acid market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the glycolic acid market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Glycolic Acid Market
The report provides detailed information about the glycolic acid market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the glycolic acid industry, so as to help them make successful strategies and take target-driven decisions.
- Which grade of glycolic acid will emerge as a major revenue generator for the market during the forecast period?
- How are key market players successfully earning revenue out of the advantages of glycolic acid?
- What will be the Y-o-Y growth of the glycolic acid market between 2019 and 2027?
- What are the winning imperatives of market frontrunners in the glycolic acid market?
Research Methodology - Glycolic Acid Market
The research methodology adopted by analysts for combining the glycolic acid market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the glycolic acid market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the glycolic acid market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the glycolic acid market.