Glycolic Acid Market to reach US$ 527 Mn by 2027
Glycolic Acid Market: Key Highlights
The global glycolic acid market was valued at ~US$ 285 Mn in 2018 and is
anticipated to expand at a CAGR of ~7% during the forecast period
Rising use of skin care and hair care products across the globe is the primary factor
projected to drive the global glycolic acid market during the forecast period.
Additionally, increase in usage of glycolic acid for industrial and household cleaning
purposes, due to rise in awareness about hygiene is anticipated to drive the global
glycolic acid market during the forecast period.
Key Drivers of Glycolic Acid Market
Glycolic acid products are widely used in industrial cleaning applications in water
treatment plants, dairies, concrete trucks, and metal cleaning plants. Glycolic acid is
an ideal material for industrial cleaning, as it is eco-friendly, biodegradable, readily
rinsable, dilutable, and compatible with several formulations. Thus, growth of the
global industrial cleaning sector is expected to fuel the demand for glycolic acid
during the forecast period.
Polyglycolic acid is used to manufacture drug delivery devices for small-molecule
drugs, proteins, and macromolecules in commercial and research applications. It is
also used in various tissue-engineering applications, as it possesses tunable
mechanical properties, biodegradability, and biocompatibility. This factor is expected
to drive the demand for polyglycolic acid globally in the near future.
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Increase in Use of Glycolic Acid in Cleaning Agents
In terms of application, cleaning agent was a rapidly expanding segment of the global
glycolic acid market in 2018. The segment is expected to maintain its attractiveness
during the forecast period, due to wide compatibility of cleaning agents with a range
of ingredients such as surfactants, biocidal agents, corrosion inhibitors, fragrances,