Pune, India -- (SBWIRE) -- 06/21/2017 -- Global Glycolic Acid Market size is expected to grow at USD ~362.52 million by 2023. The market witnessed a significant growth over the forecasted period owing to growing industry such as personal care, pharmaceutical, household, and other (electrical etc.)

The major driving factor of glycolic acid market is from personal care industry specifically, due to rising awareness in skin care and hair care market. In addition, the increasing demand from the textile dyeing & finishing, oil field, petroleum refining, and others industrial applications are expected to fuel market growth of glycolic acids in near future. However, increasing awareness about the side effects of glycolic acid causing to skin allergies is predicted to restrain growth of glycolic acid market.

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Segmentation
The global glycolic acid market is majorly segmented on the basis of source, application, end users and region. Based on source market glycolic acid the market is segmented into natural and synthetic glycolic acid. On the other hand based on application of glycolic acid the market is segmented into skin & hair care, textile dyeing & finishing, oil field, petroleum refining, and others (tanning, printed circuit board fluxes, electro-polishing, etc.). Based on end user the market segmented into personal care, pharmaceutical, household, and other (electrical etc.), and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.

Key Players
-E. I. du Pont de Nemours and Company (US)
-Sigma-Aldrich Co. LLC. (US)
-Phibro Animal Health Corporation (US)
-Chemsolv Inc (U.S)
-CrossChem LP (US)
-Griffin International (US)
-Mehul Dye Chem Industries (India)

Furthermore, APAC region holds comes at third position for global glycolic acid market. Asia Pacific is estimated to witness CAGR 11.5% over the forecasted period 2016 to 2023 driven by increasing demand for glycolic acid particularly, in household cleaners, cosmetic products, and other industrial applications such as tanning, printed circuit board fluxes, electro-polishing, and textile dyeing & finishing. Moreover, Middle East, Latin America and South Africa is an emerging region for glycolic acid agent market. This region will play a crucial role in the development of overall glycolic acid market development as it is considered as leading producer of glycolic acid. Whereas, the global production of glycolic acid is mainly dominated by United States, Japan, China, Germany etc countries.

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North America glycolic acid market is expected to see strong growth during the forecast period primarily due to rising skin care and hair care market by North America countries. In North America, the demand for glycolic acid is expected to hit 20 kilotons in 2023. U.S., Canada, and Mexico collectively held around 30% market share in North America glycolic acid market. Among these countries, US accounted for more than half of the overall North America glycolic acid market. This is mainly due to growing industrialization and changing lifestyles, the demand for and use of personal care is increasing in this region. The strong existence of glycolic acid manufacturers and distributors is likely to improve the growth rate of glycolic acid across the region. Furthermore, applications such as skin & hair care, textile dyeing & finishing, oil field, petroleum refining, and others (tanning, printed circuit board fluxes, electro-polishing, etc.) held more than 50% of the North America glycolic acid market in 2016. This growth is attributable to rising adoption of glycolic acid in personal care, pharmaceutical, household, and other (electrical etc.).

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