LONDON--(BUSINESS WIRE)--The glycolic acid market is expected to grow by USD 194.72 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Polyglycolic acid is widely used in various applications such as medical, packaging, shale gas extraction, civil engineering resins, agriculture, and filters. Glycolic acid is the key raw material used to produce polyglycolic acid through polycondensation or ring-opening polymerization. Factors such as the rising demand from the packaging industry, use in shale gas extraction, and growing demand from emerging economies such as China and India have significantly increased the consumption of polyglycolic acid. This, in turn, is driving the growth of the global glycolic acid market.
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As per Technavio, the development of new applications to manufacture shampoo for cosmetics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Glycolic Acid Market: Developments of New Applications to Manufacture Shampoo for Cosmetics
Vendors in the market are increasing their R&D efforts to explore new application areas for glycolic acid. The formulation of shampoo for companion animals such as dogs, cats, and horses is one such application. The use of glycolic acid in pet shampoos helps moisturize the skin, restore dry and damaged skin cells, reduce scales and crusts, and relieve itching and irritation of the skin. Globally, the pet grooming market is growing at a significant rate due to several factors such as high pet adoption rate, rise in animal health expenditure, and a shift in preference toward premium pet-care products. These factors are expected to boost the growth of the global glycolic acid market during the forecast period.
“Growing demand for blended products and peels and increasing investments in the industrial sector across APAC and North America will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Glycolic Acid Market: Segmentation Analysis
This market research report segments the glycolic acid market by application (personal care and cosmetics, household cleaner, industrial, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the glycolic acid market in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, Europe is expected to register the highest incremental growth due to the increasing demand for personal care products and cosmetics in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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