The hydroxyacetic acid market is valued at US$ 330 million in 2023 and is projected to grow at a CAGR of 6.6%, reaching US$ 625 million by 2033. This market has seen substantial growth in recent years and is expected to maintain its upward momentum.
The rising consumer demand for anti-aging and skincare products has been a key driver in the expansion of the hydroxyacetic acid market, particularly in the personal care sector.
Hydroxyacetic acid, a colorless and odorless alpha-hydroxy acid, finds widespread applications across various industries, including cosmetics, personal care, healthcare, and textiles.
In the cosmetics and personal care industry, hydroxyacetic acid plays a crucial role as a key ingredient in skincare products, prized for its exfoliating properties. It aids in the removal of dead skin cells, helps reduce the appearance of fine lines and wrinkles, and enhances overall skin texture. Within the healthcare sector, hydroxyacetic acid is used in pharmaceutical formulations and medical devices.
It is commonly incorporated into creams, gels, and ointments for treating skin conditions such as acne, hyperpigmentation, and scarring. The market's growth has been fueled by the increasing prevalence of skin disorders and rising consumer awareness about skincare.
Moreover, hydroxyacetic acid is extensively used in the textile industry for dyeing and finishing processes. It acts as a dyeing assistant, helping to enhance color absorption and brightness on fabrics. The increasing demand for vibrant and long-lasting textile products has boosted the demand for hydroxyacetic acid in this sector.
Key Takeaways from Market Study:
- The global hydroxyacetic acid market is projected to expand at an impressive CAGR of 6.6% and be valued at US$ 330 million by 2033.
- The market witnessed a CAGR of 6.6% for the period of 2018-2022.
- Under the grade segment, cosmetics dominates the market with 70% market share in 2023.
- East Asia dominated the market with 46.9% market share in 2022.
“Use of Cosmetics Grade is Driving the Demand for Hydroxyacetic Acid across Personal Care Application,” says a Fact.MR analyst.
Competitive Landscape
Key hydroxyacetic acid manufacturers are investing rigorously in research and development activities to explore new application areas for this multifunctional substance. Besides this, they are adopting strategies such as mergers and hydroxyacetic acid acquisitions as well as product portfolio expansion.
For instance:
- In January 2021, Solvay SA announced the launch of its new sustainable hydroxyacetic acid product, GlyAcid® XR, produced with Solvay’s innovative biotechnology. The company aims to address the increasing demand for eco-friendly personal care, home care, and industrial applications by providing a reliable and sustainable source of hydroxyacetic acid.
- In February 2021, Arkema announced the launch of its new bio-based Hydroxyacetic Acid, which is produced from renewable raw materials and offers a sustainable alternative to traditional hydroxyacetic acid.
Comments
0 comment