Azelaic Acid Market REPORT OVERVIEW
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The global azelaic acid market size was USD 195410 million in 2022 and is projected to touch USD 365339.8 million by 2031 exhibiting a CAGR of 7.2% during the forecast period
The global COVID-19 pandemic has been unprecedented and staggering, with azelaic acid experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Azelaic acid is a naturally occurring dicarboxylic acid that has been used in the treatment of acne, rosacea, and hyperpigmentation. It is derived from grains such as wheat, rye, and barley. It works by inhibiting the growth of acne-causing bacteria, reducing inflammation, and helping to unclog pores. It also has a skin-lightening effect that can help reduce the appearance of hyperpigmentation and melasma.
Azelaic acid is available in both prescription and over-the-counter formulations. It is usually applied topically as a cream, gel, or foam. Side effects may include mild burning, stinging, itching, and dryness or peeling of the skin. It is important to avoid using this acid on broken or irritated skin and to use sunscreen when exposed to sunlight as it may increase sensitivity to UV rays. As with any medication, it is important to consult a healthcare provider before using the chemical.
COVID-19 Impact: Supply Chain Disruption Hampered Market Growth
The COVID-19 pandemic has significantly impacted the global economy and affected various industries, including the skincare industry. While the pandemic has increased demand for certain skincare products, such as hand sanitizers and face masks, the market for other skincare products has been affected. In the case of chemicals, there have been reports of shortages and delays in the supply chain due to disruptions in manufacturing and shipping caused by the pandemic. The demand for azelaic acid-based products has also increased, particularly as more people have been struggling with skin issues due to stress and other factors related to the pandemic. It works by inhibiting the growth of acne-causing bacteria, reducing inflammation, and helping to unclog pores. It also has a skin-lightening effect that can help reduce the appearance of hyperpigmentation and melasma.
LATEST TRENDS
"Rising Awareness About Benefits Associated with the Product to Boost Market Growth"
Azelaic acid is derived from natural sources such as wheat, rye, and barley, making it an attractive ingredient for consumers seeking natural and organic skincare products. additionally, it helps in skin conditions such as acne, rosacea, and hyperpigmentation are becoming more common, driving demand for products, that can help to address these issues. Growing awareness about the benefits associated with this acid is estimated to augment azelaic acid market growth.
Azelaic Acid Market Segmentation
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- By Type Analysis
By type, the market is segmented into industrial grades, pharmaceutical grades, and GMP pharmaceutical grades.
- By Application Analysis
Based on application, the market is classified into plastics, lubricants, electronics, pharmaceuticals and cosmetics, and others.
DRIVING FACTORS
"Growing Adoption of Organic Skincare to Boost the Chemical Demand"
The growing interest in natural and organic skincare products. Consumers are becoming more aware of the potential risks associated with synthetic skincare products and are seeking out natural and organic alternatives. The increasing prevalence of skin conditions is also driving growth in the market. Skin conditions such as rosacea, hyperpigmentation, and melasma are becoming more common, and azelaic acid has been shown to be an effective treatment for these conditions. As the prevalence of these conditions continues to grow, the demand for acid-based products is likely to increase.
"Applications of the Chemical in Pharmaceutical and Food Industries to Surge Growth"
Another growth factor for the azelaic acid market is the increasing adoption of such acids in the pharmaceutical industry. It is used not only in skincare products but also in treating other medical conditions, such as rosacea and hyperpigmentation. The pharmaceutical industry is expected to experience significant growth due to the increasing prevalence of these conditions, which is estimated to increase the demand for acid-based products. It is also used as a food preservative, driving growth in the food industry.
RESTRAINING FACTORS
"Presence of Alternatives to Distract Growth in the Market"
The availability of alternative treatments for skin conditions such as acne, rosacea, and hyperpigmentation, is anticipated to restrict the azelaic acid market growth. While it has been shown to be effective in treating these conditions, other treatments may be more convenient or cost-effective for some consumers. For example, over-the-counter treatments such as benzoyl peroxide and salicylic acid are commonly used to treat acne, and prescription treatments such as topical antibiotics or retinoid are also available.
Azelaic Acid Market REGIONAL INSIGHTS
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"Growing Cases of Skin Condition to Boost Major Growth in North America"
North America is expected to hold approximately 40% of the azelaic acid market share, with United States being a major contributor to market growth. The region's growth is driven by factors such as the increasing prevalence of skin conditions such as acne and rosacea, the growing interest in natural and organic skincare, and major market players.
Europe is another significant market, with countries such as Germany, France, and the United Kingdom driving growth. The growth in Europe is driven by factors such as the increasing demand for natural and organic skincare products, rising awareness of the benefits of the chemical for skin health, and major pharmaceutical companies in the region.
KEY INDUSTRY PLAYERS
"Key Companies to Emphasis On the Development of Advanced Technology"
Key market players are focused on strengthening their presence by adopting advanced technologies. The competitors are adopting strategies to gain mergers and acquisitions in the global market. Major players of the market are emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market.
List of Market Players Profiled
- Emery Oleochemicals (U.S.)
- Matrica SpA (Italy)
- BASF (Germany)
- Croda Sipo (China)
- Ninghai Zhonglong (China)
- Jiangsu Senxuan (China)
- Nantong Hengxing Electronic Materials (China)
- Shandong Clearwill (China)
- Hubei Tuochu (China)
REPORT COVERAGE
The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 195410 Million in 2022 |
Market Size Value By |
US$ 365339.8 Million by 2031 |
Growth Rate |
CAGR of 7.2% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the azelaic acid market expected to touch by 2031?
Based on our research, the azelaic acid market is projected to touch USD 365339.8 million by 2031.
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What CAGR is the azelaic acid market expected to exhibit by 2031?
The azelaic acid market is expected to exhibit a CAGR of 7.2% by 2031.
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What are the segments of the azelaic acid market?
By type, the azelaic acid market is segmented into industrial grades, pharmaceutical grades, and GMP pharmaceutical grades. Based on application, the market is classified into plastics, lubricants, electronics, pharmaceuticals and cosmetics, and others.
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Which are the driving factors of the azelaic acid market?
Growing adoption of organic skincare to boost the chemical demand and the applications of the chemical in pharmaceutical and food industries to surge growth are the factors driving the azelaic acid market.
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Which are the top companies operating in the azelaic acid market?
Emery Oleochemicals, Matrica SpA, BASF, Croda Sipo, Ninghai Zhonglong, Jiangsu Senxuan, Nantong Hengxing Electronic Materials, Shandong Clearwill, and Hubei Tuochu are the top companies operating in the azelaic acid market.