Azelaic Acid Market size to grow by USD 218.29 mn; increasing adoption of Plastics and Cosmetics | US Crisis Impact 2023
Global Azelaic Acid Market Growth 2023-2033
In 2022, the global azelaic acid market was valued at US$ 218.29 million. Between 2023 and 2032, this market is estimated to register the highest CAGR of 7.0%.
NEW YORK CITY, NEW YORK, UNITED STATES, March 18, 2023 /EINPresswire.com/ -- Market Overview:
The Azelaic Acid Market is experiencing steady growth, primarily driven by its increasing use in various industries such as pharmaceuticals, cosmetics, and personal care. Azelaic acid is a naturally occurring dicarboxylic acid found in wheat, rye, and barley, and is known for its antibacterial, anti-inflammatory, and keratolytic properties. It is commonly used in the treatment of acne, rosacea, and hyperpigmentation, as well as in hair and skin care products.
The largest market for azelaic acid is North America, followed by Europe and the Asia-Pacific region. The Asia-Pacific region is expected to be the fastest-growing market due to the rising demand for cosmetic and pharmaceutical products, increased disposable income, and growing awareness of azelaic acid's benefits in countries such as China, India, Japan, and South Korea.
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Top Impacting Factors:
- Growing awareness of azelaic acid's benefits for skin and hair care
- Rising demand for cosmetic and personal care products
- Increasing prevalence of skin conditions such as acne and rosacea
Key Benefits for Stakeholders:
- Opportunity for cosmetic and pharmaceutical companies to capitalize on the demand for azelaic acid-based products
- Increased consumer satisfaction with effective and safe skin and hair care solutions
- Potential for new revenue streams in the cosmetic and personal care industries
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Market Dynamics
Drivers:
- Rising prevalence of acne, rosacea, and other skin conditions
- Growing demand for cosmetic and personal care products
- Increasing awareness of the benefits of azelaic acid in skin and hair care
Restraints:
- Potential side effects and skin irritation caused by azelaic acid
- Availability of alternative treatments and ingredients
- Regulatory challenges and stringent approval processes
Opportunities:
- Development of innovative azelaic acid formulations and combination therapies
- Expansion of the market to emerging economies
- Growing preference for natural and organic cosmetic ingredients
Challenges:
- Ensuring product quality and safety
- Overcoming regulatory hurdles and gaining market approval
- Managing supply chain and raw material availability
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Key Market Segments
By Product Type
Polymer Grade
Technical Grade
Pharmaceutical Grade
By Application
Plastics
Lubricants
Electronics
Pharmaceuticals and Cosmetics
Personal Care
Other Applications
Market Key Players
Emery Oleochemicals
Matrica
Croda Sipo (Sichuan) Co., Ltd.
antong Hengxing Electronic Materials
Jiangsu Senxuan Pharmaceutical and Chemical Co., Ltd.
Matrìca S.p.A.
Hubei TuoChu Kangyuan Pharmaceutical Co., Ltd
Croda Sipo
BASF
Other Key Players
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