Azelaic Acid Market, By Type (Polymer Grade, Pharma Grade, and Technical Grade), By Application (Pharmaceutical, Adhesives, Plastics, Lubricants, Personal Care & Cosmetics, and Others (Plasticizers, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 210.0 Mn in 2023 and is expected to exhibit a CAGR of 7.7% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Increasing research initiatives by various organizations is expected to drive the azelaic acid market growth.
Matrica announced that it is partnering with an Italy-based cosmetics company, Collistar, to develop a new line of azelaic acid-based skincare products. This new product line is expected to be launched in early 2024.
Azelaic Acid Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
The demand for azelaic acid can be affected by changes in end-market consumption. For example, there may be increased demand in the pharmaceutical and cosmetic sectors due to azelaic acid's applications in acne and rosacea treatments, which align with increased consumer focus on personal care during the pandemic.
The pandemic accelerated the shift to online shopping. Suppliers of azelaic acid and related products had to strengthen their e-commerce presence to cater to consumers shopping from home.
Consumer preferences may shift towards more health- and hygiene-focused products during a pandemic. Azelaic acid producers could see a shift in product demand patterns as a result, particularly due to its antibacterial properties.
The pandemic has also led to changes in regulatory environments across countries, which could affect the registration, export, import, and sales of azelaic acid and its derivatives.
Link - https://www.coherentmarketinsights.com/market-insight/azelaic-acid-market-4817
Azelaic Acid Market – Key Developments
In June 2023, Hubei TuoChu Kangyuan Pharmaceutical Co., Ltd., produce various kinds of preparation of raw materials, announced that it has received a patent for a new process for producing azelaic acid from renewable feedstock. This new process is expected to be more environment-friendly and cost-effective than traditional methods of producing azelaic acid.
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Azelaic Acid Market, By Type (Polymer Grade, Pharma Grade, and Technical Grade), By Application (Pharmaceutical, Adhesives, Plastics, Lubricants, Personal Care & Cosmetics, and Others (Plasticizers, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Azelaic Acid Market:
- The azelaic acid market is expected to exhibit a CAGR 7.7% during the forecast period. Mergers with emerging economies offers lucrative growth opportunities for players in the azelaic acid market.
- Among regions, North America is expected to be dominant in the azelaic acid market, owing to the presence of major players such as BASF SE, Croda International plc, Emery Oleochemicals, Haihang Industry Co., Ltd, Jiangsu Senxuan Pharmaceutical, and other key market player, contributing to the growth in this region
- Major players operating in the azelaic acid market include BASF SE, Croda International plc, Emery Oleochemicals, Haihang Industry Co., Ltd, Jiangsu Senxuan Pharmaceutical and Chemical Co., Ltd., Matrica S.p.A., Nantong Hengxing Electronic Materials Co., Ltd., Nantong Jinghua Pharmaceutical Co., Ltd., Wufeng Chicheng Biotech Co., Ltd., and Xi'an Sonwu Biotech Co., Ltd.
