Pune, 21, May, 2024: Maximize Market Research, a chemical business research firm has published a report on the “Azelaic Acid Market”. The total market opportunity for Azelaic Acid Market was USD 229.57 Mn in 2023 and is expected to grow at 7.25 percent CAGR through the forecast period by reaching nearly USD 374.71 Mn.
Azelaic Acid Market Report Scope and Research Methodology
Market Size in 2023 USD 229.57 Mn.
Market Size in 2030 USD 374.71 Mn.
CAGR 7.25% (2023-2030)
Forecast Period 2023-2030
Base Year 2023
Number of Pages 278
No. of Tables 119
No. of Charts and Figures 115
Segment Covered Type and Application
Regional Scope North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage Market Share, Size & Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
The report provides an in-depth analysis of the strategies of the top players in the Azelaic Acid industry with an in-depth analysis of the market segments and regions. A detailed analysis of market dynamics including drivers, restraints, opportunities and challenges is provided region-wise and segment-wise, in the Azelaic Acid market report. It also includes figures for supply and demand, price, cost, revenue, and gross margins which makes it an investor’s guide.
The data for the Azelaic Acid market report was collected using primary and secondary research methods, which were combined to make the report authentic. The primary research conducted includes the questionnaire distribution, surveys and phone interviews with Azelaic Acid industry experts, market leaders, marketing professionals and entrepreneurs. The bottom-up approach has been used to estimate the global and regional Azelaic Acid market size. SWOT analysis was used to provide the strengths and weaknesses of Azelaic Acid key players in the industry.
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Azelaic Acid Market Overview
The Azelaic Acid market is expected to witness significant growth by 2030, with a compound annual growth rate (CAGR) of 7.25% during the forecast period (2023 – 2030). This growth is mainly fuelled by the heightened skincare awareness, escalating prevalence of skin disorders, and mounting demand for efficacious dermatological treatments.
Azelaic Acid Market Dynamics
The global demand for polymers has surged, making azelaic acid, a key ingredient in polyamides and polyesters, more important. It’s also used in high-performance polyesters for industrial adhesives, films, and plasticizers. As the need for polymers continues to grow, so does the demand for azelaic acid. It’s also expected to be in high demand for lubricants.
Azelaic acid, sourced from bio-based materials, is increasingly popular for making lubricants. Biolubricants, preferred for being eco-friendly, are boosting the need for azelaic acid. Unlike petroleum-based oils, they’re better for the environment.
The global market for azelaic acid is set to increase further due to the rising demand for eco-friendly lubricants. They offer better safety features compared to petroleum-based lubricants, according to the Department of Ecology Washington (USA). But, the market for azelaic acid may face challenges because of other acids like sebacic acid. It’s made from castor oil and competes as a substitute. This could limit the growth of the azelaic acid market.
The rise in government initiatives to combat cancer and ongoing advancements in pharmaceutical research. These initiatives have led to promising outcomes, particularly in the utilization of azelaic acid for treating various dermatological conditions. Azelaic acid has demonstrated efficacy in addressing common skin issues such as acne and hyperpigmentation, as well as more challenging conditions like melasma and rosacea. With a growing demand for safer and more natural skincare remedies, the inclusion of azelaic acid as a key ingredient is gaining wider recognition in the market. Additionally, data from the National Eczema Association indicates that over 31 million Americans suffer from eczema or atopic dermatitis. Recent clinical trials have highlighted azelaic acid’s potential as a therapeutic option for managing eczema, whether used independently or in combination with other treatments. Its notable anti-inflammatory and antimicrobial properties position it as a promising contender for addressing a variety of dermatological concerns. Overall, these developments present significant opportunities for the market to cater to the increasing demand for effective skincare solutions.
Azelaic Acid Market Regional Insights
North America leads in azelaic acid consumption, accounting for 38.7% of revenue, with Europe closely behind at 20%. Both regions offer significant opportunities for key market players, including those from the U.S.A., Germany, France, and others, with expectations of numerous mergers and acquisitions. In Asia Pacific, especially India and China, promising investment prospects exist, with India’s economy forecasted for substantial growth. Meanwhile, market growth in the Middle East & Africa lags behind Latin America.
Azelaic Acid Market Segmentation
By Type
- Polymer Grade
- Pharma Grade
- Technical Grade
In 2023, the pharma-grade segment emerged as the dominant region in the market, commanding a substantial revenue share of XX%. This dominance is attributed to its exceptional purity and extensive applications across cosmetics, pharmaceuticals, and personal care segments. In the pharmaceutical sector, azelaic acid finds application in ointments for treating conditions like rosacea and acne. Moreover, it serves as a bleaching or whitening active compound in skincare products. Over the forecast period, azelaic acid is expected to witness continued robust demand, driven by the growing need for skincare products.Top of Form
By End-Use Industry
- Pharmaceutical
- Adhesives
- Plastics
- Lubricants
- Personal Care & Cosmetics
- Others
In 2023, the plastic segment emerged as the market leader, commanding a revenue share of XX%. This dominance is expected to persist and register significant growth during the forecasted period. The increasing demand for plastics across various industries, including automotive, packaging, and construction, is driving the demand for azelaic acid in the plastic segment. Additionally, azelaic acid offers properties such as corrosion resistance, thermal stability, and high tensile strength, making it a preferred choice for manufacturing various plastic products. Moreover, ongoing advancements in plastic processing technologies and the growing emphasis on sustainable and eco-friendly materials are further propelling the growth of the plastic segment in the azelaic acid market.
Azelaic Acid Key Competitors include:
- Emery Oleochemicals – Malaysia
- Matrica – Italy
- Croda Sipo (Sichuan) Co., Ltd. – China
- Antong Hengxing Electronic Materials – China
- Jiangsu Senxuan Pharmaceutical and Chemical Co., Ltd. – China
- Matrìca S.p.A. – Italy
- Hubei TuoChu Kangyuan Pharmaceutical Co., Ltd – China
- Croda Sipo – China
- BASF – Germany
- Evonik Industries AG – Germany
- DSM – Netherlands
- Lonza Group – Switzerland
- Solvay SA – Belgium
- SABIC – Saudi Arabia
- Eastman Chemical Company – United States
- Arkema Group – France
- Mitsubishi Chemical Corporation – Japan
- Sumitomo Chemical Co., Ltd. – Japan
- LG Chem – South Korea
- Kuraray Co., Ltd. – Japan
- Celanese Corporation – United States
- Clariant AG – Switzerland
- Covestro AG – Germany
- Aditya Birla Chemicals – India
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Key questions answered in the Azelaic Acid Market report are:
- What is Azelaic Acid?
- Which market segment held the largest share of the global Azelaic Acid market in 2023?
- What are the global trends in the Azelaic Acid Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Azelaic Acid Market?
- What growth strategies are the players considering to increase their presence in Azelaic Acid Market?
- Who are the leading companies and what are their portfolios in Azelaic Acid Market?
- What are the major challenges that the Azelaic Acid Market could face in the future?
- Which region held the largest Azelaic Acid Market Share in 2023?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2030
- Azelaic Acid Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Azelaic Acid Market Segmentation – A detailed analysis by Product Type, Point, End-Use Industry and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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