The global azelaic acid market was valued at US$ 246.97 million in 2020, according to Azelaic Acid Market Report, by Product 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, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global azelaic acid market is expected to surpass US$ 393.35 million by 2028, exhibiting a CAGR of 6.2% during the forecast period (2021-2028). Increasing utilization coupled with rise in demand for biolubricants has been augmenting the azelaic acid market growth. Biolubricants produce lower emissions and are highly biodegradable. Also, biolubricants are less costly owing to lower maintenance, storage, and disposal requirements. Moreover, players operating in the bio-lubricants market are focused on various growth strategies such as partnerships & collaborations in order to expand their product portfolio. For instance, in 2019, AT-Tuote Oy (Finland-based chemical company) entered into a partnership with Neste Oyj (Finalnd-based manufacturer of renewable chemicals) to launch the world’s first industrial lubricant with nearly 100% bio-based content.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 50 market data tables* and 45 figures* on "Azelaic Acid Market” - Global Forecast to 2028.
Key Trends and Analysis of the Azelaic Acid Market:
- Among regions, Asia Pacific accounted for a significant market share in 2020. The increasing population in the region, accompanied by rising spending in the industrial sector and infrastructural developments in the developing markets of China, India, and Indonesia, is projected to make this region an ideal destination for the lubricants industry. Moreover, increasing usage of plastics is also contributing to rising demand for azelaic acid in the Asia Pacific region.
Key Takeaways of the Market:
- Among application, pharmaceutical sub-segment accounted for 25.3% of the revenue share in 2020. In pharmaceutical industry, azelaic acid is used in manufacturing of topical creams for treatment of acne and rosacea. Players operating in the pharmaceuticals market are focused on various growth strategies such as mergers & acquisitions in order to strengthen their market position.
Figure 1. Global Azelaic Acid Market Revenue Share (%), By Application, 2020
- Major players operating in the global 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.
- Key players operating in the global azelaic acid market are focusing on various strategies such as mergers and acquisitions in order to strengthen their market presence. For instance, in August 2020, Croda International Plc, manufacturer of specialty chemicals confirmed its acquisition of Avanti Polar Lipids, Inc., a specialist in drug delivery systems for next-generation pharmaceuticals, following the approval from the U.S. regulatory authorities.
Global Azelaic Acid Market - Impact of Coronavirus (Covid-19) Pandemic
- For instance, as per Coherent Market Insights’ analysis, the rapid decline in demand from end-use industries coupled with declining feedstock prices resulted in the change of price for polyvinyl chloride (PVC) in the U.S. It was traded at US$ 620-630 per ton in the first half of April 2020 from US$ 840-860 per ton in March 2020, a decline of around 27% in the span of one month. Furthermore, the price for ethylene dichloride (EDC) also declined, resulting in change of 60% to account for US$ 110-120 per ton in April as against US$ 280-290 per ton in March, 2020. The lower demand for plastics is also expected to hamper the demand for azelaic acid during the coronavirus pandemic.