Azelaic Acid Market is Estimated To Witness High Growth Owing To Increasing Applications in Pharmaceutical Industry

 

Azelaic Acid Market


The Azelaic Acid Market is estimated to be valued at US$ 295.81 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Azelaic acid is a saturated dicarboxylic acid that is produced naturally. It is primarily used in the production of pharmaceuticals and cosmetics. Some key properties of azelaic acid include antibacterial, anti-inflammatory and ability to lighten hyperpigmentation when applied topically. It is used in treatment of acne, rosacea and hyperpigmentation.

Market key trends:
Increasing applications of azelaic acid in treatment of various skin conditions like acne, rosacea etc is a major trend driving the market growth. Azelaic acid has emerged as an effective treatment for mild to moderate acne due to its antibacterial properties. It is also used to treat hyperpigmentation caused due to conditions like melasma. Rising prevalence of these skin conditions globally is thus fuelling the demand for azelaic acid. Moreover, growing personal care and cosmetics industry is further propelling the market growth as azelaic acid is widely used in anti-aging creams and lightening solutions.

Porter's Analysis
Threat of new entrants: The azelaic acid market has moderate entry barriers as production requires specialized processing equipment and technology. There is also a need for compliance with stringent regulations.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customers prefer branded premium products for consistency in quality.
Bargaining power of suppliers: Suppliers have high bargaining power due to the specialized nature of raw materials required and fewer supplier options. This segments suppliers' ability to increase prices.
Threat of new substitutes: Substitutes like salicylic acid pose a low threat as azelaic acid has unique benefits for medical applications that are difficult to replace.
Competitive rivalry: is high owing to the presence of established players.

SWOT Analysis
Strengths: Wide applications in pharmaceuticals and cosmetics. Unique properties make it an effective acne treatment.
Weaknesses: High production costs. Supply chain disruptions can impact availability.
Opportunities: Increasing demand for medical and skincare products provides scope for market expansion. Emerging applications in plastics and agriculture offer new opportunities.
Threats: Stringent regulations around usage and disposal. Intense competition from substitute products.

Key Takeaways
Global Azelaic Acid Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of acne and skin diseases. The market size for 2023 is US$ 295.81 Mn.
Regional analysis: North America currently dominates the azelaic acid market owing to high demand for skincare and medical applications. Asia Pacific is expected to grow at fastest pace due to rising expenditure on personal care products in countries like China and India.
Key players: Key players operating in the azelaic acid market are 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. 

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