Global Market Insights, Inc. has announced the launch of ethyl ascorbic acid market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.86404-04-8
Ethyl Ascorbic Acid Market size is mainly driven by growing concern about physical appearance coupled with development of skincare. Ethyl ascorbic acid or 3-O-ethyl-L-ascorbic acid is a stable derivative of ascorbic acid. It offers the benefits of vitamin C to the skin and helps in reducing skin darkening caused by excessive exposure to ultraviolet rays. Owing to anti-tanning properties, it also finds applications in sunscreen products.
The organic skin care market is expected to grow at a CAGR of over 18% over the forecast timeframe. Inclination towards organic products in European countries is expected to fuel ethyl ascorbic acid market growth. Additionally, growth in the consumption of skincare products in countries, like Germany, France, and the UK, is expected to further escalate the Europe ethyl ascorbic acid industry.
The structure of the acid is relatively stable when compared to vitamin C as ethyl group forms an ether with the 3-hydroxy(OH) group of ascorbic acids. Other derivatives of ascorbic acid, such as ethers at 2-hydroxy(OH) place, can be commercialized. It enhances the skin tone and has a whitening effect; hence, it is used as an active ingredient in skin whitening products. A rise in demand for cosmetic products will drive the ethyl ascorbic acid market demand.
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The global skin care market size was estimated to be USD 115 billion in 2015 and will be worth about USD 190 billion by 2024. An increase in spending power coupled with awareness about the skin care products in Asian nations will enhance ethyl ascorbic acid market demand.
Consumption growth of personal care products with increasing applications will drive ethyl ascorbic acid market growth. The product is more beneficial than the natural vitamin C and excessive application does not cause harm to the skin. Its content in personal care products ranges between 0.5% to 10%.Growth in the consumption of skin whitening products is trending in Asian countries such as India and China. The skin care industry in India is expected to grow at a CAGR 30% by 2024 owing to the desire for fair skin. Growth in domestic skin care and cosmetic industries will further drive ethyl ascorbic acid market growth.
Topical application of the product may cause side effects on the skin, such as peeling, loosening, and allergy, due to forceful rubbing of the product leading to lymph secretion in the upper layer of the skin. This may act as a challenge to the market growth. Also, the presence of imitation products may act as a restraint to ethyl ascorbic acid market growth.
Some of the key industry players of ethyl ascorbic acid market are Yantai Aurora Chemical Co., Ltd., Parchem Fine & Specialty Chemicals, Vantage Specialty Ingredients, Gfn-Selco, BulkActives, DSM Nutritional Products AG, M.C.Biotec, Inc., GREAF, Gonmisol, Rhino Linings Corporation, and Nippon Fine Chemicals.