Ethyl ascorbic acid market is anticipated to witness considerable inclination between the period 2021 to 2027 on account of the increasing consumer concerns over physical appearances. The influx of urbanization and the growing consumer spending capacities have led to the rising adoption of cosmetics. Higher advancements in the pharmaceuticals sector and the surging demand for sunscreen products will potentially contribute to the promising growth of the market.
Ethyl ascorbic acid is primarily a derivative of ascorbic acid, rich in Vitamin C, and has anti-tanning properties. It is increasingly used across beauty applications to reduce skin darkening while offering the benefits of vitamin C. The rising instances of melanogenesis and the higher need for collagen synthesis will further drive the product demand spurt in the coming years.
With regards to application, the cosmetic sector is anticipated to emerge as a lucrative revenue pocket for the ethyl ascorbic acid market driven by the increasing adoption of personal care products. Owing to its solubility in both water and oil, the product is widely adopted in an extensive range of cosmetic formulations. Ethyl ascorbic acid is also increasingly used in beauty creams an account of its rapid absorption into the skin.
The ethyl ascorbic acid market size from the pharmaceutical applications is expected to grow significantly with growing demand for limiting the damages arising from chemotherapy. Higher adoption for enhancing nerve cell growth will further drive the industry expansion.
In terms of end-use, the organic skin care sector in the ethyl ascorbic acid industry will record substantial remuneration from 2021 to 2027. This is due to the expanding preference for organic products and the rising efforts towards skincare in most European countries.
Latin America ethyl ascorbic acid market share will collect a significant share on account of the growing pharmaceutical sector in the region. The higher per capita incomes of the regional citizens have resulted in the increased spending on personal care products.
Demand for ethyl ascorbic acid in the APAC region is likely to witness lucrative expansion considering the higher adoption of skin whitening products owing to the increasing obligation for fair skin tones.
Some of the well-known players contributing to the ethyl ascorbic acid industry include Vantage Specialty Ingredients (Vantage Specialty Chemicals), BulkActives, Nippon Fine Chemicals, Gonmisol, M.C.Biotec, Inc., Parchem Fine & Specialty Chemicals, Yantai Aurora Chemical Co., Ltd., Gfn-Selco, Rhino Linings Corporation, and DSM Nutritional Products AG.
Marketing ventures, such as acquisitions, mergers, and partnerships, along with inorganic growth initiatives, such as investments and new product launches are some key strategies employed by these participants to increase their global presence and gain competitive advantages.
For instance, in July 2021, LBB Specialties, a major specialty chemicals distributor, inked a contractual agreement with GREAF to strengthen its portfolio with anti-aging and skin brightening ingredients.
In an additional instance, in November 2020, Sokörpe, a renowned skin care line, launched its novel Vitamin C fusion-based Super Boost™, which is a 20% 3-O-Ethylated Ascorbic Acid Solution to offer protection to the skin from UVB damages.
The COVID-19 pandemic brought a blow to the global economy and caused severe setbacks to the operations and sales of numerous industries across the world. The ethyl ascorbic acid market value witnessed a relatively plummeted demand in terms of its potential in cosmetic and personal care applications given the enforcement of trade limitations in the outbreak. However, the product is marking notable presence in the treatment of the virus to control the instances of pneumonia and ROP production as well as for mortality reduction.