Ethyl Ascorbic Acid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1297
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 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.
The pure form of ascorbic acid is unstable and is easily degraded, making it difficult to use in cosmetics products. Hence it is used with change of vitamin C, and enables the formation of this acid. This change in the chemical structure increases the stability of ascorbic acid. Additionally, this change also enables easy penetration of this product through skin. The topical application of these products on the skin helps in the restoration of the natural form of vitamin C.
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.
Beauty products contain various oils for functional and flavoring effects. These get easily oxidized when not properly stored and cause side effects on the skin. The product finds applications in beauty creams as it is helpful in preventing the oxidation of products due to aging and other environmental reasons.
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%.
This acid enhances the collagen synthesis. Collagen is useful for improving the smoothness and strength of the skin. Children have smooth skin as collagen is found in abundant amounts in the skin at a young age and it decreases with aging. It also stimulates the nerve cell growth, reducing the damage caused by chemotherapy. Expanding pharmaceutical applications fuel the global ethyl ascorbic acid market demand.
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 market.
In Latin America, an increase in applications scope in pharmaceutical industries shows growth opportunities for the product market. Increasing disposable income coupled with rise in consumption of pharmaceutical products are expected to drive ethyl ascorbic acid market demand.
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.
China is among the top manufacturing and supplying country for ethyl ascorbic acid. R&D activities are carried out by domestic and international players to make sure the best supply for the growing demand. Rise in the number of market players coupled with technological development is expected to cut the prices of the acid.
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.
Vitamin C is the major source of ethyl ascorbic acid. It is found in natural food and plants depending on the diversity of plants and ecosystem in which it is growing. Ascorbic acid finds applications in dietary supplements and pharmaceutical industry as medicine.
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.
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