Mandelic Acid Market projected to surpass $480 million by 2027, Says Global Market Insights Inc.
Increasing government support to continue production of medicine during COVID 19 pandemic is anticipated to propel market growth in the projected time period, says this report.
Selbyville, Delaware, June 03, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Mandelic Acid Market was estimated at $195 million in 2020 and is slated to exceed *$480 million* by 2027, registering a *CAGR of 13.5%* from 2021 to 2027 primarily owing to increasing demand for exfoliating agent from cosmetics and personal care industry. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The product is an optically active crystalline hydroxy acid that is soluble in polar organic solvents and water which enhances the physiological compatibility of the product. The solubility and antibacterial property enhance the mandelic acid application in drugs, cosmetics, and personal care products which should boost the overall market share.
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D mandelic acid type should surpass USD 160 million by 2027 and projected to grow at a CAGR of over 14% from 2021 to 2027 owing to its usage in the manufacturing of antibiotics and nerve affecting drugs including ephedrine and penicillium. D mandelic acid is an essential component used as a raw material in the preparation of pharmaceutical drugs and medications which drives its application in the pharmaceutical industry. Moreover, the product offers good physiological compatibility and effectivity against micro-organisms owing to which it is used in hair treating agents as a preservative agent. Increasing use of personal care products owing to consumer inclination towards hygiene and wellness represents ample opportunities for the mandelic acid market growth.
The product market from preservative applications surpassed $4.5 million in 2020 pertaining to its increasing usage in pharmaceutical products as an antibacterial and anti-fungal agent for preservation. Moreover, other applications (dye and fine chemical reagent) segments should surpass USD 30 million by 2027 owing to the increasing demand for dye from the textile industry and fine chemical reagents from the electronic industry. Increasing production and distribution of textiles should boost demand for raw material including dye intermediates. Moreover, the product is used in fine chemical reagent production owing to its chiral molecules which enhance its application in various industries including the electronic industry.
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Europe should register over 13.5% gains by 2027 on account of the increasing adoption of personal care products due to rising consumer inclination towards hygiene, skincare, haircare, and wellness. The region is a major consumer of hair care products and is anticipated to boost product demand as a preservative and exfoliating agent. Increasing cosmetics export along with a large number of consumer shifts towards cosmetics products to enhance physical appearance should strengthen the mandelic acid market share.
The mandelic acid industry share is competitive and includes manufacturers such as Hanhong Group, Evonik Industries AG, BASF SE, Sigma Aldrich, Alfa Aesar, Clearsynth, Biosynth Carbosynth, Santa Cruz Biotechnology.
*About Global Market Insights Inc*.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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