Azulene Market size is poised to reach USD 1 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of azulene was USD 360 Million. The reason behind the growth is due to the growing chemical industry across the globe. The chemical industry worldwide has seen significant expansion in several areas since chemical producers are making significant global investments in research and development (R&D). For instance, the global chemical industry generated over USD 5 trillion in revenue in 2022.
The growing consumption of naphthalene is believed to fuel the azulene market growth. Azulene is an isomer of naphthalene, which is an aromatic chemical molecule that is produced from coal tar or crude oil often used in the manufacture of mothballs, repellents, and deodorizers. For instance, the average annual growth rate of the world's naphthalene consumption is predicted to be around 2% between 2020 and 25.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~4% |
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Base Year Market Size (2023) |
~ USD 360 Million |
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Forecast Year Market Size (2036) |
~ USD 1 Billion |
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Regional Scope |
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Form (Solid, Liquid)
The liquid segment in the azulene market is estimated to gain a robust revenue share of 60% in the coming years owing to its uses in several end-use industries. The essential oil of chamomile is the source of liquid azulene, which has important medicinal uses, owing to its anti-inflammatory, anti-allergic, and antibacterial qualities properties which makes it useful in formulations for a range of medical issues. Moreover, it can relieve skin irritation, lower inflammation, and accelerate the healing of wounds. Besides this, customers are looking for product formulations devoid of harsh chemicals, therefore liquid azulene is in line with consumers' increasing desire for unadulterated and natural products which is often incorporated into skincare, haircare, and personal care products.
End-User (Pharmaceutical, Cosmetics and Personal Care, Electronics)
The cosmetics and personal care segment in the azulene market is set to garner a notable share shortly. Numerous cosmetic items, such as soaps, cleansers, and moisturizers, contain azulene since it has potent anti-inflammatory qualities. One of the most popular components in skin care products for sensitive skin types is azulene, which is also present in hair care treatments and products, such as hair dyes, and conditioners, and also used in permanent hair straightening and permanent hair extensions. Additionally, moisturizers and skin care treatment serums, creams, and lotions include azulene since it aids in reducing the redness caused by imperfections, hastening the healing of the skin.
It has the power to minimize the signs of aging skin, and lessen the chance of fine lines and wrinkles, and can also help prevent cellular damage and is known to revitalize skin cells, which can help repair already-occurring cellular damage. It is capable of soothing skin; therefore, it is added to goods such as aftershave cream and wax oil.
Besides this, sunburn sufferers might also benefit from using azulene oil as it lessens redness, and is also applied by experts to avoid infection following skin procedures such as microneedling, laser hair removal, and other cosmetic procedures.
Our in-depth analysis of the global azulene market includes the following segments:
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Application |
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End-User |
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Form |
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North American Market Forecast
Azulene market in North America is predicted to the largest share of 40% by 2036, impelled by the growing spending in healthcare. This may raise the demand for pharmaceutical products such as anti-inflammatory cancer drugs which necessitate the use of azulene. For instance, the expense of healthcare is currently rising in the United States by around 1% faster than the GDP each year, and by 2028 the country is expected to spend over USD 6 trillion on healthcare. In addition, American women spend over USD 3750 per year on cosmetics and services. It has been found in a survey that each year, Americans spend more than USD 720 on skincare and cosmetics on average. This is expected to drive azulene market growth in the region.
APAC Market Statistics
The Asia Pacific azulene market is estimated to the second largest, during the forecast period led by the growing personal disposable income. As a result, the demand for cosmetics, such as skincare, makeup, and hair care products, is rising, leading to a higher demand for azulene in the region. According to estimates, by 2027, India's household expenditure will surpass USD 2 trillion driven by a compound annual growth in disposable income of around 14%.
Author Credits: Smruti Ranjan, Rajrani Baghel
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