The global pH adjuster market is estimated to garner a revenue of ~USD 2 billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 1 billion in the year 2021. The primary growth factor of the pH adjuster market is the growth of pharmaceutical industry. The high utilization of pH adjusters in pharmaceutical processes is expected to expand the pH adjuster market size in the upcoming years. As per recent estimates it was revealed that the pharma revenues generated worldwide in 2020 was totaled to be USD 1.30 trillion.
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The pH adjuster is generally used to maintain the acidity or alkalinity of a solution or any end-use product. When materials go under process of becoming final goods, there are high chances of them becoming overly alkaline and acidic, thus generating the need of pH adjuster to keep the finished product stable and efficient. The high production of medicines is expected to rise the demand of pH adjusters to determine the stability of medications, the biological tolerability and activity of the molecule. Thus, the increased rate of medicine consumption is projected to expand the pH adjuster market in the forecast period. The global use of medicine has increased with a CAGR of 3%. Further, it was found that approximately 66% of adult Americans have taken prescribed drugs in 2021.
High Expenditure on Medicines – The global spending on medicines is estimated to grow considerably. In 2021, the global expenditure on medicines was calculated to be USD 1.42 trillion, a rise from just USD 890 billion in 2010. This number is further projected to rise to nearly USD 1.8 trillion in the year 2026.
Growth in Beauty and Cosmetic Industry - The products in the beauty and cosmetic sector, such as lotions, shampoos, skin and hair products, require a balanced pH level so that they don’t harm our skin. Thus, the recent boom in the beauty sector is anticipated to garner high revenues for the pH adjuster market. A recent study revealed that the global beauty industry is projected to generate a revenue of USD 716 billion by 2025.
Boom in the Chemical Industry – In the year 2021, the chemical industry globally generated a revenue of USD 4.73 trillion.
Burgeoning Population – The rise in population and disposable income is expected to increase the adoption rate of pH adjusters for some better daily-use products. As per the World Bank, the population of world was accounted to be 7.84 billion in 2021. This is a considerable rise from the year 2012 with a total population of 7.09 billion.
The pH adjuster market is segmented and analyzed for demand and supply by end user into textile & leathers, agrochemical, pharmaceutical, cosmetics & personal care, surfactants, and others. Out of these, the cosmetics & personal care segment is estimated to garner the highest revenue by 2031, owing to high utilization of beauty products worldwide. According to a 2017 study, American women spend ~USD 8 per day on makeup and apply a minimum of 16 makeup products to their faces before leaving the house for the day. Further, the high employment rate in the beauty industry is estimated to increase the usage of pH adjuster in the future. It was estimated that in 2021, the total number of employees employed in the U.S. beauty and cosmetic industry was 54,500. This number is estimated to rise significantly to 56,000 in 2022.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global pH adjuster market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031. The high disposable income in the region has prompted the population to adopt pH adjuster for better results. A recent statistics showed that the U.S. had a total of USD 16 trillion in disposable personal income in 2021. Further, the per capita personal disposable personal income was USD 47,800 in that same year. Further, the growing usage of cosmetic products in the region is another growth factor for the market. As per a recent study in 2022, around USD 50 billion is generated by cosmetic sales in the United States each year.
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The global pH adjuster market is further classified on the basis of region as follows:
Our in-depth analysis of the global pH adjuster market includes the following segments:
By End User
FREQUENTLY ASKED QUESTIONS
The boom in cosmetic industry and other end-user industry are some of the factors that is estimated to drive the market growth in the forecast period.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
The addition of hazardous entities and the caustic nature along with the additional safety expenses are some of the factors that might hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Air Products and Chemicals, Inc., Ashland Inc., LANXESS AG, Kemira Oyj, Wacker Chemie AG, National Aluminium Company Limited (NALCO), The Dow Chemical Company, OKCHEM, Buckman, Spectrum Laboratory Products, Inc. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end user, and by region.
The cosmetic and personal care segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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