Global Allantoin Market Poised To Touch US $680.6 Million by 2023: Decisiondatabases.com Market Research Report
Decisiondatabases.com, in its report, projects the market to register an impressive 6.06% CAGR during the predicted period 2017 to 2023.The major participants in the global allantoin market include Rita Corp., Akema, Huanghua Suntime Chemical Industry Co., Ltd., Ashland, Allan Chemical Corporation, Zhanhua Jinyuan Lide Biotechnology Co., Ltd., Sunwell Chemical Co., Clariant, Yizhang Hongyuan Chemical Co., Ltd, EMD Performance Materials Corporation, Lubon Industry Co., Ltd., and Luotian Guanghui Chemical Co., Ltd. Akema produces a variety of grades such as Allantoin CTFA, Allantoin USP, Alcoxa, Aldioxa and Almeth for applications including cosmetic, pharmaceutical and personal care industry.
Surging demand for allantoin in pharmaceutical products including skin care creams and eye drops will drive the growth of the global allantoin market. Increasing demand for allantoin in personal care products such as mouth wash, toothpaste, shampoos and conditioners is expected to boost the allantoin market growth over the next eight years. In addition, the rise in demand from the pharmaceutical industry for treating bone fractures, ulcers, acne, and healing wound due to its ability to promote cell proliferation is likely to have a radical impact on allantoin industry growth over the next few years. Furthermore, it is also employed in different products such as deodorants, after shave lotion, shaving foam, lipsticks and foot care which are anticipated to open new growth opportunities for allantoin market over the next six years.
In 2015, cosmetics accounts for the largest share for the allantoin market globally owing to the increasing disposable income and growing consumer awareness towards personal wellbeing. The allantoin market share for pharmaceutical industry is anticipated to witness maximum growth in the coming years due to increasing medical investment by the consumers for self-care across the world. Thus, in order to meet the demand for medicine and drug, pharmaceutical manufacturers are increasing their production capacity. This will significantly foster the allantoin market demand over the predicted period. The market revenue and market size for oral hygiene is expected to expand in the coming years due to the increase in the oral care business all over the world. The product is used in protecting the mouth’s mucous membrane, which helps in offering desirable oral care.
Asia Pacific, followed by India and China, accounts for the largest share of the global allantoin market size in 2015 owing to rising demand from industries including pharmaceutical, cosmetics, and oral care. The positive growth impact of the pharmaceutical and cosmetic industry in India and China especially due to enhancing consumer dynamics will considerably boost the regional growth in the coming years. Latin America and Middle East & Africa are anticipated to witness promising gains over the next six years on account of the increasing consumer spending for personal care products. North America mainly followed by the U.S., accounts for a significant chunk of global demand due to the presence of major pharmaceutical manufacturers which will positively influence the industry growth. Furthermore, increasing product demand in the U.S. for eye drops and skin care creams will augment the industry growth. Europe, followed by Germany is expected to expand over the projected period due to significant cosmetic industry growth in the region. Germany is one of the prominent cosmetic producer and consumer across the globe. This trend will boost the overall allantoin market size in Europe over the next six years.
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