Global Allantoin Market is expected to reach USD 641.7 million by 2022, according to a new study by Grand View Research, Inc. Growing application scope of allantoin in pharmaceutical industry is anticipated to drive market growth over the forecast period. Growing demand for allantoin in personal care products including toothpaste, mouth wash, shampoos and conditioners is anticipated to augment allantoin market growth over the next seven years. Furthermore, capacity expansions by key raw material suppliers owing to increasing demand for glyoxylic acid in allantoin production coupled with forward integration of suppliers in the value chain is likely to propel demand.
Cosmetic application was the largest segment accounting for 33.7% of global allantoin market revenue in 2014. Rising popularity of allantoin, owing to its moisturizing property and keratolytic (skin-softening) effect, is expected to increase demand for manufacturing numerous cosmetics, particularly sunscreens and moisturizers.
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Further key findings from the study suggest:
Pharmaceuticals were the second largest application segment of allantoin accounting for over 25% of the volume share in 2014. Increasing application scope of allantoin in pharmaceuticals is expected to drive market growth over the next seven years. Allantoin exhibits superior cell proliferation properties, which is expected to increase its market potential over the forecast period. The segment is also expected to witness fastest growth at an estimated CAGR of over 5.5% from 2015 to 2022.
Asia Pacific was the largest allantoin market, accounting for 31.6% of overall revenue in 2014. Cosmetic and pharmaceutical industry growth particularly in China and India in light of increasing urbanization and population growth is expected to propel allantoin market over the forecast period. Furthermore, increasing support for the usage of allantoin in manufacturing pharmaceutical products by key regulatory agencies including U.S. FDA and European Commission is anticipated to propel demand.
Allantoin demand in North America and Europe is expected to be driven by growing pharmaceutical industry in the region. In addition, allantoin is an effective plant growth regulator and hence finds application in agrochemicals.
Major manufacturers in the allantoin market include companies such as Ashland Inc., Clariant, Akema, Rita Corp., Lubon Industry Co., Ltd. and Luotian Guanghui Chemical Co., Ltd. Capacity expansion by major glyoxylic acid manufacturers particularly in China is likely to increase allantoin availability in the future. As a result, allantoin price is expected to witness low to moderate decline over the forecast period.
For the purpose of this study, Grand View Research has segmented the global allantoin market on the basis of application and region:
Global Allantoin Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Global Allantoin Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
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