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The structure of the acid is relatively stable when compared to vitamin C as ethyl group forms an ether with the 3-hydroxy(OH) group of ascorbic acids. Other derivatives of ascorbic acid, such as ethers at 2-hydroxy(OH) place, can be commercialized. It enhances the skin tone and has a whitening effect; hence, it is used as an active ingredient in skin whitening products. A rise in demand for cosmetic products will drive the ethyl ascorbic acid market demand.
The global skin care market size was estimated to be USD 115 billion in 2015 and will be worth about USD 190 billion by 2024. An increase in spending power coupled with awareness about the skin care products in Asian nations will enhance ethyl ascorbic acid market demand.
Beauty products contain various oils for functional and flavoring effects. These get easily oxidized when not properly stored and cause side effects on the skin. The product finds applications in beauty creams as it is helpful in preventing the oxidation of products due to aging and other environmental reasons.
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The organic skin care market is expected to grow at a CAGR of over 18% over the forecast timeframe. Inclination towards organic products in European countries is expected to fuel ethyl ascorbic acid market growth. Additionally, growth in the consumption of skincare products in countries, like Germany, France, and the UK, is expected to further escalate the Europe ethyl ascorbic acid market.
China is among the top manufacturing and supplying country for ethyl ascorbic acid. R&D activities are carried out by domestic and international players to make sure the best supply for the growing demand. Rise in the number of market players coupled with technological development is expected to cut the prices of the acid.
Some of the key industry players of ethyl ascorbic acid market are Yantai Aurora Chemical Co., Ltd., Parchem Fine & Specialty Chemicals, Vantage Specialty Ingredients, Gfn-Selco, BulkActives, DSM Nutritional Products AG, M.C.Biotec, Inc., GREAF, Gonmisol, Rhino Linings Corporation, and Nippon Fine Chemicals.