Guanidine Carbonate Market size is forecast to reach $285 million by 2025, after growing at a CAGR of 4.1% during 2020-2025. With rise in the consumption of raw material used in cosmetics, detergents, and textiles, the Guanidine Carbonate market is witnessing an increase in demand. Health hazards caused due to guanidine are likely to restrain the global guanidine carbonate market in the near future.
Type – Segment Analysis
Pharmaceutical grade is the primary market for guanidine carbonate market. Due to their chaotropic character both ultrapure Guanidine Hydrochloride and Guanidine thiocyanate are used as protein denaturants in the development and production of biopharmaceuticals and their generic versions called biosimilars. In addition, they are useful for the extraction of DNA and RNA in molecular diagnostics. Guanidine Carbonate is an alkaline, organic salt. Guanidine Carbonate’s primary functions have been for use in formulations for hair straightening, as a depilatory agent, for use in pH adjustment, and as a buffering agent.
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End Use - Segment Analysis
Cosmetic sector has been the primary market for Guanidine Carbonate followed by chemicals. Guanidine carbonates are mainly used as raw materials in cosmetic industry. Cosmetics comprise a range of products that are used to care for the face and body or to enhance or change the appearance of the face or body. The products include skin care, personal care, cosmetics and fragrance. There is a vast array of cosmetics available, ranging from shampoo to moisturizer to lipstick. Each sub-category of cosmetics has its own characteristics, however the products are generally formulated using a mixture of chemical compounds derived from natural sources or created synthetically. So, with the growing demand in cosmetic products, the market demand for guanidine market will also grow.
Geography - Segment Analysis
APAC dominated the Guanidine Carbonate market with a share of more than xx%, followed by Europe & North America. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth due to the increased demand of detergent, chemicals, pharmaceutical and other products. Due to the countries such as India & China where so many festivals are celebrated, due to which lots of cloths are also used and because of increase in demand of clothes, demand of detergents will automatically increase, which will eventually increase the demand of Guanidine market.
Drivers – Guanidine Carbonate Market
Impact of COVID-19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing cosmetic, any goods, But essentials goods demand have been increased exponentially. Even in the shutdown condition all the essential goods and cargos are allowed to move around interstates which is driving the market demand for Guanidine carbonate market.
Implementation of Stringent Regulations
Governments stringent regulations regarding availability of essential products to the people of their respective countries, is the biggest priority in the lockdown period globally. So, governments around the world are only focusing to complete the demand of essential goods, owing to this guanidine carbonate, is witnessing increase in market demand, as it is used as raw materials in various end use industries such as chemicals, pharmaceuticals, cosmetics, Detergents.
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Challenges – Guanidine Carbonate Market
Health hazards caused due to guanidine
Workers need to take certain measures under consideration as doing work such as avoid raising dust, keep away from naked flames/heat, carry operations in the open/under local exhaust/ventilation or with respiratory protection, remove contaminated clothing immediately and always use clean contaminated clothing. Thoroughly clean/dry the installation before use. Avoid contact of substance with water. Keep container tightly closed in the working areas.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Guanidine Carbonate market. In 2019, the market of Guanidine Carbonate has been consolidated by the top five players accounting for xx% of the share. Major players in the Guanidine Carbonate Market are TCI Chemicals Pvt. Ltd., Borealis Group, Smart Chemicals Group Co. Ltd., Borealis, S.B. Organic, among others.
Acquisitions/Technology Launches
In April 2020, Borealis acquired full ownership of NOVA Chemicals’ interest in Novealis Joint Venture. This will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region.
Key Takeaways
Asia-Pacific dominates the Guanidine Carbonate market owing to increasing demand from end use such as cosmetic, textiles and others.
Guanidine carbonate forms a precursor to produce guanidine hydroxide, which is further utilized as an active ingredient in several formulations used in chemical hair-relaxing treatments, which is likely to aid in the market growth of Guanidine Carbonate.
Impact of COVID-19 will increase the market demand for Guanidine Carbonate in the near future as, essential goods demand has grown very rapidly.
Health hazards caused due to guanidine are likely to restrain the global guanidine carbonate market in the near future.
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