Market Size of Azodicarbonamide Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Azodicarbonamide Market Analysis
The azodicarbonamide market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic scenario, several countries around the world went into lockdown, which completely disrupted the supply and demand chain, thus creating a negative impact on the demand in the azodicarbonamide market. This negatively affected various end-user industries such as food and beverage, leather and textile, plastics and rubber, and other end-user industries. In Europe, according to an ongoing poll by EURATEX, the voice of the European textile and clothing industry, 80% of companies are already laying off workers; and more than half of them expect a drop in sales and production by over 50%, creating serious financial constraints. One out of four companies is even considering closing down their operations. However, the condition is expected to recover in 2021, thereby restoring the market's growth trajectory.
- Over the medium term, the significant growth of the plastic industry is driving the market's growth. Increasing usage of plastic products such as components and parts in various end-user industries like packaging, consumer goods, and automotive is likely to enhance market demand.
- However, regulation or banning of the use of azodicarbonamide for some applications in Europe and Australia acts as a restraint for the market. Some major food chains like subway and flower foods have stopped using azodicarbonamide in their bread preparation due to the unpopular reputation of its health effects.
- North America is estimated to dominate the market, with the largest consumption coming from the United States. However, Asia-Pacific is likely to register the fastest growth rate during the forecast period.
