The market for cosmetic chemicals is currently valued at US$ 15.89 billion and is anticipated to grow to US$ 26.84 billion by 2032, with a CAGR of 5.4% between 2022 and 2032.
Ingredients most commonly used in cosmetics include preservatives, emulsifiers, moisturizers, thickeners, fragrances, and colors. They could be devised either naturally or synthetically. One could also derive synthetic chemicals from natural products like bio- or petroleum-based ingredients. However, the manufacturing process involved in synthesizing these chemicals is pretty complex. Moreover, as they are ‘derived,’ they are categorized as synthetic. The natural products include microbial, animal, mineral, and plant.
Elevance Renewable Sciences, Inc. manufactures specialty chemicals that develop and market the emollients formulated by using the patented technology from various plant-based products for usage in cosmetics, skin lotions, and hair styling products.
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Constructive disruption in the cosmetic chemicals market is expected to take place through the incorporation of technological advancements. On these grounds, Givaudan uses plant cell culture and phyto peptides technology to develop skin care products. Extensive research is being conducted by the key participants for developing sustainable products to address customers’ demands with a growing inclination toward organic and natural cosmetic products.
Moisturizers and emollients hold more than 30% of the market share. Emollients are known for softening the skin by preventing water loss. The applications include skin moisturizers, body lotions, lipsticks, and face creams. They get sold at the commercial level in both – synthetic and natural forms. Emollients broadly used include coconut oil, beeswax, olive oil, lanolin, glycerine, petrolatum (petroleum jelly), zinc oxide, mineral oil, butyl stearate, and diglycol laureate.
Preservatives are added to cosmetics products during their formulations to extend shelf life and check the proliferation of fungi and bacteria. The preservatives commonly used are inclusive of benzyl alcohol, parabens, formaldehyde, salicylic acid, and EDTA (tetrasodium ethylenediaminetetra-acetic acid). Players like COBIOSA develop and distribute chemicals pertaining to skin care formulations. These chemicals are developed from botanicals including camelina, polyphenols, collagen, algae, and insects. Future Market Insights has walked through these findings with future perspectives in its latest market study entitled ‘Cosmetic Chemicals Market’. It has its line of expertise in the form of analysts and consultants to do things.
Key Takeaways from the Cosmetic Chemicals Market
- North America holds over 34% of the cosmetic chemicals market share. This could be credited to cosmetic chemicals increasingly used to manufacture organic personal care products.
- Europe holds a significant market share in the cosmetic chemicals market. This could be credited to the growing demand for cosmetic products formulated through natural ingredients.
- The Asia-Pacific is expected to grow fastest in the cosmetic chemicals market because countries like China and India are subject to rising buying power.
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Competitive Chemicals
- Knowlton Development Corporation, in February 2020, announced that it had completed the acquisition of Shanghai Paristy Daily Chemicals.
- Knowlton Development Corporation (KDC/ONE), in December 2019, entered into a partnership with HCT Group to create an end-to-end solutions provider for catering to the personal care & beauty vertical. The latter is a global leader with respect to the provision of full-service solutions for cosmetic products related to production, filling, design, formulation, and logistics.
- Companies take part in several events and exhibitions to promote the product portfolio and improve on customer base. On these grounds, Solvay (a multi-specialty chemical company) attended ‘In-Cosmetics London 2017’ to showcase the company’s formulations related to hair, skin, and body care.
“Growing demand for cosmetic products, that too, formulated with various natural ingredients is expected to drive the cosmetic chemicals market,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Top Key Players in the Global Market
- Akzo Nobel NV
- Ashland Incorporated
- Active Organics
- BASF SE
- Berkshire Hathaway Incorporated
- Bayer AG
- Clariant International Limited
- Dow Chemical Company
- Eastman Chemical Company
- Evonik Industries AG
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Key Segments Profiled in the Cosmetic Chemicals Industry Survey
Product:
- Cosmetic Surfactants
- Cosmetic Polymer Ingredients
- Cosmetic Colorants
- Cosmetic Preservatives
Application:
- Cosmetic Chemicals for Skin Care
- Cosmetic Chemicals for Hair Care
- Cosmetic Chemicals for Make-Up Applications
- Cosmetic Chemicals for Oral Care
- Cosmetic Chemicals for Fragrances
- Cosmetic Chemicals for Other Applications
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at Related Research Reports of Chemicals & Materials
ASEAN Cosmetic Chemicals Market: The ASEAN Cosmetic Chemicals market share is projected to reach US$ 3226.5 Million in 2032. The growing beauty products market has been increasing the demand for value-enriched cosmetics.
Personal Care Ingredients Market: The growth of the personal care ingredients market can be attributed to the increasing importance of self-grooming and research for manufacturing skin-specific products.
Paraffins Market: With a notable expansion of the key industrial sectors, the global market for paraffins is projected to hold various expansion opportunities and secure US$ 9.4 Billion by 2032. The estimated CAGR, from 2022 to 2032, is 4.4%.
Originally Published by: https://www.chronicles24.com/index.php/2023/10/03/skin-care-product-demand-drives-cosmetic-chemicals-market-towards-us-26-84-billion-by-2033/
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