Cosmetic chemicals market is expected to grow at a compound annual growth rate of 4.83% over the forecast period to grow to US$27.554 billion by 2022, increasing from US$21.765 billion in 2017.Cosmetic chemicals are an integral part of different cosmetic products such as conditioners, shampoos, lotions, and creams among others. These chemicals help in increasing shelf-life of the products due to the presence of various preservatives while enhancing the appearance of the user. Rising disposable income and improving living standards, changing consumer preferences, and advanced packaging solutions are augmenting the demand for cosmetic products. Increasing demand for personal care products is providing the necessary impetus for the growth of global cosmetic chemicals market.
Growing global ageing populations is one of the major drivers of global cosmetic chemicals market. The desire to look young and beautiful is attracting consumers worldwide towards various anti-ageing and personal care products. Increasing purchasing power and living standards along with the increased demand for grooming products to look aesthetically appealing, both by women and men, is also propelling the growth of global cosmetic chemicals market. Growing global e-commerce industry will bolster the growth of global cosmetic chemicals market in the coming years since consumers around the world have an easy access to various cosmetic products from international brands. Furthermore, global market players are investing heavily in R&D to develop advanced and diverse product portfolio in order to address different consumers’ requirements, thereby positively impacting the growth of cosmetic chemicals market in the next five years. However, factors such as rising demand for natural & organic cosmetic products, growing concerns over ingredient toxicity, and stringent regulations regarding cosmetic ingredients will restrain the growth of global cosmetic chemicals industry during the forecast period.
By product, surfactants accounted for the largest market share in 2016 and will continue to dominate the product segment by the end of the forecast period owing to their diverse use in several applications such as skin care and hair care. Increasing demand for skin-repair and anti-ageing creams and lotions will exponentially augment the market share of emollients during the forecast period.
Geographically, North America held the maximum market share in 2016. The demand for various cosmetic chemicals in North America is majorly driven by the presence of large number of global cosmetic chemicals manufacturers in the region coupled with high consumer awareness regarding the benefits of different cosmetics and personal care products. APAC region will witness the highest CAGR during the forecast period due to increasing focus on physical appearance and personal hygiene by consumers. Growing commercialization of various international cosmetic brands in emerging economies such as China and India is also attracting customers towards different cosmeceuticals which will significantly bolster the growth of APAC cosmetic chemicals market in the near future.
Prominent key market players in cosmetic chemicals market include Akzo Nobel, The Dow Chemical Company, BASF, Evonik, and Huntsman among others. The global cosmetic chemicals company is highly fragmented due to the presence of a large number of global and regional vendors. Owing to the intense competition in the industry, market players need to follow strategic partnerships and M&A while expanding their product portfolio by launching new products as per the changing needs of customers around the globe. Recently in May 2017, Huntsman Corporation and Clariant have announced their merger to create a leading global speciality chemical company named HuntsmanClariant to improve growth profile in highly attractive end markets and geographies.
In this report, cosmetic chemicals market is segmented by product, by application, and by geography:
Powders, Colorants, and Pigments
Perfumes and Fragrances
Middle East and Africa
Key questions answered by the report
What will be the Cosmetic Chemicals market size from 2017 to 2022?
How are the major drivers and restraints affecting the Cosmetic Chemicals market growth and the opportunities which exist for key vendors?
Which segment and region will drive or lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants’ behaviour
Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth