According to a new report published by Allied Market Research, the global cosmetic chemicals market was valued at USD 14.7 billion in 2019, and is projected to reach USD 24.1 billion by 2027, growing at a CAGR of 6.5 percent from 2020 to 2027.
Chemicals Increase Shelf-life of Products
Cosmetic chemicals are used in the production of cosmetic products to enhance properties, appearance, and shelf-life of the products. It is the main component used for the preparation of personal care products. Some cosmetics are made up of natural sources, such as coconut oil, but majority of cosmetics are made by mixtures of chemical compounds. Cosmetic products include lipstick, perfume, concealer, moisturizer, hair dye, soap, and others.
There are many chemicals used for the preparation of cosmetics. Some of these are ammonium lauryl sulfate, talc, formaldehyde, alcohols, lanolin, and mineral oil/waxes. Cosmetic chemicals provide functional and physical properties to personal care products, such as make-up cosmetics, lotions, creams, conditioners, and shampoos. However, some chemicals in cosmetics may cause allergic reactions. Some chemicals in personal care and cosmetics products are toxic such as 1,4-dioxane, butyl acetate, butylated hydroxytoluene, coal tar, diethanolamine, and mercury. These chemicals may be hazardous to health.
Increase in disposable incomes of individuals across developing economies, such as China and India, and growing focus of people on aesthetic physical appearance have led to surge in demand for cosmetic products. In addition, growing aging population across Asian and European countries has led to surge in demand for anti-aging products, which is likely to drive the demand for cosmetic chemicals from cosmetic product manufacturers during the forecast period.
Skin Care - Leading Segment
The global cosmetic chemicals market is segmented on the basis of product type, application, and region. On the basis of product type, the cosmetic chemicals market is divided into
surfactants, polymer ingredients, colorants, and
preservatives. The polymer ingredients segment is the leading segment that dominated the global market with more than half of the total share in 2019.
Based on application, the market is fragmented into skin care, hair care, make-up, oral care, fragrances, and others. The skin care segment is the leading segment that dominated the global market with more than one-fourth of the total market share in 2019.
Region-wise, the cosmetic chemicals market size is studied across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the major global cosmetic chemicals market share in 2019, and dominated the global market with more than one-third of the total market share in 2019.
Source: INOLEX