Cosmetic chemicals market is expected to witness significant growth over the forecast period owing to the increasing demand for cosmetic products including shampoo, soap, mascara, lipstick, deodorants, anti-aging creams, conditioners and moisturizers. Rising demand for organic & natural cosmetics and multifunction ingredients is expected to spur the market growth over the next seven years. Growing concerns over ageing & personal care among consumer is expected to increase consumer spending on toiletry & cosmetic products which is expected to act as the key driver towards market growth. Moreover, cosmetic chemicals find applications in UV absorbers, emollients, conditioning and surfactants polymers which is anticipated to boost the cosmetic product range. Furthermore, increasing demand for skin care, make up, hair care and various fragrance products is expected to fuel the market growth.
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North America is expected to contribute substantially to the market growth owing to rising demand for anti-ageing and UV absorbing cosmetic products mainly in the U.S. Asia Pacific market is anticipated to witness significant growth over the upcoming period owing to cultural & ethnic diversity in this region along with rising consumer spending over the next seven years. Moreover, availability of cheap labor, rising population, abundant natural resources and producer friendly government policies is expected to act as the key drivers for market growth. Developing nations in Latin America and MEA are also predicted to propel market demand owing to rising standards of living, globalization of cosmetic brands, strong demand for whitening and skin lightening chemicals and agents. However, increasing health concerns over ingredient toxicity, high R&D costs and government regulations are expected to restraint the market growth over the forecast period.
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Global key players include AkzoNobel, Sun Industries, Salicylates and Chemicals, BASF SE, Ashland Inc., Clariant International Ltd., Suru Chemicals and Pharmaceuticals Pvt. Ltd., Dow Chemical Company, Sederma S.A.S, Dow Corning Corp., Evonik Industries AG, Eastman Chemical Company, Firmenich SA, International Flavors & Fragrances Inc., Givaudan S.A., DSM N.V, Daldia Chemical Industries, Lonza Group Limited, Lanxess Ag, P&G Chemicals, Symrise AG and Solvay SA. Constant up gradation in technology including the bio-based and natural technology is expected to spur the market growth. Moreover, innovations in hair, anti-ageing, UVA damage protection and skin care are expected to fuel the demand. Suru Chemicals and Pharmaceuticals Pvt. Ltd. have its in-house R&D and focusing on quality control with ISO certified products.
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