BASF to Lead Cosmetic Chemicals Market until 2022
Changing lifestyle, rising disposable
income coupled with the growing preference for cosmetic products to drive
global cosmetic chemicals market through 2022
According to TechSci Research report, “Global Cosmetic Chemicals Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2012–2022’’,
the global cosmetic chemicals market is forecast to cross $ 11 billion by 2022,
owing to rising use of cosmetic products across developed as well as developing
economies. Rising disposable income, changing consumer lifestyle and increasing
awareness about a variety of cosmetic products available in the market is
boosting consumption of cosmetic chemicals, globally.
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On the basis of type, cosmetic chemicals
market is segmented into emollients & moisturisers, surfactants, single use
additives and thickening agents. Emollients & moisturisers segment grabbed
the largest market share in 2016, and the segment is anticipated to continue
its dominance during the forecast period as well owing to their extensive usage
in cosmetic products. However, thickening agents segment is expected to be the
fastest growing cosmetic chemicals category during the forecast period. The
demand for thickening agents is driven by their increasing consumption in
various end-use products such as creams, conditioners, face washes, lotions and
hair gels.
Growth in the cosmetic chemicals market is
also being driven by rising demand for cosmetic chemicals across various
applications such as skin care, hair care, color cosmetics and perfumes & fragrances.
Though skin care application segment is the dominant application area, hair care
segment is anticipated to emerge as the key application segment in cosmetic
chemicals market during the forecast period. Over the last few years, cosmetic
chemicals manufacturing companies operating across the globe have been
increasing their R&D investments to develop and manufacture chemicals that are
harmless and provide better results. BASF SE is the market leader in global
cosmetic chemicals market, followed by Dow Chemical Company and Croda
International. The market dominance of these major players is expected to
continue over the course of next five years.
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“Growing preference among
consumers for cosmetic products, varying from multipurpose to organic cosmetic
products, has immensely contributed to the growing demand for cosmetic
chemicals over the last five years. Moreover, increasing disposable income and
growing inclination of consumers towards luxury cosmetic products is expected
to further fuel growth in the global cosmetic chemicals market in the coming
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“GlobalCosmetic Chemicals Market By Type, By Application, By Region, CompetitionForecast & Opportunities, 2012–2022” has evaluated the future growth
potential of cosmetic chemicals market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in global
cosmetic chemicals market.
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