Personal Care Ingredients Market in U.S is expected to showcase significant growth over 2020-2024 | BASF SE, Akzo Nobel N.V., Croda International Plc, Dow Corning Corporation, Wacker Chemie AG

The demand for ingredients in personal care products will be substantially driven by the rising household incomes of consumers along with their constant willingness to spend on enhancing their appearance. These ingredients keep all the constituents of a personal care product intact and avoid them from separating, simultaneously imparting a smooth and silky texture to skin and hair. For instance, Dimethicone, a newly launched silicone-based ingredient, is widely used across numerous skin and hair care products to create a physical barrier to accelerate hydration while keeping the skin moisturized and the hair frizz-free.

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As per a recent report, the global personal care ingredients market size will reach more than USD 12 billion in annual estimation by 2024.

Top Key Players in The Market are:

The prominent players in the personal care ingredients industry are Evonik Industries, BASF SE, Akzo Nobel N.V., Croda International Plc, Dow Corning Corporation, Wacker Chemie AG, Ashland Inc., Clariant and Lonza Group Pvt. Ltd. Other companies include Cargill Inc., Eastman Chemical Company, Solvay S.A., etc. Most of the manufacturers have shifted from petrochemical derivatives to organic materials to meet production sustainability.

Rising demand for emulsifiers and surfactants
The demand for emulsifiers in the personal care ingredients industry was responsible for close to USD 2.2 billion in 2016. This can be attributed to the robust capabilities of these ingredients to act as an adjuvant to combine non-miscible fluids into an emulsion. The emulsifiers possess special molecular structures that help to reduce the surface tension between the hydrophilic and lipophilic constituents while forming finely dispersed mixtures. This helps to enhance and maintain the stability and shelf-life of the dispersions.

On the other hand, the industry share of surfactants in the prominent market is likely to hit a significant CAGR through 2024, owing to their extensive use in the cosmetic sector. Surfactant molecules can be touted as effective and highly preferred cosmetic ingredients as they are found to be compatible with water as well as oil. This factor has urged its adoption across multiple applications like cleansing, foaming, thickening, solubilization, penetration enhancement, and antimicrobial effects.

Potential in skincare

Personal care ingredient market value from the skincare application reached USD 2.7 billion in annual revenue in 2016. This is because of the growing concerns of consumers to look after their skin as it acts as the biggest barrier against infections in instances of exposure to external agents. This trend has pushed the need for proper ingredients in the skincare products like face wash and scrubs, hair oil, shaving gel, hand cream, and foot cream among many others to remove skin oils and lock moisture.

Growth from marketing strategies

Personal care ingredient suppliers are working towards strategies like capacity expansions, acquisitions, mergers, and partnerships to extend their offerings as well as increase their global reach. The present COVID-19 pandemic has also significantly influenced the need for novel launches for personal care product ingredients to gain a competitive edge over other participants. For instance, BASF, in May 2020, introduced some new personal care ingredients for textured hair. The firm also launched a scalp microbiome ingredient.

Ashland, Clariant, Croda, DSM, Dow Chemical & Dow Corning, Evonik, Lubrizol, Momentive, Solvay, and Wacker are some other major firms operating in the sector.

However, the presence of certain chemicals in the personal care ingredients for makeup, skin, and hair care products could lead to adverse health effects like allergic reactions, hair loss, asthma, and cancer. On account of this, consistent research must be carried out in order to determine the severity of the various chemical ingredients used in personal care products.

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