Isooctyl Palmitate Market Size, Share, Growth, and Industry Analysis, By Type (Greater than or Equal to 95% and Greater than or Equal to 99%), By Application (Personal Care, Pharmaceutical and Industrial), Regional Forecast to 2032

Updated On: 15 April 2024

Report Overview

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The global isooctyl palmitate market size was USD 598.3 million in 2022. As per our research, the market is expected to reach USD 961.8 million in 2028, exhibiting a CAGR of 8.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over. 

The global isooctyl palmitate market is extremely competitive and expanding rapidly. The personal care and cosmetics business, which accounts for the majority of market share, drives demand for isooctyl palmitate. The market is divided into three sections: type, application, and geography.

The market is divided into two types: aesthetic grade and industrial grade. Cosmetic grade isooctyl palmitate is found in a variety of personal care and cosmetic items, whereas industrial grade is found in plasticizers, lubricants, and coatings.

COVID-19 Impact: Pandemic has had a Mixed Impact on the Market Demand

The COVID-19 pandemic has had an influence on the global isooctyl palmitate market, with supply chain interruptions and lower demand for non-essential products harming the personal care and cosmetics business, which is a key consumer of the product. However, demand for isooctyl palmitate has increased in the pharmaceutical business, where it is employed in the production of various medications and therapies, as well as in the food industry as an emulsifier. As the world adjusts to the pandemic, the market is likely to gradually recover and grow in the long run, fuelled by rising demand for personal care and cosmetics items, as well as other uses such as pharmaceuticals and food.

Latest Trends

"Increasing Demand for Natural and Organic Ingredients to drive market trends"

The global isooctyl palmitate market is witnessing various trends that are predicted to shape the market in the coming years. One of the significant factors driving demand for isooctyl palmitate grown from natural sources is the increasing desire for natural and organic components in the personal care and cosmetics industry. Furthermore, the market is seeing an increase in demand for multifunctional compounds with various benefits, such as emollient and surfactant capabilities. Other market trends include the increasing use of isooctyl palmitate in anti-aging products and the growing desire for sustainable and eco-friendly products.

SEGMENTATION

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• By Type

Based on type, the global isooctyl palmitate market is divided into greater than or equal to 95% and greater than or equal to 99%.

• By Application

Based on application, the market is divided into personal care, pharmaceutical and industrial.

Driving Factors

"Growing demand for Personal Care and Cosmetics Products to surge market growth"

Isooctyl palmitate is widely used as an emollient and lubricant in personal care and cosmetics products. The increasing demand for skincare, haircare, and other personal care products is expected to drive market growth.

"Increasing demand for Natural and Organic Ingredients to augment market growth"

The trend towards natural and organic ingredients is driving the demand for isooctyl palmitate derived from natural sources. The rising consumer awareness about the harmful effects of synthetic ingredients is driving the demand for natural and organic ingredients in personal care and cosmetics products.

Restraining Factors

"Availability of Alternatives to Isooctyl Palmitate to restrain market growth"

The global isooctyl palmitate market is also confronted with various challenges that are predicted to stymie its expansion in the future years. The availability of alternatives to isooctyl palmitate, such as isopropyl palmitate and glyceryl stearate, which can be utilized as emollients and lubricants in personal care and cosmetics products, is one of the key constraints. Furthermore, fluctuations in raw material prices, particularly for palm oil, from which isooctyl palmitate is generated, are predicted to have an impact on market growth. 

Regional Insights

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"Growing Demand in Asia Pacific Anticipated to Boost Market Expansion"

The global market for isooctyl palmitate is divided into several regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific is predicted to dominate the market among these regions due to rising demand for personal care and cosmetics goods, particularly in China and India. The region's need for these products is being driven by rising population, rising disposable income, and growing awareness of personal cleanliness and beauty. Because of the high demand for natural and organic components, as well as the expanding usage of isooctyl palmitate in the pharmaceutical and food industries, Europe and North America are also important markets. Latin America, the Middle East, and Africa are also likely to see significant increase as a result of rising demand. 

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Musim Mas, KLK OLEO, Wilmar International, UPC Technology, Croda, BASF, Emery Oleochemicals, Guanghzou Zhonghai Chemical, Evonik, Eastman, Zhejiang Wumei Biotechnology, Mosselman, Haiyan Fine Chemical Industry Co and Deyi Chemical.

Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market growth.

List of Market Players Profiled

• Musim Mas - Singapore
• KLK OLEO - Malaysia
• Wilmar International - Singapore
• UPC Technology - China
• Croda - United Kingdom
• BASF - Germany
• Emery Oleochemicals - Malaysia
• Guangzhou Zhonghai Chemical - China
• Evonik - Germany
• Eastman - United States
• Zhejiang Wumei Biotechnology - China
• Mosselman - Belgium
• Haiyan Fine Chemical Industry Co - China
• Deyi Chemical - China

REPORT COVERAGE

This report examines an understanding of the global isooctyl palmitate market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.