Isopropyl Myristate Market Size, Share, Growth, and Industry Analysis, By Type (Cosmetic Grade and Industrial Grade), By Application (Personal Care & Cosmetics, Pharmaceuticals and Other), Regional Insights, and Forecast from 2023 to 2031

Updated On: 13 November 2023

Isopropyl Myristate Market REPORT OVERVIEW

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global isopropyl myristate market size was USD 69 million in 2022 and the market is projected to touch 105.34 million by 2031, exhibiting a CAGR of 4.7% during the forecast period.

Because of its great qualities as an emollient, moisturizer, and skin conditioning agent, isopropyl myristate is a common ingredient in cosmetics and personal care products. It is frequently found in lotions, creams, moisturizers, and cosmetics. Its lightweight, non-greasy texture and ability to improve product spreadability make it a popular ingredient in the cosmetic industry. Isopropyl is also utilized as a carrier, penetration enhancer, and solvent in several medicinal formulations. It can help improve drug solubility and bioavailability and is sometimes used in topical medicines. Consumer preferences, population demographics, economic situations, and technical improvements all influence the demand for it in various businesses. The market size and growth potential vary by location and industry.

Because of its capabilities as a penetration enhancer and carrier agent, isopropyl is useful in certain pharmacological formulations. The pharmaceutical industry's demand for Isopropyl may have stayed consistent or perhaps increased as it continues to develop innovative drug delivery systems and topical therapies. The pandemic of COVID-19 has had a substantial influence on a variety of businesses, including cosmetics and personal care. Product demand and supply chains have been altered by lockdowns, social distancing measures, and changing customer behavior. These pandemic-related consequences may have caused variations in the Isopropyl Myristate market.

COVID-19 Impact: Demand Fluctuations to Hinder Market Growth

Many countries faced transit and international trade restrictions, causing supply chain delays and disruptions. This could have had an impact on the supply of isopropyl and its raw ingredients, affecting manufacturers and end-users. Consumer behavior in the cosmetics and personal care business changed as a result of the epidemic. People staying at home and minimizing social connections may have temporarily reduced demand for some beauty and skincare products, affecting demand for Isopropyl. Some businesses shifted their production to focus on necessities like sanitizers and hygiene products. This shift in priority may have influenced its demand in specific locations or applications. During the epidemic, the pharmaceutical industry faced both obstacles and possibilities. While demand for certain treatments increased, other drug research and manufacturing processes experienced delays. Isopropyl Myristate's pharmaceutical applications may have suffered as a result.

LATEST TRENDS

"Rising Demand for Natural and Sustainable Ingredients to Enhance Market Growth"

The cosmetics and personal care sector is shifting towards more natural and sustainable components. Consumers are becoming more concerned about the environmental impact of their products and are looking for formulations that use eco-friendly ingredients. Isopropyl Myristate may experience rising demand due to its biodegradable and renewable nature because it may be obtained from natural sources such as coconut oil or palm oil. The skincare market is expanding rapidly over the world. Because of its ability to give a smooth and non-greasy texture, isopropyl is often used in skincare products such as moisturisers, serums, and lotions. As skincare remains a popular topic among consumers, the demand for Isopropyl in this industry may have increased.

Isopropyl Myristate Market SEGMENTATION

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• By Type

Based on type market is classified as cosmetic grade and industrial grade.

• By Application

Based on application market is classified as personal care & cosmetics, pharmaceuticals and other.

DRIVING FACTORS

"Cosmetics and Personal Care Industry to Augment Market Growth"

Isopropyl Myristate's extensive use in the cosmetics and personal care industries is one of its key drivers. It's a common element in skin care products like lotions, creams, moisturisers, and cosmetics. IPM works as an emollient and skin conditioner, giving these formulas a smooth, non-greasy texture. The demand for Isopropyl is being fuelled by the continued growth of the cosmetics and personal care business. Isopropyl is utilised as a carrier and penetration enhancer in several medicinal formulations. It aids in the solubility and absorption of certain pharmaceuticals, particularly topical treatments. Isopropyl demand is fuelled by the pharmaceutical industry's continual research and development of innovative drug delivery methods and formulations.

"Manufacturing and Industrial Applications to Propel Market Growth"

Isopropyl is utilised as a lubricant, solvent, and antifoaming agent in a variety of industrial applications. Because of its qualities, it is suited for use in a variety of manufacturing processes, resulting in steady demand in the industrial sector. Consumer choices and trends play a crucial impact in generating Isopropyl demand. For example, the increased demand for natural and sustainable components in cosmetics and personal care products has prompted manufacturers to integrate renewable and biodegradable compounds such as isopropyl into their formulations. Isopropyl is recognised to improve product spread ability and smoothness. It aids in the even application of items on the skin in cosmetics and personal care formulations. Because of this feature, it is a desirable element for manufacturers, resulting in rising demand.

RESTRAINING FACTORS

"Environmental Concerns to Impede Market Expansion"

Government agencies enforce different laws and safety standards on the chemical sector, including Isopropyl Myristate. Regulation changes or the implementation of stricter criteria can have an impact on the manufacture, distribution, and use of Isopropyl, potentially limiting its market growth. The cosmetics and personal care business is always inventing and investigating novel compounds with qualities equal to or superior than isopropyl. If more cost-effective or environmentally friendly options develop, demand for it may fall. As consumer awareness of environmental issues grows, there may be a greater demand for environmentally friendly and sustainable products. Although obtained from natural sources, it may undergo scrutiny due to its association with palm oil or other raw materials associated to deforestation.

Isopropyl Myristate Market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to Growing Cosmetic and Personal Care Industry"

The Asia-Pacific area has grown as a prominent manufacturing base for the cosmetics, personal care, and pharmaceutical industries, particularly in China and India. Because of their well-established chemical manufacturing infrastructure and skills, these countries are major manufacturers of isopropyl myristate market share. The availability of qualified labour, cost-effective manufacturing methods, and a plentiful supply of raw materials all contribute to the region's leadership position. The cosmetics and personal care sector have grown rapidly in the Asia-Pacific area. Skincare and cosmetic goods are in high demand as disposable incomes rise and urbanisation continues. Because of its emollient and skin-conditioning characteristics, it is a crucial ingredient in many cosmetic compositions, fuelling its demand in the region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

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. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• BASF (Germany)
• Akzo Nobel (Netherlands)
• Kunshan Huaxin Daily Chemicals (China)
• NanJing DongDe Chemicals (China)
• Shaanxi Top Pharm Chemical (China)
• Zhejiang Wumei Biotechnology (China)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.