Isopropyl Palmitate Market Size, Share, Growth, and Industry Analysis, By Type (Greater than or Equal to 95%, Greater than or Equal to 99%), By Application (Personal Care, Pharmaceutical, Industrial), Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

Isopropyl Palmitate Market Report Overview

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The global isopropyl palmitate market size was US$ 543.4 million in 2022 and is projected to touch US$ 1148.48 million by 2031, exhibiting a CAGR of 8.7% during the forecast period.

The ester of isopropyl alcohol with palmitic acid is known as isopropyl palmitate. It functions as a moisturizer, thickener, emollient, and anti-static. Methyl ester and isopropyl alcohol are combined to create isopropyl esters. Isopropyl esters, such as isopropyl myristate, isopropyl laurate, isopropyl palmitate, and isopropyl oleate, are effective at penetrating the skin and are frequently used in the personal care and cosmetics industries as emollients, moisturizers, and thickeners. Due to qualities like non-toxicity and skin friendliness, isopropyl esters are frequently utilized in food and cosmetics. They are appropriate for use in biodiesel because of their outstanding cold flow characteristics. The pharmaceutical industry makes considerable use of the solvent isopropyl ester in the manufacturing of medicines.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The global COVID-19 pandemic has been unprecedented and staggering, with the Global Isopropyl Palmitate Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

The personal care, cosmetics, food, and others (industrial and pharmaceutical) industries make up the majority of the global isopropyl palmitate market. Personal care is predicted to have the highest revenue CAGR of these during the projection period. Rising awareness of personal hygiene and appearance among people, especially among the millennial population, is responsible for this segment's revenue rise. Additionally, the use of specific personal care items is mandated by the governments of several nations. Increased consumer awareness of the damaging effects of ultraviolet (UV) rays and rising demand for sunscreen lotions are two factors contributing to this segment's revenue growth.  Additionally, governments from different nations throughout the world are launching campaigns to raise awareness of the value of applying sunscreen.

Isopropyl Palmitate Market Segmentation

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• By Type

Based on type the Global Isopropyl Palmitate Market is classified as Greater than or Equal to 95%, Greater than or Equal to 99%.

• By Application

Based on application the Global Isopropyl Palmitate Market is classified as Personal Care, Pharmaceutical, Industrial.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

The growth of the isopropyl esters market is being driven by an increase in per capita disposable income and increased consumer awareness of personal grooming and beauty enhancement goods. Demand for the product is predicted to increase as its utilisation as a flavouring agent increases in the food industry. Over the projected period, rising packaged food consumption brought on by busy lives and convenient accessibility is expected to support market expansion. The demand for isopropyl esters is being driven by the expansion of the industrial sector in developing countries as well as rising investments in the mining and construction sectors. The substance is widely utilised in several lubricants as an emulsifier.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Over 45% of the global market for cosmetics and personal care are skin care products. Over the course of the projected period, isopropyl esters will likely play a larger role in skincare goods such lotions, moisturisers, and skin creams. The use of isopropyl esters in the food processing industry has been driven by the rise in consumption of natural juices, sports & energy drinks, and other beverages. In the developing nations of Asia and the Pacific, the market for isopropyl is primarily driven by rising health consciousness, expanding application possibilities, and relatively less expensive cosmetics and beauty care goods. Due to the use of isopropyl ester as stabilisers and emulsifiers in a variety of processed foods, the food processing sector is predicted to develop faster than normal over the next six years.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

The demand for cosmetics has increased due to an increase in disposable money, along with the growth of the processed food and beverage industry. Although the market prospects for isopropyl palmitate have decreased due to the existence of strict laws against the product in some regions and the existence of a significant number of substitute products. Isopropyl palmitate's biggest market right now is Europe. In order to adapt to the future, both established and up-and-coming vendors should examine their current organisations more closely and reimagine conventional business and operating methods. Another important barrier is the existence of adulterated products on the market.

Isopropyl Palmitate Market Regional Insights

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The isopropyl palmitate market is divided into five geographic segments: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.  The Asia Pacific market is anticipated to experience the greatest revenue CAGR of all of these throughout the forecast period. The expansion of the population and the rise in disposable income are two major drivers of the market's revenue development in this area. For instance, male consumers are becoming more and more interested in skincare and cosmetics made specifically for them. Most men are concerned with getting oil off their skin when it comes to skincare. Male consumers buy facial cleansers frequently, but the demand for specialised products like masks, sunblock, and whitening and moisturising agents is also anticipated to grow.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Musim Mas (Singapore)
• BASF (Germany)
• KLK OLEO (US)
• Croda (UK)
• Wilmar International (Singapore)
• Kao Corporation (Japan)
• OLEON Corporate (France)
• INOLEX (US)
• Guanghzou Zhonghai Chemical (China)
• Evonik (Germany)
• Eastman (US)
• Zhejiang Wumei Biotechnology (China)
• Stepan (US)
• Nikko Chemicals (Japan)
• Haiyan Fine Chemical Industry Co (China)
• Deyi Chemical (China)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.