Market Trends of Isobutyl Stearate Industry
This section covers the major market trends shaping the Isobutyl Stearate Market according to our research experts:
Increasing Demand from Cosmetics & Personal Care Industry
- Major applications of isobutyl stearate in the personal care & cosmetics industry are in polishes, face creams, rouges, ointments, soaps, etc. They are also used in skincare as skin conditioning agents, i.e., emollients. The global personal care & cosmetics industry is anticipated to grow at a CAGR at about 6%, during the forecast period.
- Continuous increase in online beauty spending, expansion of social networks, consumers' interest in new, different and premium products, acceleration of urbanization worldwide, and growth of the upper-middle classes all over the world and especially in Asia, where consumers are both knowledgeable and enthusiastic about this segment, are some of the major factors that contribute to the steady growth of the cosmetics and personal care market.
- Top 10 countries exporting the highest value worth of cosmetics and skincare products during 2019 were France (16.3% of total beauty/skincare goods exports), United States (9.9%), Singapore (8.8%), South Korea (8.4%), Japan (6.6%), Germany (6.5%), Hong Kong (4.3%), China (4.2%), Italy (3.9%), and United Kingdom (3.8%). Some of the largest global cosmetic companies which manufacturing bases in the above countries, are Johnson & Johnson, L'Oreal Paris,Gillette, Neutrogena, Nivea and Chanel, Inc.
- The personal care and cosmetics industry represents the largest market over the forecast period, owing to the cosmetics and personal care products becoming an essential part of consumer's everyday life.
- However, demand for isobutyl stearate from the industry segment is expected to grow moderately, owing to global supply-chain disruptions and production shutdowns due to the COVID-19 pandemic.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to be the dominant market in isobutyl stearate consumption. This is because the region dominates the market for end-use industries such as cosmetics & personal care, pharmaceuticals, textile, etc.
- The Asian cosmetics & personal care market is gaining popularity worldwide and is expected to grow at a CAGR of more than 5%, during the forecast period, with Japan, Singapore, South Korea, Hong Kong, and China being amongst the top 10 global cosmetics exporters. In cosmetics, isobutyl stearate is used most frequently in the formulation of eye makeup, skin makeup, lipstick and skincare products.
- For personal care products, where isobutyl stearate is heavily used in personal care products like soap, shampoo, creams, lotions, etc., China generates maximum revenue, globally.
- Isobutyl stearate is also used in topical pharmaceuticals. The Asia-Pacific pharmaceutical market is the third-largest pharmaceutical market in the world after North America and Europe, owing to the size of the population, especially the older population, GDP per capita, health expenditures, and regulatory systems, among others.
- In textile manufacturing, countries such as Vietnam, Bangladesh, China, India and Hong Kong stand out amongst the top 10 global manufacturers, hence, indicating regular demand for isobutyl stearate to be used as a lubricant for textile processing.
- Thus, rising demands from the above-mentioned end-user industries is expected to drive the growth in the Asia-Pacific region.
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