The market share for ASEAN cosmetic chemicals is anticipated to reach US$ 3226.55 million in 2032. The demand for value-enriched cosmetics has been rising as a result of the expanding beauty products market.
The ASEAN Cosmetic Chemicals Market is anticipated to reach US$ 1768.0 Mn in 2022 and is expected to grow at a CAGR of 6.2% from 2022 to 2032, according to FMI.
These chemical-based products contain preservatives which hinder microbial growth and thereby offer longer shell life to the cosmetics. In addition, these chemicals contain a variety of vitamins, antioxidants, minerals, herbs, hormones, and fragrances. This vast range of cosmetic chemicals allows business cosmetics to deliver different types of cosmetics in the market, thereby offering a vibrant market to cosmetic industries.
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What are the different factors influencing the market for cosmetic chemicals in ASEAN?
It is common to find them in personal care products. The market for cosmetic chemicals is at its peak due to a wide range of uses, including shampoo and anti-aging cream. These days, businesses are concentrating on organic grade cosmetic chemicals because they are seen to be a healthier alternative to petroleum-based products and common surfactants.
One of the key elements influencing the cosmetic industry is the rising demand from ethnic communities for beauty products that are catered to their demands. In addition, it is anticipated that ageing baby boomers would have greater awareness of and desire for personal care products, which will raise demand for cosmetic chemicals.
Market Competition
Key players operating in the ASEAN Cosmetic Chemicals market include Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Dow Inc., Eastman Chemical Company, Evonik Industries AG, Givaudan SA, International Flavors & Fragrances Inc., LANXESS AG, Lonza Group Limited, P&G Chemicals, Solvay SA, The Lubrizol Corporation, and Berkshire Hathaway Inc.
The ASEAN Cosmetic Chemicals market is highly consolidated, with a limited number of large-scale vendors having the lion’s share. The majority of companies in Cosmetic Chemicals market invest a large amount of money in detailed research and development, mostly to create new and improved products. The primary strategies taken by the key players in the Cosmetic Chemicals market are product expansion and mergers and acquisitions.
They also engage in mergers and acquisitions and collaborations while obtaining regulatory permissions.
- Dow Inc. unveiled its new Virtual Experience Center (VEC) in April 2021, an immersive 3D platform that allows beauty companies to increase their offers by allowing visitors to explore significant advancements and marketing trends.
- BASF SE’s Care Creations will offer Neutrol MGDA, a highly stable and environmentally friendly complexing agent, for personal care applications in November 2020. It is biodegradable and has an excellent ecological and toxicological profile.
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Key Segments Profiled in the Cosmetic Chemicals Market Report Cosmetic Chemicals Market
By Product Type, Cosmetic Chemicals Market is segmented as:
- Emollients & Film Formers
- Surfactants
- Additives
- Colorants
- Thickening Agents
- Polymer Ingredients
- Preservatives
By Application, Cosmetic Chemicals Market is segmented as:
- Skin Care
- Hair Care
- Make-up
- Oral Care
- Perfumes & Fragrances
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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