Newark, May 08, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 70 million in 2023 global isopropyl myristate market will reach USD 151.12 million in 2033. Isopropyl myristate (IPM) is frequently utilizedused in industrial, medicinal, and cosmetic applications. It is an ester made of myristic acid and isopropyl alcohol. It has a slight odour and is a clear, colourless to pale yellow liquid. IPM is adaptable for a range of formulations because of its low viscosity and solubility in organic solvents and oils. Because it doesn't clog pores, its non-comedogenic nature makes it appropriate for skin types that are oily or prone to acne. Additionally, it makes cosmetic products easier to spread, guaranteeing uniform application and improving consumer satisfaction.
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IPM is frequently found in lipsticks, moisturizers, lotions, sunscreens, and foundations. IPM's skin-conditioning qualities make it useful in topical formulations such as ointments and gels from a pharmaceutical standpoint. Maintaining skin compatibility enhances the texture and effectiveness of therapeutic goods. IPM is used as a lubricant addition in the industrial sector, improving lubrication qualities for a range of applications. It also increases spreading properties and boost product performance in paint additives and inks.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Base Year | 2023 |
| Market Size in 2022 | USD 70 million |
| Market Size in 2032 | USD 151.12 million |
| CAGR | 8% |
| No. of Pages in Report | 237 |
| Segments Covered | Form, Application, Regions |
| Drivers | The increasing demand for personal care products and cosmetics |
| Opportunities | The increasing demand for IPM from the pharmaceutical industry |
Key Insight of the Global Isopropyl Myristate Market
North America will dominate the market during the forecast period.
There is a significant need for IPM due to the developed and well-established pharmaceutical and cosmetic industries in North America. Many of the top businesses in these fields are based in North America, and their formulations use premium components like IPM. The region's strong R&D capacities also fuel innovation in pharmaceutical and cosmetic products. North America complies with strict regulations that are upheld by pertinent authorities, guaranteeing the calibre and security of IPM. Strong demand for pharmaceutical and cosmetic items is generated by a sizable customer base and comparatively high levels of disposable income, which supports the expansion of the IPM industry.
In 2023, the liquid segment dominated the market with the largest market share of 68% and revenue of 47.60 million.
The form segment is divided into solid and liquid. In 2023, the liquid segment dominated the market, with a market share of 68% and revenue of 47.60 million.
In 2023, the high segment dominated the market, with a 43% market share and revenue of 30.10 million.
The purity segment is divided into low, medium and high. In 2023, the high segment dominated the market with the largest market share of 43% and revenue of 30.10 million.
In 2023, the pharmaceuticals formulations segment dominated the market with the largest market share of 40% and revenue of 28 million.
The application segment is divided into skincare products, hair care products, cosmetics, pharmaceutical formulations, and industrial applications. In 2023, the pharmaceutical formulations segment dominated the market with a 40% market share and revenue of 28 million.
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Advancement in market
• L'Oréal, Paris, patented a cosmetic composition (makeup remover) that included isohexadecane, isopropyl, dicaprylyl, glycerin, and hexylene in addition to 4-hydroxy acetophenone, an antibacterial agent, and piroctone olamine, an antimicrobial agent.
Market Dynamics
Driver: Rising demand for cosmetics and personal care products.
Growing disposable incomes and changing consumer lifestyles are driving significant global growth in the personal care and cosmetics sector, driving up demand for skincare and beauty products. Because of its emollient qualities, isopropyl myristate (IPM) is a widely sought-after component in cosmetic compositions. It is a powerful emollient that smoothes and softens skin by creating a barrier that keeps moisture from escaping, which is necessary to keep skin hydrated and avoid dryness. Additionally, IPM improves the spreadability and texture of cosmetics, which benefits the consumer. Its capacity to produce non-greasy, light formulations raises customer satisfaction and encourages recurring business. Furthermore, IPM's versatility in a broad range of product categories, such as creams, lotions, serums, sunscreens, and makeup, is made possible by its compatibility with a variety of cosmetic chemicals. Because of their adaptability, cosmetic producers may successfully serve a wide range of consumer tastes and market niches. The need for IPM as a key component of skincare and cosmetics products is anticipated to increase further and propel the market's growth as the cosmetics industry innovates and grows.
Restraints: The presence of substitutes.
Manufacturers of pharmaceuticals and cosmetics are always coming up with fresh ideas to create novel goods and formulations. This involves looking into substitute emollients that work better than IPM. The adoption of alternatives may be sparked by shifting consumer tastes towards safer, more natural, and sustainable ingredients, which could lower the demand for IPM. The market for IPM may also be impacted by producers searching for substitute ingredients that meet legal criteria as a result of safety concerns or regulatory limitations. Therefore, a major obstacle to the need for IPM is the availability of substitute ingredients.
Opportunities: The pharmaceutical industry's growing demand for IPM.
The need for compounds like IPM has increased due to population growth and rising healthcare costs, which have fueled the pharmaceutical industry's expansion. IPM is an essential component of these drugs. Not to mention, IPM's adaptability in drug compositions adds to its increasing demand. It can be found in a variety of topical medicines, such as anti-inflammatory creams, pain relief gels, dermatological treatments, and cosmetics formulations, due to its compatibility with other pharmacological chemicals. IPM is a crucial component of topical treatments, and demand for it is predicted to rise as long as pharmaceutical companies keep innovating and creating new remedies.
Challenges: The stringent regulatory guidelines.
Regulatory agencies impose limitations based on safety assessments, potentially leading to stricter regulations or even bans on IPM usage in cosmetic formulations. Additionally, varying regulatory requirements globally necessitate compliance with multiple sets of regulations for global market access, which further impedes the market growth. Therefore, stringent regulatory guidelines will challenge the market's growth.
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Some of the major players operating in the global isopropyl myristate market are:
• BASF SE
• Berg + Schmidt GmbH & Co. KG
• Croda International Plc
• IOI Oleochemicals
• Jarchem Industries Inc.
• KLK OLEO
• Kokyu Alcohol Kogyo Co., Ltd.
• Mosselman S.A.
• Oleon GmbH
• OLEON NV
Key Segments covered in the market:
By Form
• Solid
• Liquid
By Purity
• Low
• Medium
• High
By Application
• Skincare Products
• Haircare Products
• Cosmetics
• Pharmaceutical Formulations
• Industrial Applications
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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