New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Cetyl Esters Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Cetyl Esters Market Size:
The global cetyl esters market is estimated to grow at a CAGR of ~5% over the forecast period. Saturated fatty alcohol and saturated fatty acids are found in cetyl esters, which are useful as emulsifiers and aromatics. Esters are typically utilized in cosmetic and personal care products to create perfume or fragrance. The global increase in demand for personal care items including creams, lotions, and ointments is predicted to be accountable for the market's expansion. As per one of the cosmetic surveys, around 80% of American women are considered to use cosmetics daily, which translates to more than 160 million people spending USD 15,000 or more on cosmetics over the course of a lifetime.
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Further, the cetyl esters serve as an emollient ester, stabilize cosmetic formulations, and give them a glossy, viscous appearance. The market is anticipated to grow owing to the rising cosmetics industry across the world. For instance, in 2020, the skincare market in the US was expected to bring in over 17 billion dollars and by 2025, this market's revenue is expected to reach about 23 billion USD. Additionally, the increasing usage of fatty acids in the manufacturing of personal care products is estimated to accelerate market expansion during the forecast period.
Global Cetyl Esters Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Wax product segment to hold a significant share of the revenue graph
- Natural source segment remains prominent in the source segment
Growing Usage in Pharmaceutical Sectors and Increasing Urbanization and Digitalization to Boost Market Growth
Apart from cetyl esters wide application in the cosmetics and personal care sector, it is highly useful in the pharmaceutical industry owing to the increasing usage of creams and ointments by hospitals and skin care clinics in treating various skin-related diseases, including rashes, acne, rosacea, and others. Therefore, the increasing skin diseases across the globe are estimated to drive market growth during the forecast period. As one of the skin care studies revealed that up to 49 million Americans have acne each year, making it the most prevalent skin ailment in the country and there are 15.7 million Americans who suffer from the prevalent skin condition rosacea.
In addition to this, owing to the quickly expanding urbanization across the globe, which is believed to enhance demand for high-end cosmetics products and which in turn anticipated to boost the market growth throughout the projected time frame. The World Bank estimates that the Asia Pacific region's overall urban population percentage increased to 61% in 2020 from 60% in 2019 and 59% in 2018, respectively. Furthermore, the influence of social media among the various age groups and influencers’ repeated preaching to focus on self-care routines backed by the availability of smartphones and access to the number of e-commerce websites at a fingertip for quick shopping is estimated to accelerate the market growth over the forecast period.
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Global Cetyl Esters Market: Regional Overview
The global cetyl esters market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Cosmetic Industry to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to increasing demand for cosmetics and personal care products, supported by the growing cosmetic industry in the developing nations of the regions, including, China, India, and Japan. It was noticed that the cosmetics market in India is expanding twice as quickly as those in the United States and Europe. The growth rate, which was estimated at around 10% before the pandemic, is estimated to increase by +3% starting in 2022. Further, the rising urbanization in the region is predicted to drive market growth over the ensuing years.
Increasing Spending on Skin-Care Products to Drive Growth in North America
Moreover, the market in North America region is estimated to hold the largest share over the forecast period owing to the growing cosmetic industry, rising prevalence of skin diseases, and increasing spending on skin care. It was found that around 83 million people, were affected by skin disease. The US healthcare system incurred medical, preventative, and medication costs related to skin disease totalling approximately USD 72 billion. Additionally, the presence of key market players and the increasing inclination of people toward organic chemicals are anticipated to boost the region’s market growth during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Cetyl Esters Market, Segmentation by Source
-
- Natural
- Synthetic
Out of these, the natural segment is estimated to hold a substantial market share over the forecast period. Cetyl esters can be found naturally in coconut and palm kernel oils. Owing to the widespread usage of organic products in the cosmetics industry, accessibility of natural sources of cetyl ester, and the rising inclination of people to opt for natural cosmetic products are predicted to expand segment growth over the coming years. According to one of the surveys, more than 30% of respondents said they would choose to purchase natural and organic skincare if given the choice.
Global Cetyl Esters Market, Segmentation by Product
-
- Wax
- Granule
- Flake
- Others
Among these, the wax segment is estimated to hold a significant market share over the forecast period. Wax is an oily liquid created by mixing glycerin and esters, mainly, coconut oil. Petroleum jelly is a common name for this combination. They are perfect for chemical and skincare products owing to their high-fat content at the surface of the skin and their antioxidizing properties. The increasing usage of various creams for skin care and pharmaceutical purposes is estimated to boost the segment growth. It was observed that with a total transaction of around USD 3 billion, petroleum jelly was the 616th most traded product in the world.
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Global Cetyl Esters Market, Segmentation by Application
-
- Cosmetics
- Cleaning Products
- Pharmaceuticals
- Others
Few of the well-known market leaders in the global cetyl esters market that are profiled by Research Nester are Croda International plc, Agarwal Industries Private Limited, ExcelVite Sdn. Bhd., KLK OLEO, Wilmar International Limited, Oleon NV, Timur Oleochemicals, Lascaray S.A., Kraton Performance Polymers, Inc, Chemol Company Inc., and others.
Recent Developments in the Global Cetyl Esters Market
- In March 2022, The acquisition by DL Chemical Co., Ltd. of Kraton Corporation, a leading global sustainable producer of specialty polymers and high-value bio-based products derived from pine wood pulping co-products, has been completed.
- In September 2021, Huntsman Corporation, a premier MDI-based maker of specialty chemicals and polyurethanes, and KPX Chemical, a major polyols producer for polyurethanes in Korea, announced the creation of a joint venture.
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