Wilmington, Delaware, United States, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for myristyl myristate was estimated to be worth a market valuation around US$ 8.2 million in 2022. The market is anticipated to advance with a rapid 15.7% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 30.5 million.
Natural, vegetable-derived myristyl myristate is highly appreciated in the cosmetics industry. It is an ester mixture of myristyl alcohol and myristic acid and contains myristic fatty acids. Numerous advantages of using myristyl myristate in skincare products. Myristyl myristate is used as a co-emulsifier because it strengthens emulsion stability, especially when goods are at risk of destabilization because of temperature fluctuations or greater oil concentrations.
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Emulsions' aesthetics are improved by myristyl myristate, which turns them from dull to beautifully white with a glossy sheen. Through the addition of skin conditioning as well as moisture retention capabilities, myristyl myristate improves emulsion function in addition to its cosmetic impact. Factors and benefits of this products are thus the reasons behind its robust growth during the forecast period.
Global Myristyl Myristate Market: Key Players
The market for myristyl myristate is extremely concentrated, with a small number of significant sellers controlling the majority of sales. Companies that manufacture myristyl myristate are heavily investing in thorough research and development, especially to provide environmentally friendly products.
A number of myristyl myristate producers are working with other businesses to speed up product creation and increase their regional and global footprint. To increase their consumer base, top competitors are growing their production facilities in unexplored areas, particularly in emerging nations.
A few of the major companies in this sector are Evonik Industries AG, Matangi Industries, MakingCosmetics Inc., Emco Dyestuff Pvt Ltd., Dadia Chemical Industries, Alfa Chemistry, Nutriglow Cosmetics, Parchem Fine & Specialty Chemicals, CheMondis GmbH, and Special Chem.
Some developments by the key players in the global market for myristyl myristate are:
- Evonik Industries AG, a well-known manufacturer of speciality chemicals, declared the increase of its capacity to produce TEGOSOFT MM MB (myristyl myristate) in June 2022.
Key Findings of Market Report
- High-butter recipes can use myristyl myristate since it provides opulence without any unwelcome greasiness.
- The market for myristyl myristate is expected to develop in the near future due to the rise in demand for organic cosmetic products.
- The emollient qualities of myristyl myristate make it a popular ingredient in the cosmetics industry.
- It provides improved skin texture and feel for creams, lotions, and other personal care items.
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Market Trends For Myristyl Myristate
- During the projection period, the industry is expected to be dominated by the application of cosmetic formulations. The increase in the use of skincare as well as beauty products throughout the world can be attributed to the segment's growth.
- Myristyl myristate improves the texture, feel, and functionality of a product overall. Natural and sustainable choices are becoming more and more popular among consumers. Myristyl myristate demand is increasing as a result of this.
- It is anticipated that in the next years, demand for natural and organic personal care products would increase dramatically. This is thus expected to fuel the growth of the myristyl myristate market throughout the course of the projected period.
- Natural ingredients are prioritized by the majority of customers in cosmetic goods. Myristyl myristate helps improve product textures and aids skin conditioning. These qualities are in line with the rising demand for natural, eco-friendly, and efficient skincare products.
Global Myristyl Myristate Regional Market Outlook
Various reasons are propelling the growth of the myristyl myristate market in different regions. These are:
- Asia Pacific: From 2023 to 2031, Asia Pacific is anticipated to have a major share. The region's market dynamics are being driven by the increased emphasis on aesthetic appeal and the rise of the skincare industry. Asia Pacific's two biggest markets for myristyl myristate are India and China.
- North America: Market boom is North America can be attributed to an increase in personal care product spending and an increase in investments in bio-oil initiatives. Canada and the United States are two of the region's main development drivers. The market is expanding in North America as organic personal care products become more widely used.
Global Myristyl Myristate Market Segmentation
- Source
- Nutmeg Oil and Fat
- Coconut Oil and Fat
- Animal Fat
- Others
- Application
- Lubricants
- Cosmetic Formulations
- Lotions and Creams
- Paints and Ink Additives
- Others
- End-use
- Automotive
- Personal Care
- Printing and Ink
- Food and Beverage
- Industrial Applications
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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