Cosmetic chemicals are chemicals used as an ingredient for formulation of cosmetic products. Cosmetic chemicals can be in the form of moisturizers, thickening agents, surfactants, or additives. Addition of chemicals improvises the appearance of the final product (cosmetics). These chemicals are mainly added to the cosmetics as a preservative, cleanser, moistener, and conditioner and also for giving them a fresh and persistent color.
Increasing focus on aesthetic appearance among the populace is a major factor driving growth of the global cosmetic chemicals market. In 2016, the cosmetics and personal care industry in Europe valued US$ 32 billion. Growing spending power is an added advantage to the cosmetic chemicals industry.
However, stringent regulations against use of toxic chemicals are expected to hinder growth of the global cosmetic chemicals market. Cosmetics Regulation (EC 1223/2009), Federal Food, Drug, and Cosmetic Act (FD&C Act) and the Fair Packaging and Labeling Act (FPLA) are some of the regulations. The EU and U.S. FDA have banned 1,328 and 11 toxic chemicals, respectively that were used in the formulation of cosmetics and were suspected of causing cancer, genetic mutation, reproductive harm or birth defects. These regulations are expected to hamper growth of the global cosmetic chemicals market during the forecast period.
- Asia Pacific is expected to witness increasing demand for cosmetic chemicals during the forecast period, owing to growing focus towards grooming and skin care products.Moreover, increasing demand for skincare products and perfumes is also expected to boost the market growth.
- According to Coherent Market Insights’ analysis, the global perfume industry recorded a revenue of US$ 25.33 billion in 2015.
Key players operating in the global cosmetic chemicals market include, BASF SE, The Dow Chemical Company, Evonik Industries AG, Nouryon, Solvay, Croda International Plc., and others.
- Various companies are focused on strategies such as mergers and acquisitions in order to enhance their customer base and increase their presence in the global market. For instance, in Feb 2020, Knowlton Development Corporation, a Canadian provider of beauty, personal care and household products, announced acquisition of a Chinese colour cosmetic products maker - Shanghai Paristy Daily Chemicals.
- In December 2019, Knowlton Development Corporation (KDC/ONE), provider of beauty, personal care and household products, had partnered with HCT Group in order to create a global end-to-end solutions provider for the personal care & beauty industry. HCT Group is a global leader in providing full-service solutions of cosmetics products in terms of manufacturing, design, filling, formulation, and logistics.
- Various companies participates in different events and exhibitions in order to promote their product portfolio and enhance customer base. For instance, in March 2017, Solvay, a multi-specialty chemical company, had attended In-Cosmetics London 2017 to showcase the company’s industry-leading specialty Skin, Hair, and Body care formulations
On the basis of product type, the global cosmetic chemicals market is segmented into:
- Single-use additives
- Thickening agents
On the basis of application, the global cosmetic chemicals market is segmented into:
- Skin care
- Hair care
- Perfumes and Fragrances
- Color cosmetics
On the basis of region, the global cosmetic chemicals market is segmented into:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East
- Rest of Middle East
- Northern Africa
- Central Africa
- South Africa