The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research’s new market research report titled “Specialty Cosmetic Ingredients Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”, examines the specialty cosmetic ingredients market and offers critical insights for the duration between 2018 and 2026. As per the insights in the report, the specialty cosmetic ingredients market is expected to witness robust growth from 2018 to 2026, owing to the rising demand for conditioning polymers among the various types of specialty cosmetic ingredients available in the market and the increasing demand for specialty cosmetic ingredients from skincare and hair care applications. The market is expected to witness significant growth with a CAGR of 4.4% during the forecast period (2018–2026).
Innovation and New Product Development to Present Growth Opportunities for Market Players
The global specialty cosmetic ingredients market is fairly large with the presence of global manufacturers such as BASF SE, Croda International Plc., Evonik Industries AG, Akzo Nobel N.V., and Solvay SA, among others. These players are observed to be channelizing efforts to expand in high-growth regions and increase their production capacity to meet the growing demand for specialty cosmetic ingredients.
Besides consolidation, the market has been witnessing prominent growth with the increase in the per capita consumption of cosmetics around the globe. This increase in consumption is aided by the increasing ability of consumers to spend more on personal care and cosmetics, which can further be attributed to the improving economic conditions, globally. Further, the seasonality of cosmetics and personal care products has additionally enhanced the demand for specialty cosmetic ingredients across geographies.
The global specialty cosmetic ingredients market is expected to grow at a high rate, owing to the availability of opportunities in the form of research and development for organic and natural specialty cosmetic ingredients as consumers are increasingly growing more inclined towards the use of cosmetics with natural ingredients. Innovation and new product developments are also expected to present opportunities for market players to further expand their product portfolios in the global specialty cosmetic ingredients market.
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Conditioning Polymers Segment to Remain Prominent in Specialty Cosmetic Ingredients Market
The global specialty cosmetic ingredients market has been segmented on the basis of product type into the various types of specialty cosmetic ingredients that are utilized to add unique properties to the end products. On the basis of product type, the global specialty cosmetic ingredients market has been segmented into different personal care applications.
The conditioning polymers segment accounts for a prominent market share, owing to the extensive use of conditioning polymers in cosmetics to impart water resistance to the end product
The surfactants segment accounts for a significant share of the market and among all its sub-segments, the anionic sub-segment is expected to hold a high share in the global specialty cosmetic ingredients market share during the forecast period. This can be attributed to the extensive use of anionic surfactants in personal care products, owing to their unique foaming properties
On the basis of end-use application, hair care and skincare segments accounted for prominent shares in the global specialty cosmetic ingredients market as of 2017. With the rising demand for skincare cosmetics, the skincare segment is expected to attain a high market share by the end of 2026
China and India to Offer Ample Growth Opportunities in the Global Specialty Cosmetic Ingredients Market
North America, spearheaded by the United States, is a prominent region with a significant market share in the global specialty cosmetic ingredients market. After North America, Europe is pegged to be a noteworthy region in the global specialty cosmetic ingredients market with the presence of key market players in the region. Besides these regions, countries such as China and India offer ample growth opportunities in the global specialty cosmetic ingredients market.
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