Octyl Methoxycinnamate Market is forecast to reach $120 million by 2025, after growing at a CAGR of 4.4% during 2020-2025. The chemical sun-blocking agent octyl methoxycinnamate absorbs ultraviolet radiation in the UVB range. Octyl methoxycinnamate is a chemical component used in certain sunscreen and lip balm brands that protects the sun from UV-B rays to shield the skin from harmful radiation. Globally, the key growth factors of the global Octyl Methoxycinnamate market are growing demand for the cosmetics industry in developed countries and evolving habits and increasing disposable incomes of customers. In addition, new prospects for the global demand for octyl methoxycinnamate will be provided by developing economies such as China, India and others. In exchange, this is expected to drive consumer demand for octyl methoxycinnamate.
Octyl Methoxycinnamate Market Segment Analysis – By Application
Sun care segment has dominated the market for Octyl Methoxycinnamate Market in 2019, by growing at a CAGR of 4.7%. Growing demand for sunscreen is expected to propel the market for sunscreen products within the forecast timeframe, as customers are increasingly aware of healthier skin. In exchange, this is expected to fuel consumer demand for octyl methoxycinnamate. Sunscreen is the main segment of the personal care market. Face creams, hand and body lotions, skin care products and face treatment products are included in the Sunscreen products. Consumption of skin products based on octyl methoxycinnamate has been strong due to factors such as hectic lifestyle and human health and skin injury from pollution.
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Octyl Methoxycinnamate Market Segment Analysis – Geography
North America dominated the Octyl Methoxycinnamate Market share with more than 41%, followed by Europe and APAC. With an increasing emphasis on personal image, ageing and the quality of living in countries such as the US and Canada, the use of beauty and personal care products is rising throughout the globe. The demand for cosmetics has risen in the US over the last decade. As a result of the demand for personal care and cosmetics, fueled largely by the influence of Americans, the area of North America is rising strongly. This leads to an increased use of cosmetics by women, a greater understanding of what can be achieved because of the increased jobs of women and hygiene awareness, which has increased the development of such products in the region.
Octyl Methoxycinnamate Market Drivers
Since it is mainly used in sunscreens and other cosmetics to absorb UV-B rays from the sun, shielding the skin from damage, it is the major growth factor in the global octyl methoxycinnamate industry. To decrease the presence of scars, it is often used. It is expected that growing perception of sunscreen lotions and creams will further boost demand for octyl methoxycinnamate over the next few years. Changes in lifestyles and rises in consumer disposable income are expected to drive the personal care industry, especially in emerging economies such as China, India and Brazil, thus increasing the market for octyl methoxycinnamate.
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Octyl Methoxycinnamate Market Challenges
Restraining its growth due to safety concerns
However, questions regarding the safety of octyl methoxycinnamate have been raised with respect to potential estrogenic and other adverse effects of octyl methoxycinnamate, especially in children and pregnant women. Furthermore, octyl methoxycinnamate is absorbed into the skin and has been shown to facilitate the production of potentially dangerous free radicals in some experiments. This can serve as an important limiting force in the demand for octyl methoxycinnamate.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Octyl Methoxycinnamate Market. In 2019, the market of Octyl Methoxycinnamate has been consolidated by the top five players accounting for xx% of the share. Major players in the Octyl Methoxycinnamate Market are Universal Esters Ltd., Salicylates and Chemicals Pvt. Ltd Allan Chemical Corp, Akema Fine Chemicals, Ashland Inc, Zymo Cosmetics and EMD Chemicals Performance Materials among others.
Growing demand for skin care is expected to propel the market for skin care products within the projected timeframe, as customers are increasingly aware of healthier skin.
However, questions about the safety of octyl methoxycinnamate have been raised with respect to potential estrogenic and other adverse effects of octyl methoxycinnamate, especially in children and pregnant women. Furthermore, octyl methoxycinnamate is absorbed into the skin and has been shown to facilitate the production of potentially dangerous free radicals in some experiments. This can serve as an important limiting force in the demand for octyl methoxycinnamate.
However, the main constraints for the global Octyl Methoxycinnamate market are higher cost research and development and complex manufacturing procedure.
Nevertheless, owing to the COVID-19 pandemic, the end-use sectors are greatly impacted, as most countries have given “stay at home guidance,” i.e. lockout. This aspect, in the current scenario, restricts the growth of the industry.
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