Personal care and cosmetic ingredients are a class of chemicals used in the manufacture or formulation of personal care goods such as face creams, shampoos and conditioners, toothpaste, cosmetics, scents, and others. In these products, emollients, surfactants, emulsifiers, rheology control agents, and other components are included. Emollients are important components of emulsions since they contribute vital moisturizing, lubricating, protecting, conditioning, and softening characteristics to personal care products. Personal care and the cosmetic business utilize a diverse range of emollients, ranging from slow- to fast-spreading emollients, such as esters, glycerides, natural oils and waxes, carbonates, ethers, hydrocarbons, alcohols, and polyols. With the constant rise in disposable income, the demand for personal care products is fast expanding, boosting the need for personal care components and thereby contributing to the expansion of the emollient market. The rising desire for multifunctional ingredients as well as the fast development of gender-specific personal care products are indirectly driving Asia-Pacific market expansion. Due to this, according to OMR Research, the market is expected to grow at a CAGR of 4.5% during the forecast period (2022–2028).
Segments of the Market
The emollient market is segmented based on type, which includes carbonates, esters, ethers, fatty acids, fatty alcohols, hydrocarbons, silicones, vegetable oils, and mineral oils. Among these, the esters segment held a major market share of 24.6% in 2021, was valued at $129.2 million in 2021, and is projected to reach $177.1 million in 2028.
Recent Developments
BASF SE, Solvay SA, Lubrizol Corporation, Ashland Inc., Nisshin OilliO Group, Ltd., Evonik Industries AG, and Croda International Plc are among the key competitors in the Asia-Pacific emollients market. BASF dominated the emollient market with products such as Cegesoft, Cetiol, Cutina, Eutanol, Fitoderm, Isopropyl, Isopropyl Myristate, Luvitol, and Myritol. Additionally, to counter the strong competition and grow their market share, the top corporations are using methods including alliances, collaborations, purchases, mergers, and agreements. Some of the recent developments in the market include:
• In June 2022, Evonik expanded the manufacturing capacity of its myristyl myristate product, Tegosoft MM MB, in Asia-Pacific. In response to the growing demand for enzymatically produced emollient esters in the region, the manufacture of Tegosoft MM and MB began at Evonik’s Shanghai, China Care Solutions plant. Myristyl myristate is used in a variety of cosmetic and skin care products to improve the texture of formulations and help keep the skin moist and hydrated.
• In February 2022, BASF SE introduced Emollient Maestro through its sub-segment Care Creations, which increased the smart and efficient development of sustainable, high-performing personal care products. The Emollient Maestro includes artificial intelligence (AI) modeling, a digital service that assists in calculating the ideal emollient mixes based on the user’s needs, allowing for the targeted replacement of industry benchmarks such as cyclopentasiloxane, dimethicone, and mineral oils.
• In January 2022, onTop cosmetics (China) worked with WWP Beauty to develop the primary packaging for version 2.0 of its Renewal Oil Cream, recognized by Mintel as an "innovative product." Mintel cites the product's oil-cream texture, which enables the addition of lipids such as ceramide 2, phytosterols, and fatty acids to nourish the skin. The formulation also utilizes Topnatrol, a patented emulsifying technology based on natural active ingredients rather than synthetic emulsifiers.
Conclusion
Various factors are contributing to the Asia-Pacific emollient market’s growth. For instance, due to consumer safety concerns throughout the world, there is an increased demand for plant-based components in cosmetics. For this, BASF and Ingredi, a China-based producer of natural plant-based solutions for the personal care sector, have announced a strategic agreement to find novel solutions and launch them in the personal care market in August 2022. Other factors, such as increased consumer demand for cosmetics and personal care goods, are also expected to boost market growth. The region has grown steadily in recent years as a result of increased demand for luxury cosmetic items, a growing middle-class population, and a rise in the number of working women. Furthermore, e-commerce and online distribution channels have benefited personal care and cosmetic manufacturers by expanding their distribution networks and client bases; hence, growing demand for goods from unknown regions is likely to generate potential prospects for the emollient industry.