PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1558337
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1558337
According to Stratistics MRC, the Global Isopropyl Myristate Market is accounted for $84.7 million in 2024 and is expected to reach $146.1 million by 2030 growing at a CAGR of 9.5% during the forecast period. Isopropyl Myristate (IPM) is an ester derived from isopropyl alcohol and myristic acid, used as a polar emollient in cosmetic and pharmaceutical formulations to enhance skin absorption of active ingredients. Its clear, colorless, oil-like liquid form serves multiple purposes, including skin moisturizer, drug penetration enhancer, pediculicide, and cosmetic ingredient. IPM is primarily used in pharmaceuticals to enhance drug penetration through the skin, treating head lice by coating them and disrupting their waxy exoskeleton.
Increasing emphasis on personal grooming and beauty
The global increase in consumer awareness about personal grooming and skincare has boosted the demand for isopropyl myristate in cosmetics and personal care products. Its superior emollient properties and ability to improve skin texture and absorption make it a preferred ingredient in lotions, creams, and makeup. The trend towards non-greasy and lightweight formulations is driving IPM's adoption in various products.
Potential for allergic reactions
Regulatory scrutiny and a shift towards natural alternatives could lead to increased compliance costs for manufacturers and potentially limit the market growth of Inhaled Perfume (IPM). Consumer preference for hypoallergenic products may also drive manufacturers to prioritize ingredients with lower allergenic potential which hampers the growth of the market.
Technological advancements in aquaculture
The demand for sustainable ingredients in aquaculture-related products is increasing due to the evolution of aquaculture practices. Emollient polymers (IPM) are being used to enhance aquatic organism health and growth. Innovations in aquaculture technology, such as improved feed formulations and health management systems, may incorporate IPM to improve nutrient delivery and absorption in aquatic species.
Competition from synthetic alternatives
The increasing demand for natural and organic products may lead to a shift towards synthetic alternatives, potentially decreasing interest in injection molding (IPM), especially in the personal care and cosmetics sectors where natural ingredients are preferred. Moreover to remain competitive, IPM manufacturers may need to invest heavily in research and development to enhance their product offerings and differentiate IPM from synthetic alternatives.
The COVID-19 pandemic significantly impacted the isopropyl myristate (IPM) market, causing fluctuations in demand and disruptions in supply chains. Lockdowns and social distancing measures led to reduced consumer spending on non-essential products, particularly in the cosmetics and personal care sectors, which are major consumers of IPM. However, the pharmaceutical industry saw steady demand for IPM due to its use in topical formulations.
The solid segment is expected to be the largest during the forecast period
The solid is expected to be the largest during the forecast period because solid isopropyl myristate (IPM) is a versatile ingredient used in cosmetics, pharmaceuticals, and cosmetics to improve product texture and stability. It enhances active ingredient absorption in topical products, and its use in the growing pharmaceutical industry, especially in developing regions, supports its demand.
The perfumes segment is expected to have the highest CAGR during the forecast period
The perfumes segment is expected to have the highest CAGR during the forecast period as it enhances the perceived intensity of fragrances, making it a valuable ingredient and isopropyl myristate is a solvent and carrier used in perfume formulations to dissolve and stabilize fragrance components. Studies show that mixing a fragrance component with IPM can improve its intensity, especially when applied in fabric care products under dry stage conditions driving the market growth.
North America is projected to hold the largest market share during the forecast period owing to their gaining popularity in the personal care and cosmetics industry as an emollient, lubricant, and thickening agent, improving the texture and spreadability of creams, lotions, and other cosmetic products. Its increasing demand in the pharmaceutical industry drives market growth.
Asia Pacific is projected to witness the highest CAGR over the forecast period due to the increasing disposable income of consumers drives the growth of the personal care and cosmetics market, while the region's growing manufacturing capabilities in these sectors are facilitating the expansion of the IPM market by increasing the availability of products containing this ingredient.
Key players in the market
Some of the key players in Isopropyl Myristate market include BASF SE, Berg + Schmidt GmbH & Co. KG, Croda International Plc, Dadiachemical.co, Emco Dyestuff Pvt Ltd, IOI Oleochemicals, Jarchem Industries Inc., KLK OLEO, Kokyu Alcohol Kogyo Co., Ltd., Mosselman S.A., Nanjing Chemical Material Corp, TOP Pharm Chemical Group, Ventos, VG Organics and Wego Chemical Group
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