Isopropyl Palmitate Market size is expected to reach USD 2 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of isopropyl palmitate was USD 1 Billion. The reason behind the growth is impelled by the growing beauty & personal care industry across the globe. Globally, the average person's discretionary income has increased significantly in the last several years which has led to the rising spending in makeup and skincare products among women.
For instance, globally, the beauty and personal care industry is expected to expand by over 3% between 2024 and 2028, reaching a market size of around USD 735 billion by 2028.
The growing usage of antiperspirant sticks is believed to fuel the market growth. Antiperspirant sticks employ isopropyl palmitate as a physical stabilizer that fights odors, leaves a clean, fresh aroma behind, and diminishes perspiration.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~5% |
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Base Year Market Size (2023) |
~ USD 1 Billion |
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Forecast Year Market Size (2036) |
~ USD 2 Billion |
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Regional Scope |
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Application (Cosmetics and Personal Care, Textile, Pharmaceutical, Rubber and Plastic, Paint and Ink)
The cosmetics and personal care segment is predicted to account for 35% share of the global isopropyl palmitate market in the coming years owing to its emollient, lubricating, and solubilizing properties. Isopropyl palmitate is a versatile ingredient that is used in moisturizers to hair care products to offer a range of that enhance product performance. It is an ester derived from isopropyl alcohol and palmitic acid, which makes it valuable in cosmetic formulations. One of the primary functions of isopropyl palmitate in cosmetics is its use as an essential ingredient in moisturizers, creams, lotions, and body oils, to soften and soothe the skin and improve the skin's overall texture. Isopropyl palmitate also serves as a lubricating agent in creams and lotions that improves the spread ability of products, aids in the even distribution of active ingredients, and facilitates smooth application without leaving a greasy residue. In addition to its emollient and lubricating properties, isopropyl palmitate acts as a solubilizing agent in the formulation of creams, lotions, serums, and other emulsion-based products, where compatibility and uniform dispersion of ingredients are essential for product shelf life.
Moreover, isopropyl palmitate finds applications in hair care products such as conditioners, hair serums, and styling products, where it helps condition and manage the hair, smoothing the cuticle, and aids in detangling, reducing frizz, and enhancing the appearance and feel of the hair.
Type (Greater than or Equal to 95%, Greater than or Equal to 99%)
The greater than or equal to 95% segment in the isopropyl palmitate market is set to garner a notable share shortly. One category is "Greater than or Equal to 95%," which describes products containing isopropyl palmitate with a purity level of 95% or more which are essentially colorless and odorless and can be used for cosmetic purposes, and can also be safe and effective action enhancers for transdermal drug delivery through the skin.
Our in-depth analysis of the global isopropyl palmitate market includes the following segments:
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Type |
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Source |
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Application |
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APAC Market Forecast
Isopropyl palmitate market in Asia Pacific is predicted to account for the largest share of 40% by 2036 impelled by the growing production of chemicals. India has one of the biggest chemical industries in the world and has the potential to become one of the top locations in the world for chemical manufacturing. India's chemical sector is developing; it ranks sixth in the world for chemical imports and eleventh for chemical exports globally. For instance, India's chemical and petrochemical (CPC) sector is currently valued at over USD 175 billion, placing it in a prominent position on the global market. Besides this, one of the primary manufacturing sectors in China is the chemical industry, which is still larger than that of any other country. Moreover, the global income generated by the chemical industry was estimated to be around USD 5 trillion in 2022.
In addition, China boasts the largest textile sector globally, both in terms of total output and exports, which accounts for almost half of the world's production of apparel and textiles. For instance, China manufactured over 2 billion meters of apparel fabric in 2023. This may lead to a higher demand for isopropyl palmitate in the region.
North American Market Statistics
The North American isopropyl palmitate market is estimated to be the second largest, during the forecast timeframe led by the growing personal disposable income. As a result, more and more consumers are spending higher levels of disposable income on cosmetics and beauty products in the region, leading to a higher demand for isopropyl palmitate.
For instance, The United States' disposable personal income rose by more than 0.2% in December 2023 compared to the same month the previous year.
Author Credits: Smruti Ranjan, Rajrani Baghel
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