Octocrylene is an ester of diphenylcyanoacrylate and 2-ethylhexanol formed by condensation process. The organic compound is a colorless, oily and viscous liquid. Octocrylene is primarily used in the sunscreens owing to its skin moisturizing properties. Octocrylene can neutralize UV radiation emitted by sun and minimizes skin damage caused by prolonged sun exposure. The compound is approved by various regulatory organizations across the globe; however its concentration is limited to 10-12% in any formulation. It is not used to protect face and arms. It is widely used in the products such as BB cream, CC cream, hair spray, conditioner and tannin oil.
Rising demand for cosmetics and sunscreens due to increased incidences of skin cancer is expected to drive the octocrylene market. Due to changing environment globally and increasing awareness about the skin cancer, consumer groups are turning towards sunscreens. Octocrylene is an important and indispensable component due to its advantageous properties. With the increase in the sunscreen and cosmetics industries worldwide, demand for octocrylene is anticipated to expand at a significant growth rate.
However, octocrylene can penetrate through skin, where it acts as a photo sensitizer. Upon illumination, the compound induces production of free radicals. Free radicals are inducers of DNA damage and can lead to cancer.
Asia Pacific held the small share in the global octocrylene market; however it is expected to be the fastest growing market in the next few years. The major reason for this is increased health awareness and the growing demand of octocrylene in cosmetics in developing Asian countries such as India, China, Malaysia, Indonesia and Thailand. Additionally, the increased demand for cosmetics from middle class population in developing countries which is growing at a significant rate is eventually resulting in an increase in the overall customer base. Furthermore, the rapid economic development of these countries and increased disposable income of the citizens of these countries has led to further escalation of the total customer base in these countries for applications in a wide variety of cosmetics products. Owing to tropical zone, the demand for sunscreen products and indirectly octocrylene based products is expected to grow at a considerable rate in the next few years. This will ultimately generate a huge demand for octocrylene in other tropical nations. In addition to this, the developed regions across the U.S. and European countries are progressively recovering from the sluggish economic conditions. North America held the largest share in global octocrylene market in terms of consumption. High expenditure on personal hygiene and increased awareness about skin cancer in the region, demand for octocrylene is expected to grow at extensive rate in the next few years. Europe followed North America in terms of consumption and is expected to grow at moderate pace during the next few years. Considering this outlook, the demand for different types of sunscreen products is expected to record an outstanding growth in the next few years.
Global octocrylene market is moderately fragmented with major players dominating the local market. The major players operating in the cosmetic products industry are primarily focusing on the tropical countries for tapping their vast market potential. These companies are installing production facilities in the developing countries to fulfill the quickly rising demand for octocrylene. Players adopt establishment of umbrella brand as a marketing strategy to maintain their market share. Few key players in octocrylene market include Frutarom Ltd., Novacap among others.
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3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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