Stearyl Stearate Market: Overview
- Stearyl stearate is used in eye makeup, skin cleansers, resins, foundations, perfumes, and lubricants. Increase in demand for beauty and personal care owing to the rise in per capita disposable income in emerging economies such as China and India is projected to be a major factor driving the stearyl stearate market during the forecast period. Stearyl stearate is used as an emulsifier in different cosmetics products in order to improve product texture. It is also employed as thickener in ointments and hair coating in shampoos.
Key Drivers of Stearyl Stearate Market
- According to L'Oréal, a leading manufacturer of cosmetic products, the global cosmetic market was valued at US$ 532 Bn in 2018 and is expected to expand at a CAGR of approximately 5.5% by 2020. The global cosmetic market is primarily driven by the rise in urbanization; continuous increase in online spending on beauty products; expansion of social networks; increase in consumer interest in new, different, and premium products; growth in global population of senior citizens; and surge in the upper middle class population.
- The global cosmetics industry is becoming competitive, as key players from the U.S., France, and China have established new businesses in India and Mexico. Companies in Europe have expanded their product portfolio. This has led to an increase in market share of these companies in the global market.
- According to a report published by Infinitus in 2018, the cosmetic market in Latin America is projected to reach US$ 68.92 Bn by 2020. Additionally, the personal care & cosmetics industry in the region is expanding at a rapid pace. It is followed by energy drinks, pharmaceuticals, malls, and smartphones industries. Glycolic acid is a primary ingredient in the formulation of cosmetics products. Thus, the global glycolic acid market is expanding in line with the cosmetic industry. Growth in the cosmetics industry is anticipated to fuel the global stearyl stearate market.
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Fluctuation in Prices of Raw Materials to Hamper Market
- High volatility in prices of raw materials is estimated to hamper the stearyl stearate during the forecast period. Price pressures and intensifying market competition make it tough for manufacturers to sustain themselves in the market.
Key Segment of Stearyl Stearate Market
- In terms of application, the cosmetics segment is projected to hold major share of the global stearyl stearate market during the forecast period, as stearyl stearate acts as emollient and dispersant in anti-acne, anti-ageing, skin treatment, sun care, color cosmetics formulations, etc. Stearyl stearate contributes barrier properties and lubricity without leaving a heavy after-feel in formulations. It also acts as a viscosity controlling agent in personal care formulations.
Europe Projected to Hold Large Share of Global Stearyl Stearate Market
- Europe accounts for major share of the pharmaceutical across the globe; Germany, France, Italy, the U.K., and Spain are the top five countries in the pharmaceutical industry in the region. Rise in demand for stearyl stearate in the pharmaceutical industry in Europe is driving the market in the region.
- The beauty & personal care products market in Latin America was valued at US$ 59.63 Bn in 2017 and is likely to reach US$ 83.64 Bn by 2026. Expansion of the personal care industry is driving the stearyl stearate market in the region.
- In terms of revenue, the beauty & personal care industry in North America stood at US$7,538 Mn in 2019. Personal care, a prominent segment of the beauty & personal care industry, is estimated to reach a value of US$3,592 Mn by the end of 2019. This can be ascribed to the rise in demand for personal care products among wholesalers and retailers, which is ultimately driven by consumer spending, tastes, and preferences.
- GCC is anticipated to be a highly attractive sub-region of the stearyl stearate market in Middle East & Africa during the forecast period, as it is has a large number of high net worth individuals. Thus, GCC is an ideal destination for luxury and high-quality cosmetics products.
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Key Players in Market
The global stearyl stearate market is highly fragmented, with the top manufacturers accounting for approximately 20% to 30% share. Key players operating in the stearyl stearate market include:
- FINETECH INDUSTRY LIMITED
- Fine Organics
- Mohini Organics Pvt. Ltd.
- JRS PHARMA
- OChem Incorporation
Global Stearyl Stearate Market: Research Scope
Global Stearyl Stearate Market, by Grade
- 97% Purity
- 98% Purity
- 99% Purity
Global Stearyl Stearate Market, by Application
Global Stearyl Stearate Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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