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The cosmetic chemicals industry has been witnessing revenue growth due to rising demand for beauty goods as people become more concerned about their skin's health and a desire for beautiful and clear skin. There is a surge in demand for skincare products among individuals due to growing awareness regarding healthy skin and skincare. Increasing demand for face creams, sunscreens, and body lotions across the globe is expected to drive the growth of the cosmetic chemicals market. The demand for personal care products is growing substantially, even in the male segment. In addition, there is a higher demand for skin lightening products. These are some factors that are helping the growth of the cosmetic chemicals market. The growing awareness about the importance of healthy skin is further propelling the growth of the market. The increasing desire for health-promoting and self-care products, increasing interest in the power of regimens and routines is driving the skincare product consumption, which, in turn, is anticipated to drive the market over the forecast period.
The robust presence of key market players and rising investment in cosmetics research and development activities are major factors driving the market's revenue growth. For example, in January 2020, BASF SE (ETR: BAS) launched new skincare active ingredients and showcased its active portfolio, which includes Hydagen Aquaporin and Hydrasensyl Glucan, Inolixir, and bioactive ingredients for makeup applications. Hydagen Aquaporin and Hydrasensyl Glucan were designed as skin moisturisers, while Inolixir aids in creating healthy skin and offers a soothing feeling.
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The major players in the global cosmetic chemicals industry are Solvay SA, Cargill Incorporated, Croda International PLC, The Dow Chemical Company, and Evonik Industries AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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