Global Personal Care Chemicals Market Report and Forecast 2024-2032

Global Personal Care Chemicals Market Outlook

The global market for personal care chemicals reached a value of about USD 20.85 billion in 2023. The market is expected to grow at a CAGR of about 5.30 % in the forecast period of 2024-2032 to reach a value of around USD 33.18 billion by 2032.

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Asia Pacific to be Among the Significant Regional Markets for Personal Care Chemicals

Asia Pacific is anticipated to be one of the largest markets for personal care chemicals. The personal care chemicals sector in India and China is expected to register continuous growth, with increasing shelf space in retail stores and boutiques in India. Improving the economic environment and rising purchasing power of the Indian population are expected to increase the country's adoption of personal care products, thereby driving the demand for personal care chemicals. Moreover, the increasing adoption of men’s grooming products is expected to have a favourable effect on the market. The growing younger population in emerging economies can amplify market growth. Increasing consumer awareness of ingredients, rising middle class with higher disposable income, and changing lifestyles in developing countries are some factors fuelling the personal care chemicals market.

Moreover, the rising inspiration to look young and charming among the ageing population of western countries is keeping the growth rate steady in the North American and European markets. The increasing demand for natural and green ingredients in personal care products is expected to augment the market growth in the upcoming years. Increasing R&D investments by manufacturers, coupled with associated technological innovations, is further driving the market growth.

Skin Care Application to Witness Highest Growth

Skin care application dominates the global personal care chemicals market owing to the increasing youth population, growing purchasing power among urban households, and preference for a sophisticated lifestyle. People are increasingly becoming more self-aware and have started using skin care at an increasingly young age to delay the signs of ageing. Every year, new skincare products are being launched by various beauty brands, and the trend is likely to grow soon owing to the remarkable growth in such segments. Such factors are likely to drive the market for skin care products and hence the demand for personal care chemicals through the forecast period.

Market Segmentations: Personal Care Chemicals

Personal care chemicals are the raw materials used to make skincare products worldwide. These compounds can be utilised in skincare products as antifungal, anti-ageing, skin conditioning, and other properties. Ingredients can also be divided into active and inactive categories. Anti-ageing agents, exfoliants, conditioning agents, and UV protection agents are active components, while surfactants, preservatives, colourants, and polymer compounds are inactive ingredients.

By ingredients, the personal care chemicals market can be divided into:

• Inactive Ingredients
  • Surfactants
  • Emulsifiers
  • Emollients
  • Colorants
  • Preservatives
• Active Ingredients
  • Conditioning Agents
  • UV Ingredients
  • Anti-ageing
  • Exfoliants
  • Others

The various sources of the market are:

• Organic
• Synthetic

The major applications of the market are:

• Skin Care
• Hair Care
• Cosmetics
• Fragrances
• Oral Care
• Others

The regional markets for the personal care chemicals can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Increasing Disposable Income Propelling the Market Growth

Increasing disposable income is propelling the consumers' purchasing power and resulting in a shift in living standards, which is predicted to propel the market forward between 2024 and 2032. Innovations in self-care products and increased health awareness are driving the demand for personal care goods, providing opportunities for vendors in the global personal care chemicals market. Surging pollution levels in developing countries like India and China also result in consumers buying more protective personal care products. Growing inspiration to look young and charming among the ageing population of western countries is keeping the growth rate steady.

Moreover, increasing demand for natural and green ingredients in personal care products is expected to augment the global market in the upcoming years. High investments in innovation and technology have resulted in the development of many new chemicals and ingredient-based personnel care products in recent years, thereby aiding the market growth. Growing urbanisation, increasing working women, changing lifestyles, and rising awareness regarding hygiene and skin care are some of the critical drivers of the market.

Key Players in the Global Market for Personal Care Chemicals

The report gives a detailed analysis of the following key players in the global personal care chemicals market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Ashland Global Holdings Inc.
• Merck KGaA
• BASF SE
• Clariant International Ltd
• Evonik Industries AG
• Nouryon Chemicals Holding B.V.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report