Cosmetic Chemicals Global Market Report 2024

The global cosmetic chemicals market has grown strongly in recent years. It will grow from $19.01 billion in 2023 to $20.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historical period can be attributed to the consumer demand for beauty products, evolving beauty standards, the impact of globalization and urbanization, effective marketing and branding strategies, as well as changes in regulatory standards and a heightened emphasis on product safety.

The global cosmetic chemicals market is expected to see strong growth in the next few years. It will grow to $25.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to the increasing demand for eco-friendly coatings, the expansion of the energy sector, a growing emphasis on asset longevity, the importance of water and wastewater treatment, and compliance with stringent environmental regulations. Major trends expected in this period include a shift towards waterborne coatings, advancements in nanotechnology, the adoption of smart coatings, a rising demand for UV-curable coatings, a transition towards powder coatings, and the development of anti-corrosion coating technologies within the industry.

The cosmetic chemicals market is poised for growth, driven by the increasing popularity of hair and skin care products. These products, encompassing antiseptics, lotions, creams, and more, contribute significantly to the cosmetic chemicals market. Notably, skincare products constitute over 42% of the global cosmetics market, followed closely by hair care products, making up around 24%. The demand for cosmetic chemicals as essential ingredients in these products is expected to thrive, fueled by consumers' continuous interest in beautifying and enhancing their external features.

Rising disposable incomes play a pivotal role in propelling the growth of the cosmetic chemicals market. As individuals and households experience an increase in disposable income, there is a corresponding uptick in spending on beauty and personal care products. This trend is particularly noticeable in emerging economies, where consumers are allocating a larger portion of their income to these products. For instance, in 2022, India saw a notable rise in disposable income, reaching 274.13 million compared to 238.57 million in the previous year. Globally, disposable incomes and family spending are projected to increase by 2.6% in 2022, further contributing to the expansion of the cosmetic chemicals market.

A key trend gaining traction in the cosmetic chemicals market is product innovation. Major companies in this market are actively engaged in developing innovative cosmetic ingredients to fortify their market positions. In this context, Merck & Co. Inc., a prominent science and technology company, introduced RonaCare Baobab and RonaCare Hibiscus in February 2022. These cosmetic ingredients, derived from the baobab fruit and hibiscus flower, respectively, are rich in nutrients and offer benefits for the skin. RonaCare Baobab provides robust elastin and collagen protection, reducing skin irritation. On the other hand, RonaCare Hibiscus addresses skin irritation, aids sensitive skin care, protects collagen, and enhances skin cell vitality.

Furthermore, major players in the cosmetic chemicals market are focusing on sustainability, introducing solutions such as sustainably sourced cosmetic ingredients. These ingredients, derived from renewable resources in an environmentally responsible manner, align with the growing consumer demand for sustainable and ethical beauty products. For instance, BASF Personal Care launched Epispot in September 2023, a sustainably sourced cosmetic ingredient extracted from the French plant Epilobium angustifolium. Epispot addresses skin imbalances, minimizing shine, enhancing facial pores, and supporting a healthy complexion while meeting consumer preferences for a natural, unfiltered skincare approach.

In October 2021, Evonik Industries AG strategically acquired Botanica, a Switzerland-based plant extract producer and cosmetic chemicals company. This acquisition strengthens Evonik's portfolio of active ingredients, reflecting the company's commitment to innovation and expansion in the cosmetic chemicals market.

Major companies operating in the cosmetic chemicals market report are Dow Chemical Company, Givaudan SA, Ashland Global Holdings Inc., Eastman Chemical Company, Lonza Group Limited, BASF SE, Lanxess AG, P&G Chemicals, Solvay SA, Evonik Industries AG, Bayer AG, Croda International PLC, Stephan Company, Symrise AG, Cargill Inc., Lubrizol Corporation, Cobiosa, Genomatica Inc., Pharmacos, Wacker Chemie AG, Synthomer PLC, Celanese Corporation, Arkema Inc., ARLANXEO Holding BV, Apcotex Industries Limited, Asahi Kasei Corporation, KCC Corporation, Bluestar Silicones USA Corp., Clariant AG, Huntsman Corporation, Momentive Performance Materials Inc., Nippon Shokubai Co. Ltd., OMNOVA Solutions Inc., Shin-Etsu Chemical Co. Ltd.

North America was the largest region in the cosmetic chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global cosmetic chemicals market during the forecast period. The regions covered in the cosmetic chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cosmetic chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These cosmetic chemicals encompass various product types, including surfactants, emollients and moisturizers, colorants and pigments, preservatives, and emulsifying and thickening agents. Fragrances, characterized by a blend of organic compounds creating a distinctive scent, are a significant component in applications such as perfumes and fragrances, hair care, skincare, color cosmetics, and others.

This report provides cosmetic chemicals market statistics, including the cosmetic chemicals industry global market size, regional shares, competitors with cosmetic chemicals market share, detailed cosmetic chemicals market segments, market trends, and opportunities, and any further data you may need to thrive in the cosmetic chemicals industry. The cosmetic chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cosmetic chemicals market consists of sales of glycerin, wax, and oil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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