According to latest research conducted on Cetyl Esters market, it is expected to register a CAGR of over 4-5% during the forecast period 2021-2031. The market is being driven by its increasing applications in cosmetics and beauty products & pharmaceuticals where it plays major role.
The market's growth was impacted significantly due to the unfavourable conditions caused by the global COVID-19 pandemic. However, a steady recovery is expected from the later part of the year 2021 onwards.
What is Driving Demand for Cetyl Esters?
Cetyl Esters are waxes made up largely of saturated fatty alcohol and saturated fatty acid esters. They are somewhat white to off-white in colour and have aromatic odor.It can be added to emulsions and anhydrous products to give them a lubricious feel and a soft gloss. It's utilised in creams, lotions, and ointments as a stiffening agent and emollient. It improves the viscosity and stability of cosmetic compositions.
The major demand for this compound comes from the personal care and beauty product sector where it is widely used in the manufacturing of creams, lotions, shampoos & other products. It gives them soft texture and make them lubricious. It helps in improving the texture & feel of the beauty product.
The extensive usage of this material in this segment helps in driving its global demand. Apart from cosmetic products, these esters are also used in pharmaceuticals sector where they are used in ointments and other topical creams.
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Demand & Role of Cetyl Esters
Cetyl esters are generally confused with Spermaceti Wax due to its naturalness. Spermaceti Wax was harvested from Whales but when its demand started to increase then the search for the substitute product started.
These esters can be found naturally such as in coconut and palm oil. Cetyl esters are majorly used as a skin conditioning agent in variety of cosmetic product formulations. The role of the compound is to provide soft texture to products such lotions, creams, hair conditioners, shampoos, hair colors and sunscreens.
Cosmetics industry is the major key driving industry for this market. This is one of the fastest growing segments in the consumer goods sector, and as the urban population is increasing hence the demand for the compound is anticipated to grow in coming years.
People of almost all age groups use personal care products in their daily lives and this has resulted in the increased consumption of the products such as skin creams & lotions, which eventually helps in driving the growth of this market. Demand for the compound is further augmented by the pharmaceuticals sector, where it is used in different types of topical products.
Asia Pacific Demand Market Outlook for Cetyl Esters
Asia-Pacific is expected to dominate the market for Cetyl esters during the forecast period. Owing to the rising demand from personal beauty care segment & pharmaceuticals, production of these products has increased significantly in the region, thus boosting demand for these esters.
They are widely used in the manufacturing of cosmetics products, and with growing spending per capita on such products in the region, it is witnessing lucrative growth opportunities. India & China are the countries with significant youth population that helps in driving the market due to high consumption of such products.
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Europe Demand Outlook for Cetyl Esters
Europe is expected to play significant role in the driving the demand for the market. In this region many manufactures are prominently present. The demand is anticipated to come from the cosmetics industries as the life style & living standards of regional population have huge impact on various industries.
Europe region witnesses one of the largest per capita spending on beauty products in the world. Especially some countries such as France & Italy exert worldwide influence on personal care, beauty products & cosmetics sector. Hence these all factors will play significant role in the growth of the market.
Who are the Key Manufacturers and Suppliers of Cetyl Esters?
The Cetyl Esters market is consolidated in nature, with the top players accounting for a major share of the market. Some of the key companies in the market include
Manufacturers are focusing on providing highest quality products to the customers at the optimum possible cost to retain long term relationships. Increasing spending on research & development and close collaboration with customers are some of the key supply side trends witnessed in the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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