(MENAFN- GetNews)Growing Developments in the Personal Care Industry and Increasing Demand for Skin Care Products Is Driving the Growth of Personal Care and Cleaning Chemicals Market
Personal Care and Cleaning Chemicals Market is forecast to reach $22.4 billion by 2026, after growing at a CAGR of 9% during 2021-2026. Globally, the consumer’s demand for personal care ingredients and cleaning chemicals to sustain a healthier lifestyle is projected to witness substantial development in the coming years. It is anticipated that the rising demand for fragrance ingredients, hard-surface cleaners and the growing developments in skincare products will also boost the market growth. Furthermore, the growing efforts by market players to enhance existing goods through research and development (R & D) is anticipated to create new opportunities for the growth of the global personal care and cleaning chemicals industry in the forecast era.
Impact of Covid-19
The COVID-19 pandemic and subsequent halt in manufacturing activities had an impact on the supply availability of a variety of chemicals. Furthermore, the trade disruption also had a significant effect on the supply of chemical stocks in countries dependent on imports. Thus, this leads to the decline in the personal care and cleaning chemicals market growth over the year 2020.
Personal Care and Cleaning Chemicals Market Segment Analysis – By Type
Surfactants segment held the largest share of 78% by revenue in the overall market in 2020. Surfactants are a diversified set of compounds that lower the surface tension between two liquid-solid, gas-liquid or liquid-liquid interacting surfaces. Surfactants are commonly used as detergents, dispersants, wetting agents, emulsifiers, and foaming agents, because of these attributes. The growing demand for personal care products has played an important role in increasing the demand for surfactants with the benefit of increased household disposable income. Due to its moderate, skin-friendly properties, the personal care sector uses amphoteric surfactants. Thus, the increasing use of surfactants in personal care and cleaning chemicals will drive the market in the forecast period.
Personal Care and Cleaning Chemicals Market Segment Analysis – By Application
Cleaners held the largest share in the personal care and cleaning chemicals market in 2020 and is projected to grow at a CAGR of 8.7% during the forecast period 2021-2026. Cleaning products play an important role in our daily lives. It prevents the spread of infectious diseases and manages allergens, including dust and mold, through clean, efficient removal of soils, germs, and other contaminants, which helps to stay healthy. Cleaners also help to look after homes and belongings. Household purification goods that contain antibacterial cleansers not only extract dirt and dust, they can also destroy germs that may cause illness. Also, chemicals in cleaning products such as laundry detergent will help them work in both hot and cold water to save money and energy when cleaning their clothes. The growth of the personal care ingredients and cleaning chemicals market is therefore anticipated to rise with the increasing demand for industrial as well as household cleaners.
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Personal Care and Cleaning Chemicals Market Segment Analysis – Geography
The Asia Pacific held the largest share with 31% in the personal care and cleaning chemicals market in 2020. The demand for the personal care and cleaning chemicals market in the region is majorly driven by the growing demand for personal care ingredients and cleaning chemicals products in emerging economies, like China, Japan, and India. The demand for household cleaning chemicals is driven mostly by the increasing use of household washing detergents. The growing use of automatic washers has increased the demand in millions of households in the Asia Pacific for laundry detergents. According to the India Brand Equity Foundation, the personal care market in India is estimated to touch $20 billion by the year 2025. Over 68% of young adults feel that the use of personal care products boosts their confidence. Thus, the demand for the personal care and cleaning chemicals market is therefore anticipated to increase in the forecast period because of these properties.
Personal Care and Cleaning Chemicals Market Drivers
Growing Developments in the Personal Care Industry
In the growing personal care and cosmetics industry, brands and suppliers must actively build and evolve in the growing personal care ingredients and cosmetics industry. It produces and sells products for personal care, cosmetics and grooming. Personal care ingredients include toothpastes, cosmetics, sunscreen, shaving cream, soaps, deodorant, and other products for bathing, skin care, hair care, nail and cuticle care, and many other items. The Personal Care Products Council, a trade group for the cosmetics and personal care products industry which has more than 600 member firms, estimates that it produces more than $250 billion for annual retail sales worldwide. In the U.S. economy, the personal-care industry is an important segment. Hygienic products such as toothpaste and soap will always be needed, cosmetics will continue to be popular and American populations will continue to rise. These innovations represent an impressive overall career prospect for the personal care sector. Owing to the above factor, an increase in demand for personal care and cleaning chemicals market is being witnessed.
Increasing Demand for Skin Care Products
Growing youth population, spending power among urban households is pushing the need for skin care products world-wide for an advanced lifestyle. The market has witnessed a transition from demand to a rising younger customer base from existing customers. People became more mindful of themselves, but in a more young age they began to use skin cream to delay symptoms of ageing. Each year, different beauty brands are launching new skin care products and the trend towards remarkable growth in such segments is expected to accelerate in the immediate future. Due to the boom in skin care goods, diverse smaller producers too have taken advantage of the consistently prosperous industry in the marketplace. Thus, with the growing demand for skin care products the personal care and cleaning chemicals market is estimated to rise over the forecast period.
Personal Care and Cleaning Chemicals Market Challenges
Strict Government Regulations
Various restrictions on the use of such chemical agents in personal care ingredients and cleaning products have been a big problem in many regions of the cosmetics industry. The cosmetics business faces problems in Europe with laws that harmonize the understanding of the prohibition protocol for carcinogenic, mutagenic and reprotoxic (CMR) compounds. According to the EU Cosmetics Regulation 1223/2009 that contains provisions on the use of CMR in cosmetic products. Industry associations have introduced federal regulations stabilizing programs demanding the disclosure of additives for cleaning supplies. A voluntary disclosure agreement operates between the Consumer Specialty Goods Association, the United States Cleaning Institute and the Canadian Association of Consumer Products. The participants of the Gulf Cooperation Council in the Middle East have elaborated chemical control rules. In compliance with the international market standards which place a regulatory obstacle on local producers to join and enter the industry, they have a stringent policy for the consumer products, without accreditation by renowned regulatory agencies cited under international standards. Various government regulations for the personal care and cleaning chemicals will further create hurdles for the personal care and cleaning market in the forecast period.
Personal Care and Cleaning Chemicals Market Landscape
Technology launches, acquisitions, and R & D activities are key strategies adopted by players in the personal care and cleaning chemicals market. Major players in the personal care and cleaning chemicals market are Ashland Global Holdings Inc., Evonik Industries AG, Croda International Plc., BASF SE, Solvay SA, The Dow Chemical Company, Lanxess AG, Unilever, Akzo Nobel N.V., and Wacker Chemie AG among others.
Acquisitions/Technology Launches
In January 2019, Unilever acquired The Laundress company which provides global luxury eco-friendly line of detergent, fabric care, and home cleaning products. With this acquisition the Unilever’s distribution network through specialty stores, direct-to-consumer and e-commerce provides a perfect launch pad to offer the distinct ‘The Laundress’ experience to more individuals around the world.
Key Takeaways
Asia Pacific dominates the personal care and cleaning chemicals market. The use of Asia Pacific cosmetics, especially the designer labels in the branded products, is considered as high-end products in the global market.
Surfactants are a diverse group of compounds that minimize surface tension between two interacting liquid-solid, gas-liquid, or liquid-liquid surfaces. Thus, owing to such properties surfactants are commonly used as detergents, wetting agents, dispersants, foaming agents, and emulsifiers.
Along with the increasing consumption of disinfectants and sanitizers from the healthcare sector, and growing demand for general-purpose hard-surface cleaners is expected to drive the market over the forecast period
Also, the demand for cleaning products is driven primarily by the more demanding lifestyles of people that need effective cleaning products which require less time to clean items.
Related Reports :
A. EMEA Personal Care and Cleaning Chemicals Market
B. Flavors and Fragrances Ingredients Market
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