Isopropyl Myristate Market Size was valued at USD 0.08 Billion in 2022. The Isopropyl Myristate industry is projected to grow from USD 0.08 Billion in 2023 to USD 0.16 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2032). Growing demand for sustainable and natural alternatives in the cosmetics and personal care industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Isopropyl Myristate (IPM) market is significantly driven by the dominance of the Cosmetics and Personal Care industry. IPM, known for its versatile applications as an emollient and thickening agent, is in high demand for its skin-conditioning properties in various cosmetic and personal care products. The industry's focus on producing high-quality formulations to meet evolving consumer preferences for smooth textures and enhanced product performance contributes to the steady growth of the IPM market. As skincare trends gain prominence, IPM's role in formulating products that provide desirable sensory experiences aligns with the demands of a discerning consumer base, making it a pivotal ingredient in the dynamic landscape of the cosmetics and personal care sector.
The Isopropyl Myristate (IPM) market is propelled by the increasing awareness of skincare. As consumers prioritize skincare in their beauty routines, the demand for ingredients that enhance product performance and provide skin-conditioning benefits, such as IPM, is on the rise. IPM's use as an emollient and thickening agent aligns with the growing emphasis on creating formulations that deliver smooth textures and improved sensory experiences. The skincare industry's continual pursuit of effective and high-quality ingredients positions IPM as a sought-after component in various cosmetic and personal care products. The rising consciousness about skincare and product efficacy contributes to the sustained growth and relevance of Isopropyl Myristate in the ever-evolving cosmetics and personal care market.
The Isopropyl Myristate (IPM) market is influenced by the growing demand for sustainable and natural alternatives in the cosmetics and personal care industry. As consumers prioritize eco-friendly choices, there's a shift towards formulations using ingredients like IPM that meet sustainability criteria. IPM's versatile applications as an emollient and thickening agent, coupled with its potential use in natural formulations, position it favorably. Cosmetic manufacturers exploring eco-friendly options to align with consumer preferences contribute to the increased adoption of IPM. This trend reflects an industry-wide commitment to environmentally conscious practices, driving the growth of Isopropyl Myristate as a choice ingredient in formulations that balance effectiveness with sustainability in response to the evolving demands of conscious consumers.
For instance, in May 2022, BASF SE introduced Kollicream IPM, an oil component known for its low fatty characteristics and excellent spreadability. This ingredient finds application in babycare, bodycare, and facecare products. Thus, driving the Isopropyl Myristate market revenue.
The Isopropyl Myristate Market segmentation, based on form includes Liquid and Solid. The solid segment dominated the market, accounting for 60% of market revenue (0.052 billion) due to its versatility and ease of formulation in various cosmetic and personal care products. Solid IPM is preferred for its stability, especially in products like creams, lotions, and sticks. It offers manufacturers the flexibility to create products with specific textures and provides desirable sensory attributes. Additionally, the solid form is convenient for handling and processing during the manufacturing of skincare and cosmetic formulations, contributing to its dominance in the Isopropyl Myristate market.
The liquid form of Isopropyl Myristate (IPM) is experiencing the highest Compound Annual Growth Rate (CAGR) due to its adaptability and ease of incorporation into a wide range of cosmetic and personal care formulations. Liquid IPM offers manufacturers flexibility in creating diverse product textures and formulations. Its fluid nature allows for easier blending and distribution within formulations, meeting the demand for products with specific sensory characteristics. As the cosmetics industry emphasizes innovation and diverse product offerings, the liquid form of IPM is witnessing increased adoption and growing at a notable CAGR within the Isopropyl Myristate market.
The Isopropyl Myristate Market segmentation, based on application, includes High, Medium and Low. The high category generated the most income (30%) due to its widespread use in various cosmetic and personal care products. IPM serves as a versatile ingredient, functioning as an emollient, thickening agent, and base in a diverse range of formulations. Its applications in skincare, haircare, and makeup products contribute to its dominance. As consumer preferences drive demand for products offering enhanced texture and performance, the high application of IPM across multiple cosmetic segments positions it as a key ingredient, leading to its substantial market share.
The medium application of Isopropyl Myristate (IPM) is experiencing the highest Compound Annual Growth Rate (CAGR) as it finds expanding utility in various cosmetic and personal care formulations. IPM's adaptability as an emollient and thickening agent suits a broad range of products, including lotions, creams, and hair care items. The versatility of medium applications caters to evolving consumer preferences for diverse, effective formulations. This growing trend signifies an increasing recognition of IPM's functional benefits, propelling its adoption and driving the notable CAGR within the Isopropyl Myristate market.
Figure 1: Isopropyl Myristate Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Isopropyl Myristate Market segmentation, based on end-user, includes Skincare Products, Haircare Products, Cosmetics, Pharmaceutical Formulations and Industrial Application. The Cosmetics category generated the most income (20%) due to its versatile applications in cosmetic formulations. IPM serves as an essential ingredient in a wide array of cosmetics, including skincare products, makeup, and haircare items. Its role as an emollient, thickening agent, and base in cosmetic formulations contributes to its dominance. As the cosmetics industry continues to emphasize texture, sensory appeal, and product performance, IPM's extensive use in cosmetic applications positions it as a key ingredient, securing the largest market share.
Haircare products as an end-use are experiencing the highest Compound Annual Growth Rate (CAGR) in the Isopropyl Myristate (IPM) market due to increased demand for hair formulations offering specific textures and benefits. IPM's role as an emollient and conditioner makes it a preferred ingredient in haircare items such as conditioners, styling products, and treatments. The growing consumer focus on hair health and appearance, coupled with the versatility of IPM in addressing these concerns, contributes to its accelerated adoption and the highest CAGR within the dynamic Isopropyl Myristate market.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Isopropyl Myristate market area will dominate this market, North America has likely captured the largest market share in the Isopropyl Myristate (IPM) market due to a robust cosmetics and personal care industry. The region's high consumer demand for skincare and beauty products, coupled with a focus on innovative formulations, has propelled the extensive use of IPM. Additionally, the presence of key cosmetic manufacturers and a growing emphasis on sustainable and natural formulations aligns with IPM's versatility. These factors contribute to North America's dominance in IPM adoption and market share within the cosmetics and personal care sector.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ISOPROPYL MYRISTATE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Isopropyl Myristate market accounts for the second-largest market share due to the stringent regulatory standards in the European cosmetic industry contribute to the reliability of IPM formulations. Europe has secured the second-largest market share in the Isopropyl Myristate (IPM) market due to a flourishing cosmetics and personal care industry. The region's commitment to skincare, coupled with a strong emphasis on quality formulations, has driven the widespread use of IPM. European consumers' preferences for high-performance cosmetic products align with IPM's versatile applications. Additionally, stringent regulatory standards in the European cosmetic industry contribute to the reliability of IPM formulations, further solidifying Europe's position as a key market for Isopropyl Myristate.
Further, the German Isopropyl Myristate market held the largest market share, and the UK Isopropyl Myristate market was the fastest growing market in the European region
The Asia-Pacific Isopropyl Myristate Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the region's focus on skincare and beauty trends, coupled with expanding manufacturing capabilities. The Asia Pacific region is experiencing the highest Compound Annual Growth Rate (CAGR) in the Isopropyl Myristate Market due to several factors. Increased demand for personal care and cosmetic products, growing population, rising disposable income, and a booming cosmetics industry are driving the market growth. Additionally, the region's focus on skincare and beauty trends, coupled with expanding manufacturing capabilities, contributes to the escalating demand for Isopropyl Myristate in various applications, further fueling its market expansion at a significant pace.
Moreover, China’s Isopropyl Myristate market held the largest market share, and the Indian Isopropyl Myristate market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Isopropyl Myristate market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Isopropyl Myristate industry must offer cost-effective items.
Key players in the Isopropyl Myristate market, including Croda International Plc, BASF SE, KLK OLEO, IOI Oleochemicals, and OLEON NV, are focusing on strategic initiatives. These include product innovations, research and development, mergers, acquisitions, and partnerships to strengthen their market presence. Efforts are directed towards meeting the rising demand for Isopropyl Myristate across various industries, especially in cosmetics and personal care. These leading players are actively engaging in sustainable practices and enhancing production capabilities to maintain a market developments in the global market.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Isopropyl Myristate industry to benefit clients and increase the market sector. In recent years, the Isopropyl Myristate industry has offered some of the most significant advantages to high. Major players in the Isopropyl Myristate market, including Croda International Plc, BASF SE, KLK OLEO, IOI Oleochemicals, OLEON NV, Oleon GmbH, Kokyu Alcohol Kogyo Co., Ltd., Mosselman S.A., Berg + Schmidt GmbH & Co. KG and Jarchem Industries Inc. and others, are attempting to increase market demand by investing in research and development operations.
Croda International Plc is a global specialty chemical company with a notable presence in the Isopropyl Myristate market. Renowned for its innovation in sustainable ingredients, Croda provides a diverse range of products for various industries, including personal care and cosmetics. In the Isopropyl Myristate sector, Croda focuses on delivering high-quality ingredients with versatile applications, meeting the demands of the cosmetic industry. The company emphasizes research and development to introduce new formulations and enhance product performance. With a commitment to sustainability, Croda aims to provide environmentally friendly solutions while maintaining a strong global market position through strategic partnerships and continuous advancements in the Isopropyl Myristate market.
KLK OLEO is a key player in the Isopropyl Myristate market, recognized for its prominent role in the oleochemical industry. As a subsidiary of Kuala Lumpur Kepong Berhad (KLK), the company specializes in the production of oleochemicals, including Isopropyl Myristate. KLK OLEO focuses on sustainability and strives to meet the growing demand for specialty chemicals in various applications, such as personal care and cosmetics. Leveraging its extensive experience and global reach, KLK OLEO emphasizes innovation in product development and maintains a commitment to environmentally friendly practices. With a diverse portfolio, the company continues to contribute significantly to the Isopropyl Myristate market while addressing evolving industry needs.
January 2023: "Lakme, a renowned cosmetics brand, has introduced a range of new lipstick shades specifically tailored for Indian skin tones. Among the latest offerings are the Lakme Absolute Matte Revolution Lip Color in shades like blushing red, cheek color-nude, and MP18 Plum Pick."
March 2022: "Colgate-Palmolive Company has recently unveiled its latest toothpaste, Visible White O2. Positioned in the premium personal care segment, this product is strategically designed to cater to a specific customer demographic, marking a targeted approach by the company."
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.08 Billion |
| Market Size 2023 | USD 0.08 Billion |
| Market Size 2032 | USD 0.16 Billion |
| Compound Annual Growth Rate (CAGR) | 8.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | From, Application, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Croda International Plc, BASF SE, KLK OLEO, IOI Oleochemicals, OLEON NV, Oleon GmbH, Kokyu Alcohol Kogyo Co., Ltd., Mosselman S.A., Berg + Schmidt GmbH & Co. KG and Jarchem Industries Inc. |
| Key Market Opportunities | ·      Growing demand for sustainable and natural alternatives |
| Key Market Dynamics | ·      increased Sustainable and Natural Alternatives |
Frequently Asked Questions (FAQ) :
The Isopropyl Myristate Market size was valued at USD 0.08 Billion in 2022.
The global market is projected to grow at a CAGR of 8.00% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Croda International Plc, BASF SE, KLK OLEO, IOI Oleochemicals, OLEON NV, Oleon GmbH, Kokyu Alcohol Kogyo Co., Ltd., Mosselman S.A., Berg + Schmidt GmbH & Co. KG and Jarchem Industries Inc. Company.
The Liquid category dominated the market in 2022.
The Cosmetics had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
