The personal care ingredients market size is projected to reach USD 14.9 billion by 2027 from USD 11.8 billion in 2021, at a CAGR of 4.0%. The demand for personal care ingredients is attributed to increasing demand for ingredients such as anti-aging agents, exfoliators, ultraviolet (UV) agents, moisturizers, antioxidants, and antimicrobials. However, stringent governmental regulations on the use of synthetic personal care ingredients in Japan, China, the US, and European countries are restricting its growth in the personal care ingredients market. On the other hand, the increased demand for cosmetics from emerging economies of the world has created opportunities for manufacturers.
BASF SE (Germany), Dow (US), and Solvay (Belgium) are the major players in this market.
BASF SE is one of the largest players in the personal care ingredients market. Its well-established distribution network and brand value serve as important factors for its future growth. The company offers a range of products for all the major applications such as skin care, hair care, oral care, make-up, and toiletries. The company has a strong R&D team which is continuously focusing on developing new and improved ingredients for personal care manufacturers. The company also continuously comes with new products to meet the ever growing demand of the personal care product manufacturers. It is focusing on new product launches, expansions, and innovations as the key growth strategy.
- In August 2020, BASF SE introduced a new production line at Kaohsiung site in Taiwan to double the production of Uvinul A Plus, an ingredient used for UVA (UV longest wavelength) protection. It is used in various sun and skin formulations. The production line is introduced to meet the rising demand of consumers in the APAC market.
- In August 2020, BASF SE launched a naturally derived and biodegradable product, Lamesoft. It can be used for stabilization of products in skin and hair cleansing formulas. It can be used to stabilize surfactant-based and wax-based opacifiers.
- In January 2020, the company launched a new moisturizing active ingredient, Hydagen Aquaporin. The product was developed through extensive research. This ingredient stimulates the formation of cellular water channels in the skin.
Dow is the another key player in the personal care ingredients market. The company offers personal care ingredients through its two business segments—industrial intermediates & infrastructure and performance materials & coatings. The company offers ingredients for textile processing, agrochemicals, paints & coatings, personal care, detergents, cleaners & degreasers, leather processing, and pulp & paper, among other applications. The company focuses on expansions and new product launches in order to remain competitive in the personal care ingredients market.
- In February 2020, Dow showcased sustainable beauty formulation, ACULYN rheology modifiers. This product reduces carbon-footprint and is very easy to use.
- In November 2019, Dow supported the growing demand for alkoxylate products, the company announced that it has selected Plaquemine, Louisiana as the site for its new alkoxylation facility on the US Gulf Coast. The capacity of this new unit will be 100 KTA and it will help Dow to expand its key product lines of TRITON, TERGITOL, ECOSURF, CARBOWAX, SENTRY, and UCON brands.
Solvay is one of the largest companies in the personal care ingredients market. The company has a strong brand image. The company offers personal care ingredients through its novecare sub-segment under the advanced formulations business segment. The company has presence in Europe, APAC, North America, and Latin America. The company focuses on new product launches, agreements, expansions, and mergers & acquisitions to remain competitive in the personal care ingredients market.
- In March 2017, Solvay launched new formulations, Polycare split therapy and Rheomer low PH. The new formulations will be used for hair care and skin care applications, respectively.
- In May 2015, Solvay opened a research and innovation laboratory in Tokyo, Japan. The R&D center supports Solvay’s agrochemicals, coatings, and home & personal care sectors.