Cosmetic chemicals are chemicals used as an ingredient for formulation of cosmetic products. Cosmetic chemicals can be in the form of moisturizers, thickening agents, surfactants, or additives. Addition of chemicals improvises the appearance of the final product (cosmetics). These chemicals are mainly added to the cosmetics as a preservative, cleanser, moistener, and conditioner and also for giving them a fresh and persistent color.
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Asia Pacific is expected to witness increasing demand for cosmetic chemicals during the forecast period, owing to growing focus towards grooming and skin care products.Moreover, increasing demand for skincare products and perfumes is also expected to boost the market growth.
According to Coherent Market Insights’ analysis, the global perfume industry recorded a revenue of US$ 25.33 billion in 2015.
Increasing focus on aesthetic appearance among the populace is a major factor driving growth of the global cosmetic chemicals market. In 2016, the cosmetics and personal care industry in Europe valued US$ 32 billion. Growing spending power is an added advantage to the cosmetic chemicals industry.
However, stringent regulations against use of toxic chemicals are expected to hinder growth of the global cosmetic chemicals market. Cosmetics Regulation (EC 1223/2009), Federal Food, Drug, and Cosmetic Act (FD&C Act) and the Fair Packaging and Labeling Act (FPLA) are some of the regulations. The EU and U.S. FDA have banned 1,328 and 11 toxic chemicals, respectively that were used in the formulation of cosmetics and were suspected of causing cancer, genetic mutation, reproductive harm or birth defects. These regulations are expected to hamper growth of the global cosmetic chemicals market during the forecast period.
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Key players operating in the global cosmetic chemicals market include, BASF SE, The Dow Chemical Company, Evonik Industries AG, Nouryon, Solvay, Croda International Plc., and others.