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Rising product demand from the personal care and cosmetic industries is expected to drive revenue Isopropyl Palmitate Market growth

NEW YORK CITY, U.S., UNITED STATES, May 10, 2023 /EINPresswire.com/ -- During the forecast period, the isopropyl palmitate market is expected to exhibit a strong revenue CAGR of 4.7%, largely fueled by increasing demand from the personal care and cosmetic industries. The market growth is expected to be driven by the product's use as an emollient, thickening agent, and lubricant in a range of cosmetics and personal care products such as deodorants, perfumes, sunscreens, and other items, as well as a food additive in various food products.

However, stringent regulations regarding the production and use of isopropyl palmitate in cosmetics and food products are a significant obstacle to market revenue growth. The European Union has prohibited the use of isopropyl palmitate in cosmetics due to its comedogenic effect, which can cause acne. Manufacturers have been hesitant to find an appropriate alternative. The Bureau of Indian Standards has established a maximum acceptable limit of 0.5% isopropyl palmitate in cosmetic products in India.

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Isopropyl Palmitate Market Segments:

The global isopropyl palmitate market is categorized based on product, application, end-use industry, and region.

In terms of product, the market is segmented into liquid and solid isopropyl palmitate. Revenue in USD Million for the years 2019-2030 is included in this category.

The application segment of the market includes sunscreen, deodorant, perfumes, and other products that use isopropyl palmitate. Revenue in USD Million for the years 2019-2030 is included in this category.

The end-use industry segment of the market includes cosmetics and personal care, food, pharmaceuticals, and others such as paints and coatings, adhesives and sealants. Revenue in USD Million for the years 2019-2030 is included in this category.

Lastly, the market is segmented by region, including North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, BENELUX, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), and Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa). Revenue in USD Million for the years 2019-2030 is included in each region.

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Isopropyl Palmitate Market Key Companies and Strategies:

The global isopropyl palmitate market is highly competitive and is led by some major companies, including BASF SE (Germany), Exxon Mobil Corporation (US), Lubrizol Corporation (US), Croda International Plc (UK), Evonik Industries AG (Germany), Akzo Nobel N.V. (Netherlands), Lonza Group Ltd. (Switzerland), The Dow Chemical Company (US), Arkema SA (France), and Oxiteno SA Industria e Comercio (Brazil). These companies hold a significant share in the market and are expected to maintain their position during the forecast period.

BASF SE, Exxon Mobil Corporation, and Lubrizol Corporation are considered as the major players in the isopropyl palmitate market. In 2021, BASF SE acquired CURENO GmbH (Germany), which provides natural-based ingredients for the cosmetics industry. This acquisition will enable BASF SE to expand its isopropyl palmitate product portfolio and provide more sustainable and eco-friendly solutions to its customers.

In 2020, Exxon Mobil Corporation completed the expansion of its ethylene oxide and glycol plant in Rotterdam, Netherlands. The expansion has helped the company to increase its production capacity of isopropyl alcohol, which is a key raw material used for the production of isopropyl palmitate. This will further strengthen the company's position in the market and improve its supply chain efficiency.

Lubrizol Corporation launched ipalm SAB, a completely renewable emollient ester, in 2019. This new product is based on sustainable palm fatty acids and offers good spreadability and skin texture. The launch of this product is expected to further boost the growth of the company's isopropyl palmitate product line and improve its sustainability credentials.

In summary, these major players in the isopropyl palmitate market are continually investing in research and development, expanding their production capacities, and acquiring other companies to strengthen their position in the market and provide more innovative and sustainable solutions to their customers.

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