Myristyl Palmitate Market size was valued at US$ XX billion in 2022 and is anticipated to grow to US$ XX billion by 2028 and increase at a CAGR of XX% between (2023-2028)
Myristyl palmitate is the kind of wax ester of palmitic acid utilized in the manufacture of cosmetics and pharmaceuticals. Palmitic acid is a saturated fatty acid primarily found in animals, plants, and microbes that works well as an emollient. Myristyl palmitate is a white to yellowish solid, has a high melting point, and is water-insoluble. Moreover, it is primarily known as palmitic acid myristyl ester, hexadecanoic acid tetradecyl ester, and tetradecyl hexadecane. Myristyl palmitate is a wetting agent that has found its way into the cosmetics business. SoL products, hair-damaging agents, sun-screening agents, and other personal care products include myristyl palmitate. It's also utilized in detergents and surfactants as a cleaning agent.
The demand for personal care and cosmetic goods is increasing due to rising urbanization and changing lifestyles, positively impacting the global myristyl palmitate market. Despite this, the worldwide myristyl palmitate market is being pushed by increasing pharmaceutical demand. Globalization, population increase, and demographic shifts have aided the pharmaceutical industry's expansion, impacting myristyl palmitate demand in the coming years. Furthermore, with rising demand for organic or herbal cosmetics and hair products, market participants must find a balance between high material manufacturing costs and a strict regulatory framework, which will drive myristyl palmitate demand throughout the projection period. Furthermore, increasing efforts on appealing garments, curtains, and novel items in textile end-uses or among clients necessitates the usage of cleaning agents, such as surfactants and detergents. As a result, the global myristyl palmitate market is expected to rise rapidly in the coming years.
In addition, demographic diversity has a significant impact on the rate of consumption of myristyl palmitate. Over the forecast period, changing demographics and income trends in the personal care goods or cosmetics industry will generate possibilities for the global myristyl palmitate market. By the end of the forecast period, changes in eating habits, disease patterns concerning age, a shift in day-to-day activities, and other factors are expected to remain key factors driving increased demand in the pharmaceutical industry, which will act as crucial trends for the global myristyl palmitate market.
The primary products include Wax ester, palmitic acid, and other petroleum-based products used as raw materials to synthesize myristyl palmitate. The variation in the cost of myristyl palmitate is caused by volatile fluctuations in the prices of petroleum-based feedstock/hydrocarbon products (wax), which harms the worldwide myristyl palmitate market.
Due to the increasing use of myristyl palmitate in cosmetic goods, the cosmetics segment is projected to surge at a high CAGR during the projected period. In the cosmetics business, myristyl palmitate is utilized as a foaming agent and is permeated. Nail care products, soaps, detergents, hair care products, shaving products, eye shadow, and other skincare items, include myristic acid and its salts and esters. Most importantly, Cosmetics are made up of various chemical substances taken from either natural or manufactured sources. Cosmetics serve a variety of functions. Cleanse and protect the body or skin with those developed for personal care and skincare. Makeup can be used to disguise imperfections, accentuate one's natural features (mainly the eyebrows and eyelashes), add color to a person's face, and even transform the appearance of the face totally to resemble a new person creature or item. Cosmetics can also be designed to give the body a pleasant scent. Cleansers, toners, serums, moisturizers, and balms are examples of skincare cosmetics that can be crucially utilized to wash the face, exfoliate, and protect the skin while also renewing it. But, majorly, Shampoo and body wash are designed for more general personal care, which helps clean the body.
Many compounds have pharmacological capabilities, but many require precise handling to achieve therapeutically relevant concentrations in their action areas—Pharmaceutics aids in connecting drug formulation and delivery and disposal in the body. Thus, Pharmaceutics is the science of converting a pure pharmacological material into a usable dose form. Therefore, pharmaceuticals tend to have significant global myristyl palmitate market growth during 2022 - 2027.
The North America area is the most significant business stakeholder in the forecasted time range in terms of revenue. One of the crucial aspects driving market expansion is a cosmetic industry trend. Furthermore, pharmaceutical product production will support the region's market's substantial development.
The changing living standards in rising economies, including China and India, produce cosmetic industry demand, which leads to an increase in cosmetic industry manufacturing units in the Asia Pacific area. As a result, by the end of 2026, the APAC region is expected to be a significant platform for the myristyl palmitate market.
Furthermore, the growing geriatric population in Europe has fueled pharmaceutical sector demand, and myristyl palmitate is expected to be a substantial opportunity in Europe in the coming years.
Covid-19 is a novel corona disease, which can be easily and quickly spread to one. Moreover, it primarily appears in early 2020. On the other hand, it has become a global pandemic, infecting 20 million people across the world and resulting in over 700,000 deaths. In addition, there's been a greater focus on stopping the spread of covid-19 by the government and contemplating transmission methods to prevent human movement and interactions, as well as the spread of the disease. Unfortunately, this has negatively influenced a wide range of industries, resulting in the closure of enterprises due to low or no returns on investments. These industries are likely to take longer to cover than anticipated. Moreover, the COVID-19 outbreak has majorly affected the global myristyl palmitate market. Most commercial establishments are closed due to the government's nationwide shutdown to contain the virus. As a result, the demand for cosmetic firms decreased as most of the population was restricted to their homes and lacked money since most people became jobless due to the companies' shutdowns. Therefore, the global myristyl palmitate market experienced a massive loss, and many of the manufacturers were trying to cover the losses after the pandemic.
Zhonglan Industry Co. Ltd.
Wilmar Trading Pte Ltd.
Merck KGaA/ Sigma-Aldrich Corporation
Mosselman s.a
Penta Manufacturing Company
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