NEW YORK, Oct. 24, 2016 /PRNewswire/ -- The global lanolin market is expected to reach USD 227.7 million by 2024, according to a new report by Grand View Research, Inc. Rising demand in personal care & cosmetics sector is expected to drive industry growth over the next eight years. The best-known uses of refined wool wax products, primarily, lanolin and its derivatives are in the field of cosmetics, medicine and toiletries. Rising disposable consumer income and growing working women's population is expected to be a major driver for this industry. Increasing awareness regarding feminine hygiene and health has also promoted the adoption of natural products and cosmetics.
Personal care & cosmetics emerged as the leading application segment and accounted for over 45% of total market volume in 2015. Cosmetics industry growth across the globe has resulted in an increasing demand for lanolin owing to its ability to act as an emollient. The product mostly finds use in skin creams, shampoos, soap, hair dressing and lip gloss, and offers superior moisturizing properties for dry skin.
Lanolin refining process can be complicated & difficult leading to increased costs. However, a major issue surrounding industry is the toxic makeup of the substance, which has led to end-users opting for other alternatives.
Lactic acid is among the finest bio-based substitutes available along with coconut oil. It is widely used in skin care creams and lotions to make the skin firmer and thicker. Coconut oil is gradually gaining importance as a potential alternative due to its antioxidant properties.
Further key findings from the report suggest:
The global lanolin market demand was 53.4 kilo tons in 2015 and is expected to exceed 80.0 kilo tons by 2024, growing at a CAGR of 5.0% from 2016 to 2024
Availability of hypoallergenic grades for skin treatment has increased its demand in pharmaceutical segment. Increasing healthcare facilities & expanding medical sector in emerging economies of Asia Pacific are key factors promoting industry growth
High prevalence of diseases and increasing cases of lifestyle related health conditions are driving the demand for natural medication. This factor, in turn, is expected to aid in driving growth
Asia Pacific was the dominant region with a volumetric share of over 35% in 2015. Improving economic conditions coupled with a versatile pharmaceutical manufacturing landscape in China, India, and the Philippines are touted to drive growth
China and India collectively accounted for over 60% of the consumption in Asia Pacific and projected to be high-growth markets over the forecast period.
In the U.S., personal care & cosmetics along with pharmaceuticals accounted for nearly 70% of the market value in 2015.
Key companies operating in the industry include Lubrizol Corporation, Nippon Fine Chemical, NK Ingredients Pte Ltd., Barentz Group, Jiangsu Winpool Industrial Co., Ltd., Lanotec and Lansinoh
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