Further key findings from the report suggest:
The inactive personal care specialty ingredients market is estimated to grow at a CAGR of 5.4% over the forecast period. Growth in this segment is attributed to the significant product demand in enhancing the effectiveness of primary components in cosmetic products.
Active specialty ingredients are anticipated to account for 58.6% of the global revenue by 2024. Growing demand for cosmetics with both conditioning and other functionalities such as UV and anti-dandruff treatment is expected to steer growth.
Conditioning polymers are anticipated to witness the highest growth of 6.6% over the forecast period. Ongoing research activities in protein and polyquaternium based ingredients to develop competent hair conditioning products is expected to offer ample opportunities for industry participants over the long term.
Asia Pacific is expected to remain as the fastest growing region and is estimated to grow at a CAGR of 6.0% over the next eight years
China market is anticipated to witness high growth owing to expanding personal care & cosmetics manufacturing bases. Emollients accounted for 22.1% of the total active ingredients revenue in China and is expected to reach a net worth of USD 87.2 million by 2024.
Key industry participants in the market include Ashland, BASF, Croda, Evonik, and Dow Chemical. Other major players include Inolex, Naturex, Clariant International, Vantage Specialty Ingredients, LotionCrafter, Avenir Ingredients, Treatt, and Cosmetics Ingredients (Pty) Ltd.
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