Polymers are the organic compounds formed by the reaction of various monomers. These ingredients have enhanced functionalities as compared to monomers and find their applications in personal care products. Flourishing beauty and cosmetics industry is set to propel the growth of polymer ingredients. In addition, the use of these additives in high performance personal care offerings coupled with ever-expanding application base increases the scope of this market.
Skin care has been the major application segment for polymer ingredients. In particular, these additives have their wide usage in anti-aging products. Ever increasing list of anti-aging market offering benefits like radiance, skin firming, brightening, color correction and wrinkle reduction has been driving the innovation and commercialization of innovative polymer formulations. In addition, diversifying product portfolio with multiple functional benefits offers huge opportunity for polymer ingredients market growth.
The market for polymer ingredients was valued at $XX billion in 2015 and is poised to exhibit a growth rate of XX% CAGR to reach $XX billion by 2021. Skin care is the largest application owing to its wide product array and end product demand. These additives are also used in hair conditioners and styling agents. They impart specific functionalities such as providing foaming property, giving firm structure and gloss to the hair, binding various ingredients in the hair care product and so on. Hair care industry is vast and well-established, encompassing wide range of products for different hair types and for purposes like preventing hair damage, nourishing, coloring and styling the hair. The hair care products laced with safer, efficient and natural ingredients have been gaining traction with heightened consumer awareness on ill-effects of chemical-oriented products and increasing personal care expenditure.
The usage of specialty active ingredients is expected to spread to emerging nations. However, with aging population in the developed nations like U.S and Japan, the demand is expected to be strong in the coming years. Heightened consumer awareness has resulted in shift in buying patterns leading a trend of natural and biological ingredients, which are gaining high traction in the cosmetics space. Surfactants remain the largest product category whereas; conditioning polymers segment is forecast to be the fastest growing category in the coming years.
Europe is the largest market for polymer ingredients accounting for XX% in 2015, followed by North America. Whereas, largest individual markets include U.S., China, India, Japan and Germany. China and India represents the new growth frontiers with increased spending on personal care products and preference towards high value cosmetics. The global market is fairly consolidated with top players being Ashland Inc., Lubrizol Corporation, Eastman Chemical Company, Dow Chemical Company from U.S. and BASF (Germany), AkzoNobel N.V. (Netherlands) and Clariant AG (Switzerland).