Isohexadecane is an odorless and colorless, high purity iso-paraffin solvent and emollient which is commonly used in the production of personal care and cosmetic products. The material is normally used to produce thick and creamy formulations, which is characterized by imparting a silky, non-greasy feel on the skin. Isohexadecane is most commonly used in products such as foundations, makeup removers, sun care products, antiperspirants, lip products, and deodorants.
The global market for isohexadecane is expected to grow with a moderate CAGR of ~3.3 per cent through the forecast period till 2029. The growth can be primarily attributed to the rise in per capita expenditure on premium personal care and cosmetics products, which is expected to generate a number of lucrative opportunities of growth in the years ahead.
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Developed Regions Dominate Adoption Rates
Developed countries around the world including those in North America and Europe are major markets for isohexadecane, owing to the presence of numerous major cosmetics and personal care product manufacturers in these regions.
On the other hand, in the countries of the Asia Pacific, emerging economies such as China has been witnessing a high rate of growth, as consumers have recently started to transition towards the use of premium products which are propelling the use of isohexadecane. These growth opportunities will primarily come from Vietnam, India, and Indonesia, who are witnessing higher amounts of disposable income, and a rising preference for such premium products.
Changes in Consumer Population Demographics Aid Growth
Various types of color cosmetics continue to be the major end use applications for isohexadecane in the near future. This trend is fueled by increased consumption by the emergent population of millennials, who are currently accounting for around 60 per cent of sales of color cosmetics.
The increased influence of social media on purchasing habits and the transition in the consumer demographic is influencing changes in the industry. Manufacturers are consequently pushing to build strong relations with key channel partners to expand consumer base and regional presence. Such collaborations help manufacturers to spread the reach of their offerings around the world.
The isohexadecane market is largely consolidated, which impacts production rates, while also generating a gap between demand and supplies.
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Rising Demand for Clean Label and Natural Products Hinder Growth
Isohexadecane is a petroleum based product, which has become a popular ingredient for personal care and cosmetic product manufacturers. It has found a prominent role in the development and production of hair care and sun care products, which have been identified to have gained fast rates of growth, while soap and deodorant applications are growing at a slower pace.
On the other hand, consumers are increasingly preferring to choose product in the cosmetics and personal care sector, which are, made using clean label, natural, and organic ingredients. This trend is expected to hinder the sales of offerings which use isohexadecane, and is expected to impact the market throughout the forecast period, despite production increases.