Homosalate Market: Overview and Dynamics
Homosalate is basically an organic ingredient, used in making many sunscreens. Formed by the Fischer–Speier esterification of salicylic acid with 3, 3, 5-trimethylcyclolohexanol, it is an important cosmetic ingredient. The salicylic acid part of Homosalate absorbs ultraviolet rays within the range of 295 nm to 315 nm and protects the skin against sun damage. It is thereby used as a chemical ultraviolet filter and finds its presence in over 45 percent of the U.S. sunscreens.
The trimethyl cyclohexane functional group is hydrophobic in nature, which provides greasiness effect and prevents it from dissolving in water. Homosalate degrades quickly (loses 10 percent SPF protection in 45 minutes) when exposed to higher UV light which makes it comparatively less effective by itself. However, being a liquid, it is used to dissolve other sunscreen agents that are hard to solubilize, such as the renowned Avobenzone.
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Further, Homosalate has been reviewed by the Food and Drug Administration (FDA) and allowed to use it as an active ingredient in Over-the-counter (OTC) sunscreen ingredient at concentrations up to 15%. In certain regions such as Japan and European Union, there are restriction in place to limit the usage of Homosalate in cosmetics with concentrations up to 10%.
Major demand from millennial and generation Z has been seen in the prevalence of sun care creams with anti-ageing and SPF benefits, which has accelerated the growth of sunscreen industry and in-turn leading to the development of Homosalate market. Attributed to the ever-increasing cosmetic industry in developed as well as developing countries, Homosalate market is expected to grow at a higher CAGR in the upcoming years.
COVID-19 Impact Insights
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This has disrupted almost every market and Homosalate market has also been affected largely. COVID-19 pandemic has presented massive disruptions in the demand-supply equilibrium across multiple industries, leading towards economic losses at a global level.
The plant shutdowns in Europe, Asia and North America in the second quarter of 2020, along with the move towards work from home culture has reduced the consumption of skin-care and beauty products leading to a drop in overall production cosmetics and in turn of Homosalate. Moreover, these lockdowns were not properly implemented in many countries leading to a spike in the overall active cases in the region. It is almost a year since the first strain of COVID-19 was detected and now there are news stating that, the COVID-19 strain is mutating.
For instance, recently a newer strain of COVID-19 which was found in UK led to numerous passenger and cargo flights being cancelled, from and to UK so as to prohibit the transmission of the newer strain in the destination countries. This has led to multiple newer forms of weekly lockdowns and further deteriorating the supply chain flow which just seemed to have been started in a phased manner.
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Segmentation Analysis of Homosalate Market
The global Homosalate market is classified majorly into three segments: by function, application and region.
On the basis of function, Homosalate market has been segmented as follows:
- Skin Conditioning
- UV absorber
- UV filter
On the basis of application, Homosalate market has been segmented as follows:
- Sport and beach sunscreen
- Makeup primer
- Lip balm
- Hair treatment /serum
- Fragrance body spray
On the basis of region, Homosalate market has been segmented as follows:
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
Homosalate Market: Regional Outlook
Considering the regional classification, the report “Homosalate” provides an explicit study on six prominent regions which include North America, Europe, Latin America, South Asia and Oceania, East Asia and Middle East & Africa.
Among them, majority market share is dominated by Asia especially by China while capturing almost 50% of manufacturing and supply of Homosalate. Increasing demand for skin-care products and makeup products among the growing population of millennials in China and India will be the driving force for Homosalate market.
Secondly, United States and Europe collectively holding about 30% of total Homosalate market share. Increasing global temperature levels and depletion in the ozone layer has made people aware of skin health which has caused the rise in demand for sunscreen and ultimately increasing demand for Homosalate. However, rising concerns about the chemical-based skincare products there could be a potential threat to Homosalate market in the US and Europe.
Besides, Middle East & Africa has minimal market share for Homosalate but it also shows potential to grow high soon with elevating demand for skin-care and beauty products.
Homosalate Market: Key Players
The market for Homosalate is moderately fragmented as local manufacturers are satisfying the regional demand with a majority as compared to key players. The prominent players in Homosalate market are Spectrumchemical, Ampak, ATK Chemicals, ZX Chem, Universal Ester and Ascent FineChem, contributing about 40% to total Homosalate market share.
Key players in the beauty and skincare market are collaborating with vendor manufacturers of Homosalate to have a streamlined supply chain. These companies are also pushing for innovation and discoveries having limited or zero side effects in response to climbing demand for skin-care products to gain organic growth and maintain a competitive advantage over others.
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