Octocrylene Market: Overview and Dynamics
Octocrylene is an organic compound used in sunscreens and cosmetics as an ingredient. It is an ester that is formed by the chemical reaction of 3, 3-diphenylcyanoacrylate with 2-ethylhexanol. Octocrylene is a viscous, colorless, sticky, clear liquid. It serves as a protective compound against UV radiation in the skin and it also protects against direct damage to DNA. Sun-emitted UV radiation can be neutralized and skin damage caused by longer sun exposures can be mitigated by the application of sunscreens with Octocrylene as ingredient.
Octocrylene is an oil-soluble, sunscreen chemical that protects skin from UVB and UVA II with a peak absorption capacity of 304 nm. Its protection is not good enough on its own, but it is very photo-stable (loses only 10 percent SPF protection in 95 minutes) and is typically used for stabilizing other photo-unstable UV filters such as Avobenzone. It also aids in improving the water resistance of the final products.
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COVID-19 Impact Insights of Octocrylene Market
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This in result has disrupted almost every market and Octocrylene market has also been affected largely. Personal care and cosmetics sector was badly hit but the market would witness a V-shaped Rebound in the coming years. Usage of mask and gloves had impacted this industry as a result demand for these products declined a lot.
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.
Although, reopening of the industries has opened the gates to the manufacturers to supply Octocrylene. On the other side of the COVID implications coin, Tier-2 manufacturers are struggling to manufacture and channel the product in the market owing to the higher marginal loss and partial demand from the market. Considering the aforementioned factors, market is set to resuscitate completely by Q3 of FY2021.
Segmentation Analysis of Octocrylene Market
The global Octocrylene Market is bifurcated into four major segments: application type, purity, end use, and region.
On the basis of application type, Octocrylene market has been segmented as follows:
- Sun care
- Cosmetic products
On the basis of purity, Octocrylene market has been segmented as follows:
On the basis of end use, Octocrylene Market has been segmented as follows:
- Personal Care
On the basis of geographic regions, Octocrylene Market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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Octocrylene Market: Regional Outlook
Based on the regional split, the report “Octocrylene Market” takes into account six prominent regions including North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa. The Asia Pacific held the small share in the global market for Octocrylene at this point in time but there is huge potential in this market due its demographics and shift in consumer behavior which resulted in high expenditure in personal hygiene.
North American region accounts for most of the demand in this market. The consumption rate is higher due to increase awareness about skin diseases and high expenditure on personal hygiene. Europe is expected to be the second-largest market for Octocrylene. Companies expect huge demand from countries in the tropical region due to the climatic condition in this region makes the products a more viable option.
Owing to the ever growing per capita income of developing countries and increasing awareness of consumers towards personal hygiene and personal protection, market is poised to experience spurts in demand from developing economies in Asia-Pacific region with growing number of millennials opting to use personal care and cosmetic products.
However, there has been certain studies in the recent times linking Octocrylene to damage caused to oceanic organisms, which though is debatable in nature has formed the basis of certain governments passing laws to prohibit the sale of Octocrylene containing products, to preserve coral reefs.
As per numerous research studies, about 14,000 tons of sunscreens find its way to oceans, particularly sunscreen chemicals shed by swimmers. In lieu of the above findings, Hawaii State Legislature passed a bill prohibiting the sale of non-prescribed sunscreen which has chemicals linked with damaging coral reefs, and is supposed to come into effect from 1st January, 2021.
Octocrylene Market: Key Players
Octocrylene market seems to be a highly consolidated market. Big players in the market account for more than 60% of the overall market demand. The major market players in Octocrylene Market are Frutarom Ltd, Abbott, Becton Dickinson, Fujirebio, Hologic, Exact Sciences, ID Biomedical, Himalaya, Novacap.
Companies are following organic strategies like expansion, companies are moving to developed countries by setting up their plants. Companies expect that they will be able to leverage the bigger population, growing middle class and increased health awareness among the younger generation in developing countries.
However, certain restriction on cosmetic products containing chemicals which harms the oceanic organisms, effects the balance sheet of these companies as they will have to spend in research and development again so as to verify the above mentioned claims and come up with modified products which removes the banned ingredient, but retains the effect it had in the product.
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