The market size of global polymer in personal care market is valued at USD 4.04 billion in the year 2020. Its market value is expected to grow at the CAGR of 5% within the forecasted time horizon of 2020-2025 because of rising pace of aging population and issue of premature aging, increase in per capita expenditure on personal care products, rising willingness to buy nature personal care products, rising level of public awareness towards health, hygiene and fitness, and growing global personal care market. However, high cost of polymers and side effects of polymers on human health might restrain the growth and development of this polymer in personal care market. Its market value will reach USD 5.15 billion by the year 2025.
- Definition / Scope
- Market Overview
- Market Risks
- Top Market Opportunities
- Market Drivers
- Market Restraints
- Industry Challenges
- Technology Trends
- Pricing Trends
- Regulatory Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Distribution Chain Analysis
- Competitive Factors
- Key Market Players
- Strategic Conclusion
- References
- Appendix
Definition / Scope
Polymers are formed after the combination of the monomer molecules together in a chemical reaction, which are used in several applications such as construction, oil & gas, automotive, personal care, aerospace to control the thickness of the substance.
In the personal care industry, the polymers are used in skin care, sun care, hair fixative, color cosmetics, toiletries, and film formers. It acts as the film formers, fixatives, emulsifier, thickener, conditioning agent, delivery system, destabilizers, antimicrobials, surfactants, and rheology modifier. The polymers help to increase the viscosity and thermally responsive systems of the personal care products and are mostly synthetic in nature. However, the focus of the different countries is moving towards the use of the bio-based and natural polymers because of stringent regulations on the use of the synthetic polymers.
Based on the type, the polymers market in personal care consists of natural and synthetic polymers. Here, the synthetic polymers include nylon, PVC plastic, Teflon, Bakelite, and Silicone while the natural polymers include rubber, agar, starch, pectin, amber, protein and cellulose. Based on the functions, the polymers in personal care market consists of conditioning polymer ingredients, rheology control polymer ingredients, and hair fixative polymer ingredients.
Market Overview
The total market size of the global polymer in personal care market is valued at USD 4.04 billion in the year 2020. Its market value is expected to grow at a CAGR of 5% within the forecasted time horizon of 2020-2025. Its market value is expected to reach USD 5.15 billion by the end of the year 2025. Based on geography, the European region is leading the global polymer in personal care market with a market share of almost 37% of the total global polymers in personal care market. The market size of this region is valued at USD 1.49 billion in the year 2020.
Based on the type of ingredients, the synthetic. segment is leading the market with a market share of almost 57.69% of the total global polymers in personal care market. The market size of this segment is valued at USD 2.33 billion in the year 2020. Based on the type of functions, the conditioning polymer ingredients segment is leading the market with a market share of almost 43.58% of the total global polymers in personal care market. The market size of this segment is valued at USD 1.76 billion in the year 2020.
Rising pace of aging population and issue of premature aging, increase in per capita expenditure on personal care products, rising willingness to buy nature personal care products, rising level of public awareness towards health, hygiene and fitness, and growing global personal care market are the factors responsible for the growth and development of the global polymer in personal care market. However, high cost of polymers and side effects of polymers on human health might restrain the growth and development of this polymer in personal care market. The key market players engaged in the operation of its market are BASF SE, Akzonobel N.V., Croda International Plc, The Dow Chemical Company, and Eastman Chemical Company.
Market Risks
Side effects of polymers on human health
The use of the synthetic polymers on the personal care products are associated with the risks of the potential health effects on human. For instance, the use of the chemicals used in the production of polymers are known to cause cancer, neurological, reproductive and developmental toxicity. Along with this, its use is associated with the harmful impacts on skin, eyes, respiratory, nervous and gastrointestinal systems.
At present, the use of the synthetic polymers segment in personal care products is leading its market with almost 57.69% of the market share of the total market size of the global polymers in personal care market. The dominant use of the synthetic polymers in personal care products and its associated potential harmful health effects might restrain the growth and development of the global polymers in personal care market.
Top Market Opportunities
The market opportunities creating the favorable environment for the growth and development of the global polymers in personal care market are rapid urbanization & changing lifestyles, rising disposable income of the population, increasing awareness of health & fitness, increasing demand for the cosmetics products, desire to remain young and premature aging issues, and growing aging population. The major market opportunities for the growth and development of its market are discussed as follows:
Rising pace of aging population and issue of premature aging
Globally, the premature aging and issue of aging population is the burning issue. Over the period of past four decade, the global population of the age over 60 years has increased from 382 million to 962 million. Here, almost two-third of the older person of people are residing in the developing countries and the number of the older person is even rising at the faster rate in comparison to the developed regions. It has been estimated that the number of the older population will double and reach about 1.5 billion by the end of the year 2050.
It is also expected that almost 80% of the older population will be living in low- and middle-income countries by the end of the year 2050. The inevitable increase in the proportion of the aging population will increase the demand for the range of the youth enhancing cosmetic and other personal care products, which will ultimately create a significant opportunity for the growth and development of the global personal care market.
Thus, rising status of the aging population and premature aging is providing significant opportunity for the growth and development of the global polymers in the personal care market.
Increase in per capita expenditure on personal care products
Globally, the per capita expenditure of the consumers on the personal care and beauty products is in rising trend. For instance, in the context of India, the per capita spending of consumer on beauty and personal care products has increased from USD 5.4 to USD 6.3 over the time horizon of past five years.
Similarly, in the context of South Korea, the per capita the annual per capita spending of the consumer is USD 276 while the per capita spending of consumers on beauty & personal care products in the US is about USD 255. The increasing per capita spending of consumers on personal and beauty care products will create a significant opportunity for the growth and development of the global polymers in personal care market.
Rising willingness to buy nature personal care products
Globally, the adoption of non-toxic and natural personal care products is rising and the focus of consumer is shifting towards the use of the organic beauty care products. Along with this, they are showing willingness to pay more the sustainable and natural beauty care and personal care products.
For instance, According to DECA, almost 80% of the female teenagers are willing to spend more for the clean beauty products with transparency of ingredients and non-toxic options. Along with this, a survey conducted among the consumer in the US has found that almost 70% of the study respondents are willing to pay more for sustainable package.
A survey conducted in India has also showed that the herbal cosmetics products segment is expected to grow at almost 15-20% due to the rising awareness of consumer towards chemical formulations and are also switching towards the use of safe herbal and ayurvedic products. Thus, increasing adoption and consumer willingness towards the use of the organic personal care products is providing the significant opportunity for the growth and development of the natural polymers segment in the global personal care products market.
Market Drivers
Rising level of public awareness towards health, hygiene and fitness
Globally, the level of awareness towards the health and fitness is increasing and the population are getting more conscious towards the use of personal care products for the maintenance and promotion of their health status. Along with this, the pandemic outbreak of the COVID-19 disease and its risk of transmission has also raised the level of public awareness towards personal hygiene, sanitation and health.
It has also promoted the use of the personal care products such as sanitary wipes, bar soaps, hand washes, sanitizer sprays, masks, etc. For instance, almost 15% increase in the out-of-stock percentage for baby wipes. Along with this, bar soap in the context of Spain and Japan also showed the significant decline in its online availability following the raised COVID-19 cases in both countries.
The increasing level of awareness towards health and hygiene is creating a significant opportunity for the growth and development of the use of the personal care products, which in turn will promote the growth of global polymers in personal care market.
Growing global personal care market
Globally, the market for the beauty and personal care products is expected to grow at a CAGR of 4.82% within the forecasted time horizon of 2020-2026 because of the ageing population, increasing female working population, rising disposable income, growing fashion trends, increasing internet penetration, and popularity of social media channels.
The market size of the global beauty and personal care market is valued at USD 422.72 billion in the year 2020 and its market value is estimated to reach USD 558.12 billion by the year 2026. Here, the sale of the beauty and personal care products through the channel of e-commerce has been increased by almost 23% over a period of past one year. So, the growing global personal and beauty care products market is laying the strong foundation and driving the growth and development of the global polymers in personal care market.
Market Restraints
High cost of polymer ingredients
The ingredients used for the production of the synthetic polymers are nylon, PVC plastic, Teflon, Bakelite, and Silicone while the ingredients for the manufacture of the natural polymers include rubber, agar, starch, pectin, amber, protein and cellulose.
Here, the cost of the nylon ranges from USD 1.23 to USD 1.64 per pound while the cost of the silicone is about USD cost of the silicon is about USD 0.96 per pound in 2020. It has been expected that the price of the silicone has been spiked by almost 20% to 30% over the time horizon of past one year.
The price of agar powder for jelly ranges from USD 10 to USD 35 per kg. The high and rising cost of the polymer’s ingredients might restrain the growth and development of the global polymers in personal care products market.
Industry Challenges
Strict testing standards and regulations on harmful chemical ingredients
Globally, the governmental agencies and regulatory authorities has developed a range of standards, laws and strict regulation towards the use of chemical substances on the personal care products. Some of these regulations include Toxic Substances Control Act, Chemical Data Reporting Rule, Reach laws, EU Directive, Canadian Ingredients Hotlist
For instance, the Canadian government has developed the cosmetic Ingredient Hotlist which includes the hundreds of the chemical substances prohibited in the use of cosmetics such as formaldehyde, selenium, nitrosamines, etc. However, the use of this ingredients is allowed in the context of the US. It is quite challenging for the market players engaged in this global polymer in personal care products market to comply with the regulations and standards as it differs from one country to country.
Technology Trends
Adoption of new and advanced technologies is creating a favorable environment for the growth and development of the global polymers in personal care market. Some of the key technological trends in this market are discussed as follows:
Biopolymers derived from bio feedstocks: Some of the biopolymers derived from the bio feedstocks are xanthan gum, agar, cellulose gum, hydroxyethyl cellulose, methyl cellulose, etc.
3D makeup printing: This technology allows the creation of custom-color makeup using the polymer ingredients and mink printer.
Nanotechnology-based polymer ingredients: This nanotechnology is utilized in the design, application, and production of polymer ingredients in the nanometer scale.
Nutricosmetic and cosmeceuticals: This type of cosmetics products provide the nutritional supplements to care the skin, nail, and hair natural beauty.
Stimuli responsive polymers: These types of polymers have the capability of adaption to the stimulus in the environment such as temperature, magnetic field, mechanical energy, etc. For instance, CO2 responsive polymers are used to release its actives on the damaged skin for the rejuvenation of skin. They are also called as smart and adaptive materials.
Pricing Trends
The price of the products of this global polymer in personal care product market depends upon the type of ingredients, function of ingredients, type of technology, application, and price of the raw ingredients. For instance, the price of the powder super absorbent polymer for cosmetics is USD 4.24 per kg. The price of the ingredients used in the manufacture of the synthetic and natural polymers is in increasing trend.
The most common ingredients used for the production of the synthetic polymers are nylon, Teflon, Bakelite, and Silicone while the ingredients for the manufacture of the natural polymers include rubber, agar, starch, amber, and cellulose. Here, the cost of the nylon ranges from USD 1.23 to USD 1.64 per pound while the cost of the silicone is about USD cost of the silicon is about USD 0.96 per pound in 2020.
It has been expected that the price of the silicone has been spiked by almost 20% to 30% over the time horizon of past one year. The price of agar powder for jelly ranges from USD 10 to USD 35 per kg.
Regulatory Trends
Some of the regulations directly or indirectly related to the global polymers in personal care market are discussed as follows:
EU Cosmetics Directive: It was adopted in January 2003 and was most recently adopted in 2013. According to this, almost 1,328 chemicals that are known or suspected to cause genetic mutation, birth defects, cancer, etc are banned in the use of the cosmetics products.
Labeling requirements 2006: It has been developed by the government of Canada to prohibit the cosmetic manufactures in the sell of the cosmetics products that contain the potential health hazards. According to it, all the ingredients in the cosmetics should be disclosed to the Health Canada and are required to register the products.
Reach laws: It is developed by the EU for the registration, evaluation, authorization, and restrictions of chemicals. According to it, the manufacturers have to prove themselves that the product is safe to use.
Market Size and Forecast
The total market size of the global polymer in personal care market is valued at USD 4.04 billion in the year 2020, increased from USD 3.84 billion in the year 2019. Its market value is expected to grow at a CAGR of 5% within the forecasted time horizon of 2020-2025. Its market value is expected to reach USD 5.15 billion by the end of the year 2025.
Based on geography
- The European region is leading the global polymer in personal care market with a market share of almost 37% of the total global polymers in personal care market. The market size of this region is valued at USD 1.49 billion in the year 2020.
- The North American region accounts a market share of almost 20% of the market size of the total global polymers in personal care market. The market size of this segment is valued at USD 0.8 billion in the year 2020.
- The APAC region accounts a market share of almost 26% of the market size of the total global polymers in personal care market. The market size of this segment is valued at USD 1.05 billion in the year 2020.
- ROW stands for the rest of the world, which includes Middle East Africa, and South America. This segment accounts for a market share of almost 17% of the total global polymers in personal care market. The market value of this segment of valued at USD 0.68 billion in the year 2019.
Based on the type of ingredients
- The synthetic segment is leading the market with a market share of almost 57.69% of the total global polymers in personal care market. The market size of this segment is valued at USD 2.33 billion in the year 2020.
- The natural polymers segment accounts for a market share of almost 42.3% of the market size of the total global polymers in personal care market. The market size of this segment is valued at USD 1.7 billion in the year 2020.
- The segment accounts a market share of almost % of the market size of the total global polymers in personal care market. The market size of this segment is valued at USD billion in the year 2020.
Based on the type of functions
- The conditioning polymer ingredients segment is leading the market with a market share of almost 43.58% of the total global polymers in personal care market. The market size of this segment is valued at USD 1.76 billion in the year 2020.
- The rheology control polymer segment accounts a market share of almost 38.46% of the market size of the total global polymers in personal care market. The market size of this segment is valued at USD 1.55 billion in the year 2020.
- The hair fixative polymer segment accounts a market share of almost 17.94% of the market size of the total global polymers in personal care market. The market size of this segment is valued at USD 0.72 billion in the year 2020.
Effect of COVID-19 pandemic on global Personal care ingredients Market
The pandemic situation of COVID-19 has caused the huge impact in the global polymers in personal care market. Because of this, stay-at-home mandates and social mobility restrictions were imposed in most of the parts of the world.
According to McKinsey, it has been estimated that there has been almost 20-30% fall in the demand of cosmetic products globally as the spending of the consumer on the cosmetic products such as fragrances, were considered as the non-essential and can-wait categories. However, the use of hair care, bath care, skin care and body care products were increased as the preventive and hygiene related practices were adopted. It has been reported that the sale of the luxury soaps has been increased by almost 800% in France in 2020. According to the statistics of global data, almost 17% and 47% people in Australia & China respectively are demanding more cleanliness products.
Overall, the demand for the beauty and styling products was declined in the preliminary phase of the pandemic and demand for the hygiene & cleanliness related products is drastically increased. There has been almost 44% increase in the demand for personal hygiene products and 31% decrease in the demand for the beauty & cosmetic products. However, the willingness of the consumers to try new cosmetic products has been increased in the second year of pandemic. A survey conducted by Power Reviews in February 2021, almost 40% of participants are more willing to try new beauty products than before the pandemic and 59% of them has reported the spending the same on beauty products as before of pandemic.
Thus, in overall situation, the global polymers in personal care market are rebound to the grow at the previous CAGR and is further expected to grow as pandemic outbreak of COVID-19. It is presenting the significant opportunity for the growth of the medium scale enterprises.
Market Outlook
The global polymer in personal care market is expected to grow at the CAGR of 5% within the forecasted time horizon of 2020-2025 because of rising pace of aging population and issue of premature aging, increase in per capita expenditure on personal care products, rising willingness to buy nature personal care products, rising level of public awareness towards health, hygiene and fitness, and growing global personal care market. It will reach USD 5.15 billion by the end of the year 2025.
Technology Roadmap
The new innovative technological changes occurring in this polymers in personal care products market are biopolymers, 3D makeup printing, nanotechnology, nutricosmetic, stimuli responsive polymers, etc. Adoption of new and advanced technologies are enhancing the properties of the polymers to be used in the beauty and personal care products and is creating a favorable environment for the growth and development of the global polymers in personal care market.
Distribution Chain Analysis
The key stakeholders involved in the operation of this global polymers in personal care market are raw materials suppliers, product manufacturers, distributors, sales, and end-users. At first, the raw materials such as nylon, agar, cellulose are supplied for the production of the natural and synthetic polymers. The supplied polymers are used for the manufacture of the personal care products and are distributed through online and retail sales to the consumers.
Competitive Factors
The key market players engaged in this market are competing for the product portfolio expansion, high investment in research and development activities, mergers & acquisitions, geographical expansion, and collaborations for the introduction of novel chemistries, formulations and development of new products. For instance, The Beiersdorf AG has completed the acquisition with Coppor tone (Sun care brand).
Along with this, research and developmental activities on the use of polymers such as starch, cellulose, polyhydroxyalkanoates in the formulation of the personal care products and packaging are increasing.
Key Market Players
The key market players engaged in the operation of this global polymers in personal care market are BASF SE, Akzonobel N.V., Croda International Plc, The Dow Chemical Company, and Eastman Chemical Company. Short profile of the key market players engaged in this market are discussed as follows:
BASF SE: It is the one of largest German based multinational company engaged in the production of chemicals, plastics, performance chemicals, catalysts, coatings, crude oil, natural gas exploration, crude oil and crop technology.
Akzonobel N.V.: It is the Dutch multinational company engaged in the production of chemicals, decorative paints, industrial finishing products and coatings.
Croda International Plc: It is the British specialty chemicals company engaged in the production of the chemicals for personal care, health care, crop care, lubricant additives, coating & polymers, geo technologies, polymer additives, home care, and industrial chemicals.
The Dow Chemical Company: It is the US based multinational company engaged in the manufacture of chemicals, plastics, performance chemicals, catalysts, coatings, and hydrocarbon exploration.
Eastman Chemical Company: It is the US based manufacturing industry specialized in the production of chemicals, fibers, and plastics for everyday purposes. The revenue of this company is valued at USD 8.5 billion in the year 2020.
Strategic Conclusion
The global polymer in personal care market is growing at the CAGR of 5% within the forecasted time horizon of 2020-2025 because of rising pace of aging population and issue of premature aging, increase in per capita expenditure on personal care products, rising willingness to buy nature personal care products, rising level of public awareness towards health, hygiene and fitness, and growing global personal care market. However, high cost of polymers and side effects of polymers on human health might restrain the growth and development of this polymer in personal care market.
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Appendix
- EU= European Union
- USD= United States Dollar
- CAGR= Compound Annual Growth Rate
