Homosalate Market is predicted to reach USD 197.6 million at a CAGR of 6.3% during the forecast period

Pune, India, Nov 2022, MRFR Press Release/Market Research Future has published a Half-Cooked Research Report on the Global Homosalate Market.

Market Synopsis

The global homosalate market is projected to witness significant growth during the forecast period 2022–2030. In 2021, the global market was valued at USD 116.8 Million. This number is expected to reach USD 197.6 million, with a 6.3% CAGR by the end of 2030.

The surging demand for homosalate in the cosmetics industry primarily drives the global homosalate market. The expansion of the homosalate market is anticipated to be the rise in cosmetics, which is attributable to the rising need for skincare products.

The pharmaceutical industry sector mainly drives the homosalate market as it exhibits exotic and unique properties, such as UV rays protection, compared with traditional composites found in nature. Asia-Pacific is likely to dominate the global Homosalate market.

Competitive Landscape

The key players in the global market have large production bases and advanced manufacturing facilities at the domestic and international levels. This helps them supply the product to various end users across the globe within lesser time than the small-scale manufacturers, providing a competitive edge in the global market. Prominent players account for most of the global market share due to their global revenue base, advanced production technologies, brand identity, vast industry experience, integrated production facilities, available raw materials at competitive prices, and wide distribution network. Furthermore, these players compete globally and strive to achieve a strong position in the market. Spectrum Chemical Manufacturing Corporation, Hongda Group, Yue Yang Dong Run Chemical, Ampak Company, ATK Chemical, and Natural micron chem tech are the major shareholders in the global Homosalate market.

Segmentation

By Purity

• Less than 98%: The less than 98% purity homosalates are clear, colourless to pale yellow liquid, with a molecular weight of 344 g/mol. Homosalate is widely used in a standard sunscreen formulation.


• More than 98%: More than 98% of homosalates are used in pharmaceuticals. In the formulation of standard body lotion, soaps, anti-ageing creams, acne creams, hair dye, and shampoo.

By Application

• Cosmetics: Homosalate is an ingredient used in the formulation of sunscreen products. It is also used in some eyebrow pencils, skincare, and lipsticks.Homosalate is used mainly as a sunscreen ingredient, protecting the skin against UV rays. Sun damage from UV rays contributes to the risk of skin cancers such as melanoma and premature ageing.


• Pharmaceuticals: Homosalate is used to manufacture insecticides, hypnotic drugs, and other pharmaceuticals.Homosalate is used as a standard body lotion, soap, anti-ageing cream, acne cream, hair dye, and shampoo.


• Others: The other segment dominated the global market during the forecast period due to high demand from various industries such as paints & coatings, plastics, printing inks, and paper. It is used for its stability & compatibility properties. Homosalate-based products are also widely utilized for their UV filter property which helps prevent eye damage caused due to Ultraviolet (UV) rays.

By Region:

• North America: North America is expected to dominate the homosalate market with a high growth rate over the forecast period, driven by increased demand from the cosmetics industry.


• Latin America: Latin America is expected to show healthy growth with pharmaceutical advancement.


• Europe: The homosalate market is predicted to increase steadily in Europe due to the expansion of the pharmaceutical and rising demand for skincare products.


• Asia-Pacific: Asia-Pacific is expected to have a high demand for homosalate due to the growing pharmaceutical industry driven by drug advancement. Additionally, it is anticipated that the Asia-Pacific region's homosalate market will grow as more countries, like China and India, increase their investments in developing and bolstering their cosmetics and pharmaceutical industry.


• The Middle East & Africa: The Middle East & Africa is expected to show sustainable growth in the homosalate market.Access Full Report Details - Homosalate Market