Isopropyl Myristate Market- Global Revenue Growth Expectations in the Near Future
Isopropyl myristate is among the commonly used fatty acid ester and is isopropyl ester of tetradecanoic acid. Isopropyl myristate is categorized mainly employed as synthetic oil and is produced by reaction of isopropyl alcohol and myristic acid. Isopropyl myristate is among the foremost available substitutes for natural oil in the cosmetics industry. Isopropyl myristate is also used as solvent in several trans-dermal pharmaceutical products and pharmaceuticals creams.
Major end user industries for isopropyl myristate include personal care, pharmaceuticals, food and lubricants among several others. Personal care is the largest application segment for isopropyl myristate and the trend is anticipated to continue for a foreseeable future. Isopropyl myristate is also used as a pesticide free product for killing lice. Isopropyl myristate helps in enhancing skin penetration properties of products owing to which, pharmaceutical is anticipated to be the fastest growing application segment for isopropyl myristate. Other applications of isopropyl myristate include solvents, plasticizer and bio diesel among others.
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Low production cost as compared to other available substitute is among the foremost driver for demand of isopropyl myristate. Moreover the apparatus employed in the production of isopropyl myristate can be used for production of several other products. Therefore low capital investment is among the major growth drivers for isopropyl myristate market. Isopropyl myristate is employed in several pharmaceutical products primarily creams. Therefore, high growth in pharmaceutical industry across the globe is a major factor fuelling demand for isopropyl myristate. Increasing disposable income leading to surge in demand for personal care products including oil and other skin products is anticipated to drive isopropyl myristate market growth during the forecast period.
Isopropyl myristate is used in combination with several other products including petroleum products. Isopropyl myristate is easily penetrated into the skin whereas the petrochemicals get clogged in pores leading to a decline in supply of oxygen to the skin resulting in several skin related issues. Isopropyl myristate when in contact with diethanolamine leads to production of carcinogenic compounds. Therefore intensive care has to be taken while using isopropyl myristate based products which has been a major restraint for isopropyl myristate market growth. Increasing research and development for increasing the application scope of isopropyl myristate is expected to offer huge growth opportunity in the market.
North America followed by Europe has been dominating the global isopropyl myristate market. Increasing demand for bio based products in North America and Europe is anticipated to restraint market growth for isopropyl myristate in the regions. Demand for isopropyl myristate in North America and Europe is anticipated to grow at a sluggish rate during the forecast period. Asia Pacific is anticipated to be the fastest growing region for isopropyl myristate market during the forecast period. High GDP growth and increasing disposable income in the emerging economies of India and China leading to high growth in major end user industries including personal care and pharmaceuticals is expected to drive demand for isopropyl myristate in the region.
Isopropyl myristate is a highly fragmented market and is dominated by regional players. The market is characterized by high degree of competition and major players compete by price differentiation thus increasing price sensitivity. Major players in the isopropyl myristate market include ABITEC Corporation, Sumitomo Chemical Co. Ltd., Archer Daniels Midland Company, Croda International Plc, Akzo Nobel N.V, Evonik Goldschmidt GmbH, Subhash Chemical Industries and Sasol Limited among others.
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