The market research firm concludes that the cosmetic isoparaffins market is expected to witness significant growth during the forecast period, owing to its applications such as solvent, emollient, and skin conditioning agents. Isoparaffins are commonly used in cosmetic and personal care products such as hairsprays, mascara, eyeliner, eyeshadow, cleaning creams, hand lotion, body lotion, foundation, hair conditioner, makeup remover, and others. According to CMR, the global color cosmetics market was valued at $62.3 billion in 2016 and is expected to reach $90.1 billion by 2025. Since cosmetic isoparaffins are widely used in the manufacture of color cosmetic products, it is expected to gain steady demand during the forecast period. CMR estimates that the the global cosmetic ingredients market was valued at $16.7 billion in 2018 and is expected to reach $23.8 billion by the end of 2027, for a CAGR of 3.9% during the forecast period (2019 to 2027). This increasing demand for cosmetic ingredients is expected to drive growth of the global cosmetic isoparaffins market during the forecast period.
According to Coherent Market Insights’ analysis, the cosmetic isoparaffins market is expected to exhibit a CAGR of 7.1% in terms of volume during the forecast period (2020-2027). This growth is attributed to the rapidly growing cosmetics ingredients sector in Asia Pacific. According to the International Trade Administration (ITA), US Department of Commerce, the beauty and personal care (BPC) industry in India was valued at $8 billion in 2016 and it is expected to exhibit a CAGR of 5-6% during the forecast period (2017-2021). Increasing awareness about grooming among people is fueling growth of the cosmetic industry, which in turn is driving the cosmetic isoparaffins market growth. For instance, according to the US Department of Commerce, International Trade Administration (ITA), in South Korea, men used 13.3 grooming products on an average per month in 2015, which includes 3.6% of skin care and 1.2% of cleansing products, which is expected to increase over the forecast period.