Lanolin Market size may generate significant growth up to 2024: Global Market Insights, Inc.
Lanolin Market size may generate significant growth up to 2024 owing to strong application outlook in pharmaceutical and cosmetic industry.
Cosmetic industry uses lanolin for preparation of beauty products such as hair care, perfume, oral and skin care. Increasing cosmetic products demand due to rise in per capita income should favor industry growth. APAC, driven by India and China cosmetic product demand, dominated regional industry. Asia Pacific cosmetics market size was valued at over 95 billion in 2015 and expects gains at over 5% CAGR. This medication is used as a moisturizer to prevent or treat skin irritations. In addition, it is used in lip care and baby care products.
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Rapid urbanization coupled with availability of international cosmetics brands should fuel personal care industry growth. Global personal care & cosmeceuticals market size generated over USD 350 billion in 2015. Skin care application accounted for over 45% market share in 2015. Increasing personal care demand due to changing lifestyle may drive industry growth. Supplies suitable for specific skin and hair types have flooded personal care market and are catering to consumers customized needs.
Global pharmaceutical market was generated over USD 950 billion in 2015. Hypoallergenic grade availability for skin and wound treatment may drive pharmaceutical industry. It is used as a key ingredient for abrasions, reducing itching, pain & scaling and dry skin treatment. Shift in focus towards consumer awareness on skin related problems in pharmaceutical industry may favor lanolin market size growth.
Rising healthcare and pharmaceutical sector mainly in BRIC nations coupled with need for improved skin treatment should favor industry growth .EU and the U.S. may witness strong growth indicators for lanolin market and its derivatives usage on account of increasing use in pharmaceutical industry as skin treatment and emollient. Africa’s pharmaceutical market may witness over USD 65 billion by 2024. Growing healthcare capacity along with supportive government are driving the regional growth.
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Lanolin market supply depends on amount of wool sourced, which is about 10% to 25%. It consists of highly complex mixtures of fatty acids, alcohols and ester which is further used in printing inks, auto lubrication, motor oils and adhesive tape. Apparel industry accounted for the largest share of raw wool. Consumer awareness towards natural products may favor increasing wool usage. The U.S. apparel market was valued over USD 340 billion in 2015.
Global lanolin market share is fragmented. Key market players include Croda, Fanning Corp, Barentz, Amerchol, NK Chemicals, Lubrizol. Other prominent participants include Maypro, Akhil Healthcare, Fenchem, Rolex Lanolin Products and BlueCo Brands. These corporations focus on cosmetic and personal care products mainly in the U.S. and Europe.
Croda Cehmical possess its own range of dermatologist products which are physically graded. NK Chemicals and Barentz signed a strategic alliance agreement. This agreement helped in expansion of product portfolio and its derivatives along with growth of cosmetic industry.