Myristyl Palmitate Market is expected to display a steady growth of 5% due to the rise in the personal care and cosmetic industry | UnivDatos Market Insights

NOIDA, India, March 20, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Myristyl Palmitate Market was valued at more than USD 200 million in 2021 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Application (Pharmaceuticals, Cosmetics, and Others); Region/Country.

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The myristyl palmitate market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the myristyl palmitate market. The myristyl palmitate market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the myristyl palmitate market at the global and regional levels.

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Market Overview

Myristyl Palmitate is a chemical compound used in a variety of personal care and cosmetic products as an emollient, thickening agent, and lubricant. It is formed by the esterification of myristyl alcohol and palmitic acid, which are both naturally occurring fatty acids. As an emollient, myristyl palmitate helps to moisturize and soften the skin, making it a common ingredient in creams, lotions, and other skincare products. It also has a lubricating effect, which can help to reduce friction and irritation on the skin. In addition, myristyl palmitate can act as a thickening agent in cosmetics and personal care products, helping to give them a smooth and creamy texture. Thus, the increasing demand for personal care and cosmetic products is increasing the demand for Myristyl Palmitate in the market.

Factors such as increasing life-changing personal care and cosmetic products coupled with the growing adoption of myristyl palmitate in the textile industry, and product launches in the market are some of the prominent factors that are positively influencing the market growth globally.

Some of the major players operating in the market include 3B Scientific; LARODAN AB; MOSSELMAN; Penta Manufacturer; Merck KGaA; Wilmar International Ltd; Zhonglan Industry Co.,Ltd.; VWR International, LLC.; Ashland; ABITEC.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. COVID-19 limited the chemicals & materials industry's operations, hampering many businesses globally. Supply chain disruptions and difficulty in procuring raw materials have restrained the myristyl palmitate market to some extent. However, the myristyl palmitate market overcame this challenge and regained its operations to normalcy. During the COVID-19 pandemic, people worldwide became more health-conscious. They adopted various products to maintain a better lifestyle which is boosting the myristyl palmitate market growth and is expected to increase its revenue in the coming years.

The global myristyl palmitate market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·  Based on application, the myristyl palmitate market is categorized into pharmaceuticals, cosmetics, and others. Among these, the cosmetics category is expected to grow at a significant CAGR. This is because myristyl palmitate is utilized as a foaming agent and is permeated. myristyl palmitate is used in multiple applications such as nail care products, soaps, detergents, hair care products, eye shadow, and many others.  In addition, cosmetics serve a variety of functions. They cleanse and protect the body or skin with those developed for personal care and skincare. Furthermore, many major players are launching products that are increasing their product portfolio. For instance, in July 2022, Avya Skincare launched Hydroveda Collection which is inspired by nature and designed to regain balance between the body, mind, spirit, and environment.

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Myristyl Palmitate Market Geographical Segmentation Includes:

• North America (U.S., Canada, Rest of North America)
• Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
• Asia-Pacific (China, India, Japan, Rest of Asia-Pacific)
• Rest of the World

APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to rising urbanization and changing lifestyles. Moreover, the increasing consumption of organic or herbal cosmetics and hair products coupled with the growing demand for cleaning agents i.e., surfactants and detergents are further accelerating the growth of the market. Furthermore, changes in eating habits, disease patterns concerning age, a shift in day-to-day activities, etc. are estimated to remain key factors leading to increased demand in the pharma industry which act as key trends for the global myristyl palmitate market during the forecast period.

The major players targeting the market include

• 3B Scientific
• LARODAN AB
• MOSSELMAN
• Penta Manufacturer
• Merck KGaA
• Wilmar International Ltd
• Zhonglan Industry Co.,Ltd.
• VWR International, LLC.
• Ashland
• ABITEC

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the myristyl palmitate market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the myristyl palmitate market?
• Which factors are influencing the myristyl palmitate market over the forecast period?
• What are the global challenges, threats, and risks in the myristyl palmitate market?
• Which factors are propelling and restraining the myristyl palmitate market?
• What are the demanding global regions of the myristyl palmitate market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Myristyl Palmitate Market Report Coverage

About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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