Homosalate manufacturers Market – Outlook, Size, Share & Forecast 2020 to 2030

Posted on 2021-03-26 by Future Market Insights, Inc in Internet & Online // 0 Comments

Homosalate Market: Overview and Dynamics

Homosalate is basically an organic ingredient, used in making many sunscreens. Formed by the Fischer–Speier esterification of salicylic acid with 3, 3, 5-trimethylcyclolohexanol, it is an important cosmetic ingredient. The salicylic acid part of Homosalate absorbs ultraviolet rays within the range of 295 nm to 315 nm and protects the skin against sun damage. It is thereby used as a chemical ultraviolet filter and finds its presence in over 45 percent of the U.S. sunscreens.

The trimethyl cyclohexane functional group is hydrophobic in nature, which provides greasiness effect and prevents it from dissolving in water. Homosalate degrades quickly (loses 10 percent SPF protection in 45 minutes) when exposed to higher UV light which makes it comparatively less effective by itself. However, being a liquid, it is used to dissolve other sunscreen agents that are hard to solubilize, such as the renowned Avobenzone.

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Further, Homosalate has been reviewed by the Food and Drug Administration (FDA) and allowed to use it as an active ingredient in Over-the-counter (OTC) sunscreen ingredient at concentrations up to 15%. In certain regions such as Japan and European Union, there are restriction in place to limit the usage of Homosalate in cosmetics with concentrations up to 10%.

However, in Canada, Homosalate has been restricted to be used in any cosmetics as it is considered to be toxic and harmful to humans. Also, it is suspected to be environmentally toxic, so the sustainability of Homosalate would be the question of concern. Although Homosalate usage is imitated in a few regions, it continues to grow with a higher rate in response to demand of beauty and skincare products.

Sunburn and skin cancer are the major causes prompting the use of cosmetics thereby leading to a rise in the use of Homosalate which is a vital ingredient in sunscreens, foundations and moisturizers among others. Although Homosalate is suspected to be an endocrine disruptor as per certain research studies, it is to some extent expected to inhibit the growth of the Homosalate market.

Major demand from millennial and generation Z has been seen in the prevalence of sun care creams with anti-ageing and SPF benefits, which has accelerated the growth of sunscreen industry and in-turn leading to the development of Homosalate market. Attributed to the ever-increasing cosmetic industry in developed as well as developing countries, Homosalate market is expected to grow at a higher CAGR in the upcoming years.

COVID-19 Impact Insights

COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This has disrupted almost every market and Homosalate market has also been affected largely. COVID-19 pandemic has presented massive disruptions in the demand-supply equilibrium across multiple industries, leading towards economic losses at a global level.

The plant shutdowns in Europe, Asia and North America in the second quarter of 2020, along with the move towards work from home culture has reduced the consumption of skin-care and beauty products leading to a drop in overall production cosmetics and in turn of Homosalate. Moreover, these lockdowns were not properly implemented in many countries leading to a spike in the overall active cases in the region. It is almost a year since the first strain of COVID-19 was detected and now there are news stating that, the COVID-19 strain is mutating.

For instance, recently a newer strain of COVID-19 which was found in UK led to numerous passenger and cargo flights being cancelled, from and to UK so as to prohibit the transmission of the newer strain in the destination countries. This has led to multiple newer forms of weekly lockdowns and further deteriorating the supply chain flow which just seemed to have been started in a phased manner.

Although, reopening of the industries has opened the gates to the manufacturers to supply Homosalate. On the other side of the COVID implications coin, Tier-2 manufacturers are struggling to manufacture and channel the product in the market owing to the higher marginal loss and partial demand from the market. Considering the aforementioned factors, market is set to resuscitate completely by Q3 of FY2021.

Segmentation Analysis of Homosalate Market

The global Homosalate market is classified majorly into three segments: by function, application and region.

On the basis of function, Homosalate market has been segmented as follows:

Skin Conditioning
UV absorber
UV filter

On the basis of application, Homosalate market has been segmented as follows:

Sport and beach sunscreen
Moisturizer
Makeup primer
Lip balm
Hair treatment /serum
Fragrance body spray

On the basis of region, Homosalate market has been segmented as follows:

North America
Europe
Latin America
East Asia
South Asia and Oceania
Middle East & Africa

Homosalate Market: Regional Outlook

Considering the regional classification, the report “Homosalate” provides an explicit study on six prominent regions which include North America, Europe, Latin America, South Asia and Oceania, East Asia and Middle East & Africa.

Among them, majority market share is dominated by Asia especially by China while capturing almost 50% of manufacturing and supply of Homosalate. Increasing demand for skin-care products and makeup products among the growing population of millennials in China and India will be the driving force for Homosalate market.

Secondly, United States and Europe collectively holding about 30% of total Homosalate market share. Increasing global temperature levels and depletion in the ozone layer has made people aware of skin health which has caused the rise in demand for sunscreen and ultimately increasing demand for Homosalate. However, rising concerns about the chemical-based skincare products there could be a potential threat to Homosalate market in the US and Europe.

Besides, Middle East & Africa has minimal market share for Homosalate but it also shows potential to grow high soon with elevating demand for skin-care and beauty products.

However, Homosalate has been placed in Cosmetic Ingredient hotlist by Canada, which consists of list of chemicals restricted for use by manufacturers in their cosmetic offerings. This was done recently in 2020, owing to recent research studies indicating to the health effects related to Homosalate being toxic to some organs and is suspected to be an environmental toxin acting as a bio-accumulative in the food chain, after ending up in oceans.

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Homosalate Market: Key Players

The market for Homosalate is moderately fragmented as local manufacturers are satisfying the regional demand with a majority as compared to key players. The prominent players in Homosalate market are Spectrumchemical, Ampak, ATK Chemicals, ZX Chem, Universal Ester and Ascent FineChem, contributing about 40% to total Homosalate market share.

Key players in the beauty and skincare market are collaborating with vendor manufacturers of Homosalate to have a streamlined supply chain. These companies are also pushing for innovation and discoveries having limited or zero side effects in response to climbing demand for skin-care products to gain organic growth and maintain a competitive advantage over others.

Chemical-based skincare products are coming to limelight because of their adverse effect on the skin causing allergies and other skin-related issues which would showcase an unstable market scenario for Homosalate market.

However, certain restriction on cosmetic products containing chemicals which harms the environment (acting as bio-accumulative), negatively effects the balance sheet of these companies as they will have to spend in research and development again so as to verify the above mentioned claims and come up with modified products which removes the restricted ingredient, but retains the effect it had in the product.

The research report presents a comprehensive assessment of the Homosalate market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Homosalate market report provides analysis and information, according to market segments such as geographies, product type, material type and end use.

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