The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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As per the information delivered in this report, pharmaceutical grade lanolin is expected to account for comparatively high consumption (>50%) throughout the forecast period. The global lanolin market was pegged at US$ 757.8 Mn, in terms of value, at the end of 2017, and is expected to reach US$ 1,374.9 Mn by the end of 2028, at a significant CAGR of 5.6%.
Changing Consumer Preference Towards the Use of Bio-Based Products to Surge the Demand for Lanolin During the Forecast Period
The global lanolin market is expected to be driven by the increasing demand from pharmaceutical, personal care, and cosmetic applications, wherein, it is used as an emulsifier, emollient, moisturizer, and stabilizer. The inclination of consumers towards using cosmetics and personal care products with natural ingredients has been the key driving force behind the increasing demand for lanolin from the cosmetics & personal care industry.
Lanolin has wide-ranging applications in cosmetics & personal care products, and is used in lip care, skin care, hair care, and baby care products. The increased preference towards using ultra-sensitive products for baby care applications is further stimulating the demand for lanolin. Prevalent growth expected in the men’s care product line is leading to a surge in several ingredients used in the formulation of the same.
Lanolin is a widely used natural ingredient in such applications, and is anticipated to remain driven throughout the forecast period. Growing urban population, increased per capita spending, and increasing youth inclination towards the use of cosmetics and personal care products are other factors that are positively influencing the lanolin market.
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Pharma-Grade Lanolin to Witness Substantial Growth Owing to Increasing Demand from Pharmaceutical, Cosmetic, & Personal Care Industries
Among the grades, pharmaceutical grade segment is highly demanded, as lanolin and its derivatives find wide application in medicinal and personal care applications. Owing to this, the pharmaceutical grade segment is expected to dominate the lanolin market over the forecast period across the globe.
The increasing prominence of pharmaceutical grade lanolin can be attributed to increasing skin care and hair care formulations. The demand for lanolin to produce baby care products has also been noted to further propel the market for pharmaceutical grade lanolin.
- The Lubrizol Corporation
- Elementis Pls
- Lanotec Australia Pty Ltd
- Maypro Industries
- Rolex Lanolin Products Limited (RLPL)
- Nippon Fine Chemical Co., Ltd.
- NK Ingredients Pte Ltd
- Assumptions and Acronyms Used
- Research Methodology
East Asia to Remain Prominent in Lanolin Market, as Industrial Activities Continue to Thrive at a High Pace
Rising lanolin demand from pharmaceutical and personal care & cosmetic manufacturers is expected to drive the growth of the lanolin market in regions such as East Asia and South Asia Pacific. Growing healthcare and pharmaceutical industries in these regions, coupled with the rising need for enhanced skin treatment, is attributed to the significant growth of the lanolin market.
Growing cosmetic & personal care manufacturing activities, largely in France and Germany, due to rising exports, will fuel the demand for lanolin in Europe. Increasing demand for bio-lubricants and anti-corrosive agents due to significant industrial activities in Europe are expected to be potential market boosters for lanolin.
Increased consumer awareness concerning baby care and personal care, supported by easy product availability due to mounting retail channels, is expected to increase the adoption of baby toiletries and personal care products in regions such as North America, owing to which, North America is estimated to be a promising market for lanolin.
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