Global Myristyl Palmitate Market: Definition and Introduction
Myristyl palmitate is a wax ester of palmitic acid used in the production of personal care products and pharmaceuticals. Palmitic acid is a saturated fatty acid that naturally occurs in animals, plants, and microorganisms and acts as an excellent emollient. Myristyl palmitate is a white to yellowish colored solid, which has a high melting point and is insoluble in water.
It is also known as palmitic acid myristyl ester, tetradecyl hexadecanoate, and hexadecanoic acid tetradecyl ester. Myristyl palmitate is used as a wetting agent and penetrate in the cosmetics industry. In personal care products, myristyl palmitate is used in SoL products, hair damaging agents, sun-screening agents, etc. It is also used as a cleansing agent in detergents or surfactants.
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Global Myristyl Palmitate Market: Dynamics
Rising urbanization and changing lifestyles are surging the demand for personal care and cosmetic products, which is positively impacting the global myristyl palmitate market. Although, global myristyl palmitate market is driven by increasing demand from pharmaceutical industries. Globalization, population growth, and demographic changes have contributed to the pharmaceutical industry growth, which impacts on myristyl palmitate demand in upcoming years.
With growing consumption of organic or herbal cosmetics and hair products, market players need to strike the right balance between high manufacturing costs of materials and stringent regulatory framework which push the demand of myristyl palmitate demand over the forecast period. Moreover, growing efforts on attractive clothes, curtains, and innovative products in textile end-uses or among customers demand the cleaning agents i.e. surfactants and detergents. In turn, global myristyl palmitate market projected to be high growth in future few years.
The raw materials required in the production of myristyl palmitate include wax ester, palmitic acid, and other petroleum-based products. Volatile changes in the prices of petroleum-based feedstock/ hydrocarbon products (wax) generate the fluctuation in the prices of myristyl palmitate, which negatively impact on global myristyl palmitate market. The rate of consumption of myristyl palmitate is highly influenced by demographic diversity. Changing demographics and income trends in personal care products or cosmetics industry across the globe will create opportunities for the global myristyl palmitate market over the forecast period.
Changes in eating habits, disease pattern with respect to age, a shift in the day to day activities, etc. are estimated to remain a key factors leading to increased demand of pharma industry which act as key trends for global myristyl palmitate market by end of forecast period.
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Global Myristyl Palmitate Market: Segmentation
The global myristyl palmitate market can be segmented on the basis of application which is as mentioned below,
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Global Myristyl Palmitate Market: Regional outlook
On the basis of geography, the global myristyl palmitate market can be segmented into seven key regions i.e. North America, Japan, China, Eastern Europe, Latin America, Middle East & Africa and Western Europe. Changing lifestyle standards among emerging economies like China and India, generates the demand of cosmetic industry, in turn, increasing production units of cosmetic industries in SEA regions. This, SEA region is estimated to be a significant platform for myristyl palmitate market by end of 2028.
Further, robust demand of cosmetics and personal care products in developing economies like Europe, North America, etc. causes myristyl palmitate demand in, as a result, these regions expected to achieve new highlights in myristyl palmitate market during the forecast period. Moreover, rising geriatric population across Europe, SEAP, MEA, etc. regions led the pharmaceutical industry demand, is projected to be significant opportunity in these regions for myristyl palmitate in upcoming years.
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Global Myristyl Palmitate Market: Market Participants
The global myristyl palmitate market is a consolidated one and is expected to remain so throughout the forecast period. Some of the market participants identified across the value chain of the global myristyl palmitate market include Larodan AB, Zhonglan Industry Co. Ltd., Wilmar Trading Pte Ltd., Merck KGaA/ Sigma-Aldrich Corporation, Mosselman s.a, Penta Manufacturing Company and among others.
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