Octocrylene Market size is forecast to reach $8.8 million by 2025, after growing at a CAGR of 5.85% during 2020-2025. Octocrylene is an ester formed by the condensation process of diphenyl cyanoacrylate and 2-ethyl hexanol. Due to its skin moisturizing properties, Octocrylene is primarily used in sunscreens. Globally, the primary growth drivers of the octocrylene market are the aging population, the adoption, and advancement of technologies, and rising demand for the cosmetics industry in developing countries. In addition, there is an increase in the adoption of octocrylene for newer applications as the compound (concentration is limited to 10-12%) is approved by various regulatory organizations, which is anticipated to drive the Octocrylene market during the forecast period.
Octocrylene Market Segment Analysis – By Application
The personal care product application held the largest share in the octocrylene market in 2019 and is growing at a CAGR of 5.9%, owing to the increasing use of octocrylene in the personal care industry for making BB cream, CC cream, hair spray, conditioner, and tannin oilOctocrylene is used in cosmetics and personal care products to formulate sun protection products, as well as skin and nail care products. In addition to causing sunburn, UV radiation is a significant cause of premature aging of the skin and contributes to the development of melanoma and other forms of skin cancer. Theoretically, by trapping the product above the stratum corneum (SC) to prevent penetration into the skin, nanoencapsulation can reduce contact between the sunscreen and the skin surface, thereby limiting photoallergic contact reactions. And octocrylene, when applied to the skin, absorbs UV rays. By absorbing UV rays, octocrylene can also be used to protect cosmetics and personal care products from deterioration. All these factors are driving the octocrylene market growth during the forecast period.
Octocrylene Market Segment Analysis – By Geography
North American region held the largest share in the octocrylene market in 2019 up to 42%, owing to the increasing sunscreen and cosmetic product industries in the region. According to the Center for Disease Control and Prevention (CDC), each year nearly 5 million Americans are treated for skin cancer at a cost of about $8.1 billion. Yet by avoiding too much exposure to ultraviolet (UV) rays from the sun or indoor tanning, most skin cancers can be prevented. In order to protect their skin, many individuals use sunscreen. Sunscreen can help prevent skin cancer when used in the right way, and prevent or delay skin aging caused by sun exposure. Mexico is ranked in the top 10 markets for cosmetics and personal care products in the world, according to the International Trade Administration (ITA), and continues to be the second-largest market for beauty products in Latin America. Consumption of cosmetics in Mexico has increased steadily over the past 15 years due to a strengthening economy and the availability of a range of domestic and imported brands. Total local production increased from USD 6.9 billion in 2017 to USD 7.1 billion in 2018. All these factors are flourishing the octocrylene market growth in North America during the forecast period.
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Octocrylene Market Drivers
Increasing Personal Care & Cosmetic Industries
The personal care and cosmetic sector are booming in varied regions due to the increasing demand from consumers. According to the International Trade Administration (ITA), the total cosmetic production of France increased from 22,236 in 2018 to 22,680 in 2019. In 2017, South Korea’s market size was approximately $8.8 billion, the total local production increased by 3.6% from the previous year and the market is growing by an annual growth rate of 4.7% for the last 5 years (2013-2017). According to the India Brand Equity Foundation (IBEF), the market size of India’s beauty, cosmetic, and grooming market will reach $ 20 billion by 2025 from the current $6.5 billion. According to the International Trade Administration (ITA), the beauty and personal care products market of Thailand was valued at approximately $6.2 billion in 2018 and is expected to reach $8.0 billion in 2022. The beauty and personal care industry in Thailand is expected to grow by 7.3 percent per year from 2019 to 2022. Since the personal care and cosmetic industries are booming, the demand for octocrylene is also significantly increasing. Thus, the increasing personal care and cosmetic sector act as a driver for the octocrylene market during the forecast period.
Increasing Food and Beverages Industry
The octocrylene is largely employed in the food and beverage industry for food and beverages quality control testing, and other calibration requirements. According to the International Trade Administration (ITA), food production in Russia increased by 4.7%, while beverage production increased by 3% in 2018. According to the United States Department of Agriculture (USDA), in 2018, Canada’s total food and beverage industry sector sales reached $87 billion. The Government of Canada is expecting to increase the food exports to 26 percent by 2025 up to C$ 85 billion. According to United States Department of Agriculture (USDA), China’s food processing industry continued to grow in 2017. Revenue climbed to $1.47 trillion, an increase of 6.3 percent compared with the previous year of 2016. With the increasing food and beverages industry, the demand for octocrylene will also substantially increase. Thus, the increasing food and beverage industry in the various regions acts as a driver for the octocrylene market in during the forecast period.
Octocrylene Market Challenges
Health Risks From Octocrylene
All non-mineral sunscreen ingredients such as octocrylene are readily absorbed through the skin and could be detected in the bodies at levels that could cause harm. When octocrylene chemical is exposed to UV light, it absorbs the rays and produces oxygen radicals that can damage cells and cause mutations. It is readily absorbed by the skin and may accumulate within the body in measurable amounts. Upon illumination, the compound induces the production of free radicals. Free radicals are inducers of DNA damage and can lead to cancer. In addition, octocrylene can be toxic to the environment. These health risks attached to octocrylene may restrain its market growth during the forecast period.
Covid-19 Impact on the octocrylene Market
The COVID-19 outbreak has made a large economic impact on consumer spending globally. Due to the pandemic, the personal care industry has been heavily affected. The pandemic has resulted in the reduction of discretionary expenses such as cosmetics and sunscreen by the consumers. While spending on necessities such as personal liquid soap, hand, and body lotions are relatively protected. Owing to these factors the demand for octocrylene is hindered during the pandemic. Thus, this change in consumer consumption is directly impacting the octocrylene market as the demand for cosmetic ingredients is declining.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the octocrylene market. In 2019, the market of octocrylene has been consolidated by the top five players accounting for xx% of the share. Major players in the octocrylene market are Frutarom Ltd., Novacap, Abbott, Wako, and ID Biomedical.
North America dominates the octocrylene market, owing to the increasing personal care and cosmetic products industry in the region. The key factor for the increasing personal care and cosmetic products industry in the region is increasing population and per capita income.
In February 2019, the FDA allowed the use of UV filters such as octocrylene in sunscreens without being FDA-approved. In addition, the FDA declared octocrylene to be “generally recognized as safe and effective,” or GRASE. This factor is anticipated to boost octocrylene market growth.
The demand for sunscreen products and indirectly octocrylene based products is expected to grow at a considerable rate in the next few years. This will ultimately propel the octocrylene market in other tropical nations.
These compounds act on target cells by binding to estrogen receptors, ERα and/or ERβ. They function as transcription factors activated by ligands, regulating gene expression in deoxyribonucleic acid (DNA) specific response elements.
Butyl methoxy dibenzoyl methane and octocrylene on laser flash photolysis, both in a free form and as encapsulated filters are extensively used as UV filters in personal care products.
Due to the COVID-19 pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as personal care products has been negatively affected, which is hampering the octocrylene market growth.
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