New York, NY -- (SBWIRE) -- 12/22/2020 -- Lanolin is an essential ingredient for the human skin, largely used in formulating ointments for protection, treatment, and cosmetic enhancement. Its hydrophobic properties aid in protecting the skin against different types of infections or skin irritations—sealing the skin's natural moisture. Apart from lanolin's extensive use in distinct moisturizing and antipruritic applications, it is further utilized in other sectors including construction, electrical, marine, agribusinesses, automotive & transportation, and mining in terms of enhancing surface functions. The global lanolin market has been projected to clock a revenue of USD 362.5 million in 2027, rising from an estimated worth of USD 236.2 million in 2019. The growth is to occur at a CAGR of 5.4%.
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Market Drivers
The primary factor triggering demand in the market include rapid growth of the personal care industry due to increasing consumer base in developing economies and rising consumers' preferences for organic & natural ingredients. Moreover, elevating need for moisturizing agents in distinct pharmaceutical applications such as pigmented medications, cutaneous infection product, dispersing agent, and disinfectant/anti-microbial product has been presumed to provide significant market growth. Additionally, lanolin's functionalities lie in providing protection and lubrication to high-speed and load-bearing slings, chains, wire ropes, and pulling cables, thus, has been widely used in several heavy-duty applications. This factor is also stimulating demand for lanolin in automotive & transportation and construction.
Further key findings from the report suggest
The personal care sub-segment accounts for the largest share of the lanolin market. From a volume perspective, the personal care application sub-segment holds the majority of the share.
A huge expansion of the market is being forecasted due to the growing need of personal care products, such as skin moisturizing, smootheing, sense intensifiers, and pharmaceutical products such as hand sanitizer, emulsifying product, pigmnented medication, and others due to an evolving lifestyle for customers and increased consumer buying power.
All the key market players have heavily invested in R&D initiatives in recent years, contributing to the invention of multiple innovative products. Major players aim to improve their product portfolio through strategic mergers and small and medium-sized enterprise acquisitions. So an intense rivalry among players is expected in the coming years.
Key participants include Lubrizol Corporation, Wellman Advanced Materials, Nippon Fine Chemical, NK Ingredients PTE Ltd., cIndustria Quimica del Centro, Barentz Group, Rolex Lanolin Products Limited, Jiangsu Winpool Industrial Co. Ltd., Lanotec, and Lansinoh, among others.
For the purpose of this study, Reports and Data have segmented the Lanolin market on the basis of derivative type, form, end-use verticals, and region:
Form Outlook (Revenue: USD Million; Volume: Million Tons; 2017-2027)
Anhydrous
Hydrous
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Derivative Type Outlook (Revenue: USD Million; Volume: Million Tons; 2017-2027)
Lanolin alcohol
Cholesterin
Isopropyl Lanolate
Laneth
Lanogene
Lanosterols
Quaternium 33
PEG-75
Lanolin Fatty Acid
Others
End-Use Verticals Outlook (Revenue: USD Million; Volume: Million Tons; 2017-2027)
Personal Care
Pharmaceuticals
Baby Care
Coating
Lubricating
Others
Regional Outlook (Revenue: USD Million; Volume: Million Tons; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
Regional Outlook
Asia Pacific is the fastest-growing region in the market because of the presence of developing economies like China and India, and rising customer awareness regarding personal hygiene maintenance combined with increasing disposable income. Other regions such as North America and Europe have been projected to gain significant market shares, owing to the fast acceptance of skincare products and a strong consumer base for pharmaceutical and cosmetic products.
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