The market for polymer ingredients used in personal care products is tipped to grow steadily over the coming years to reach $3.49bn by 2017 according to the latest findings from market research firm Lucintel.
Polymer ingredients for personal care are used in a wide range of product categories including skin care, hair care, oral care and men’s grooming products, and include film-formers, fixatives and skin and hair conditioners.
In its ‘Global Polymer Ingredients Used in Personal Care Industry 2012-17: Trend, Forecast and Opportunity Analysis’ report, Lucintel notes that geographically, Europe led the way for personal care polymer ingredients consumption in value terms in 2012.
The marker researcher highlights that a variety of factors are driving the market, with the main influences being increased awareness of health and fitness, a desire to remain young and a growing aging population.
In addition, Lucintel notes that other factors such as the emergence of a young, urban population, better opportunities for employment and rising disposable income are also giving the market a boost.
Challenges and opportunities
In terms of challenges faced by polymer ingredients suppliers, the report underlines that these mainly stem from the high cost of polymer ingredients, limited availability of substitutes, high storage costs and legal obligations. Furthermore, other concerns for the industry include high R&D costs and strict testing standards and regulations.
The report also looks at opportunities within the market, discussing emerging applications of polymer ingredients for personal care, and covering areas such as nanotechnology-based polymer ingredients, natural, sustainable and green polymers and nutricosmetics and cosmeceuticals.
In the near future, moderate growth is forecast within the global personal care polymer ingredients market according to Lucintel. The market researcher predicts that demand for ingredients will grow in the skin care segment and that the hair care segment is expected to follow suit.