The isopropyl myristate market is estimated to be valued at USD 82.11 Bn in 2024 and is expected to reach USD 136.55 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031. The isopropyl myristate market has been witnessing consistent growth over the past few years. It is due to factors such as rising demand from personal care products industry and increasing applications in industrial and healthcare sectors.

Market Driver - Rising Demand in Skincare and Cosmetics for Enhanced Absorption

With growing awareness around skin treatment and personal grooming, the demand for enhanced skincare and cosmetic products has been increasing steadily. Customers want anti-aging creams, sunscreens, and foundations. Demand for products that work fast in reducing signs of aging, protecting the skin from sun damage and giving an even tone is increasing. Formulators thus find isopropyl myristate useful in catering to these demands since it improves the delivery of actives in the skin.

The expansion of skincare and makeup routines of men is another influencer. Male grooming products comprising moisturizers, face washes and anti-blemish solutions incorporating isopropyl myristate are improving sales volumes. Its addition maintains the light, non-greasy textures of these products appealing to the preferences of male customers exploring personal care for the first time. This bodes well for isopropyl myristate demand from male oriented brands expanding rapidly. This is expected to bolster growth of the isopropyl myristate market.

Market Driver - Expansion of Industrial Applications in Pharmaceuticals and Plastics

Isopropyl myristate has emerged as a leading solvent for manufacturing operations due to its widespread compatibility with different materials. In the pharmaceutical industry, it is commonly used as a solvent for dissipating drugs in creams, ointments and other topical formulations. It finds favor due to being non-toxic, odorless, and readily soluble in oils and organic solvents. Many antifungals, anesthetic as well as antipsoriatic creams bound for the European and Japanese markets have isopropyl myristate as a prime solvent ingredient.

The plastic industry has also raised consumption levels considerably. It is effective as a plasticizer imparting flexibility to PVC polymers. Products from medical tubing and bottles to phone covers, footwear and more incorporate isopropyl myristate plasticized PVC. Growth in the global market for PVC items is positively impacting demand. Building and construction is a major end-user where PVC pipes, flooring sheets and electrical insulation sheets use it extensively. This will create new opportunities for players in the isopropyl myristate market.

Market Challenge - Growing competition from natural and organic substitutes

The isopropyl myristate market currently faces significant competition from natural and organic substitutes of isopropyl myristate. Increasingly, customers are demanding products made from naturally derived ingredients that do not involve chemical processing. This shift has been driven mostly by younger consumers who are more aware of their environmental impact and willing to pay a premium for sustainable alternatives.

Several vegetable and plant-based oils such as coconut and sunflower oil have emerged as popular substitutes for isopropyl myristate in personal care formulations. Manufacturers of natural cosmetic products are emphasizing the use of natural emulsifiers from renewable sources over conventional petrochemical options.

Market penetration of natural brands is continuously rising as they effectively market the 'free-from' ideology. This poses a major challenge for isopropyl myristate suppliers to change consumer sentiment against solvent-based ingredients. Retaining existing customers and attracting new ones will require innovative strategies to highlight benefits of isopropyl myristate to overcome these challenges.

Market Opportunity - Increasing Consumer Demand for Sustainable and Eco-friendly Ingredients

There is a growing market opportunity for isopropyl myristate market players in the rising consumer demand for sustainable and eco-friendly ingredients. Customers are paying greater attention to the environmental and ethical impact of the products they use. This change in buying behavior is favorable for isopropyl myristate producers if they can position their offerings as sustainable alternatives. While natural and organic substitutes have gained popularity, most of these oils have limited availability and higher production costs.

Moreover, the consistency and performance properties of isopropyl myristate have made it difficult for natural replacements to match entirely. By pursuing responsible sourcing practices and emphasizing the renewable plant-based origin of isopropyl myristate obtained from coconut and palm kernel oil, manufacturers stand to leverage this consumer trend.

Communication of sustainability efforts such as minimizing waste and emissions as well as investments in renewability research can enhance the green image of isopropyl myristate. As ethical consumption grows, focusing on sustainability presents a major opportunity for producers to increase their share in isopropyl myristate market.

Strategic expansion to tap growth opportunities: Leading players like BASF, Akzo Nobel, Kao Corporation have expanded their production capacities and geographic footprint to cater to the growing demand for Isopropyl Myristate across major markets.

Product innovation to address customer needs: Companies continuously invest in R&D to develop innovative product grades of Isopropyl Myristate that address evolving formulation needs. In 2016, Kao Corporation launched a new lightweight emollient grade under its Abil brand that is ideal for use in sun care lotions and serums targeting millennial consumers.

Mergers and acquisitions for vertical integration: Players pursue acquisitions to vertically integrate their supply chain and gain better control over raw material supply and costs. In 2012, AkzoNobel acquired Cognis, a leading supplier of fatty alcohol and esters including isopropyl myristate.

Strong distribution networks for market penetration: Leading distributors like Sigma Aldrich and Thermofisher Scientific have leveraged their extensive global distribution networks serving research, industrial, and clinical markets to increase isopropyl myristate sales.

Insights, By Cosmetic Grade: Moisturization Drives Demand in Skincare Applications

In terms of cosmetic grade, skincare contributes 34.6% share of the isopropyl myristate market in 2024, owning to its effectiveness as a moisturizing agent. Isopropyl myristate is commonly used as an emollient in various skincare products such as lotions, creams and ointments due to its skin conditioning properties.

The demand for highly effective yet mild moisturizers in the skincare industry has been rising steadily. With growing consumer awareness about the importance of proper skin hydration and anti-aging benefits, the market for moisturizing creams and lotions has seen robust growth in recent years.

The non-comedogenic nature of isopropyl myristate also makes it suitable for use on acne-prone or sensitive skin. Owing to such attributes, isopropyl myristate has remained a top choice for skincare product formulations aimed at skin moisturization. This wide application in the booming skincare segment explains its predominant share in the cosmetic grade isopropyl myristate market.

Insights, By Industrial Grade: Plastics Sector Leads Industrial Applications

In terms of industrial grade, plastics contributes 31.6% share of the isopropyl myristate market in 2024, primarily due to its effectiveness as an external lubricant in plastic manufacturing processes. Isopropyl myristate displays excellent lubricating properties and is commonly used as an external lubricant and release agent in plastic manufacturing.

The lubricating film formed by isopropyl myristate on the processed plastic surfaces also aids in the demolding or release of plastic products from molds or dies. It minimizes plastic to metal adhesion and welding during high-temperature operations. The non-staining nature further ensures it does not leave any residue on the finished plastic parts. Owing to such benefits, isopropyl myristate is widely used for processing thermosetting and thermoplastic resins across various end-use industries like consumer goods, packaging, automotive, and construction.

Steady growth in plastic consumption globally is thus driving significant demand for isopropyl myristate as an effective external lubricant, making the plastics segment its largest industrial application area.

Insights, By Application: Excellent Solvency Boosts Use in Emollient Formulations

In terms of By Application, Emollient contributes the highest share of the isopropyl myristate market as isopropyl myristate demonstrates superb solvency abilities and a non-greasy emollient profile. When formulated into cosmetic products as an emollient, isopropyl myristate helps to soften and smooth the skin surface. It effectively solubilizes other components in cosmetic formulations like oils, waxes and active ingredients.

Being highly soluble in oil and water-based systems, isopropyl myristate provides excellent solubility for both hydrophobic and hydrophilic ingredients. It also enhances the penetration of other actives through the skin.

In addition, its minimal greasiness and non-comedogenic properties make it an ideal choice for use on sensitive or acne-prone skin types. Owing to these attributes, isopropyl myristate is widely incorporated as the primary emollient in various skincare and personal care products. This extensive utilization in emollient formulations has made it the largest application segment in the isopropyl myristate market.

• Increasing Use in Transdermal Drug Delivery: Isopropyl myristate's ability to enhance skin absorption has made it a valuable component in transdermal drug delivery systems.
• Adoption in Industrial Lubricants: Its lubricating properties have led to its usage in specialized industrial applications, expanding its isopropyl myristate market scope.
• Dominance of Personal Care & Cosmetics: This segment is a major consumer of isopropyl myristate, driven by the demand for effective emollients in skincare products.
• Regional Market Growth: Asia-Pacific is witnessing significant growth in global isopropyl myristate market due to rising consumer spending on personal grooming and healthcare products.

The major players operating in the isopropyl myristate market include BASF SE, Croda International Plc, KLK OLEO, IOI Oleochemicals, Oleon NV, Oleon GmbH, Kokyu Alcohol Kogyo Co., Ltd., Mosselman S.A., Berg + Schmidt GmbH & Co. KG, Jarchem Industries Inc., Stepan Company, Tokyo Chemical Industry Co., Ltd., Lonza Group AG, VWR International, LLC, RITA Corporation, Kraton Corporation, and Kunshan Huaxin Daily Chemicals Co., Ltd.

• In September 2023, Croda International Plc introduced a sustainable, eco-friendly grade of isopropyl myristate (IPM) derived from sustainable sources, addressing the increasing demand for environmentally conscious products in the cosmetics industry.
• In August 2023, BASF SE announced a 25% increase in production capacity for its medium-molecular weight polyisobutenes, marketed as OPPANOL® B, at its Ludwigshafen site. This expansion aims to meet the rising global demand for high-quality polyisobutenes, which are essential in industries such as automotive, construction, electronics, and food packaging.

• By Cosmetic Grade
  • Skincare
  • Haircare
  • Fragrances
  • Others
• By Industrial Grade
  • Plastics
  • Rubber Lubricants
  • Solvents
  • Othersa
• By Application
  • Emollient
  • Thickening Agent
  • Lubricant
  • Solvent