Cetyl Esters Market Trends

  • Report ID: 3976
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Cetyl Esters Market Trends

Growth Drivers

  • Growing Pharmaceutical Industry – Cetyl ester is in high demand in the pharmaceutical industry owing to its increasing application in various medical products such as ointment and lotions. In 2021, as per reports, North America contributed 52% of world pharmaceutical sales.
  • Increasing Expenditure on Research and Development Activities – Government and key players have been putting hefty investments in research and development activities which are anticipated to aid the production rate of cetyl ester.
  • Growth in the Chemical Sector – Recent focus on developing the chemical sector is poised to bring opportunities for the development of production facilities which will aid in increasing the production of cetyl ester and aid in market expansion.

Challenges

  • Rising Concern about Side-Effects of Excessive Use – High-usage products made with a mixture of cetyl ester on an everyday basis can cause skin irritation and allergies. This could hamper market expansion in the next few years.

  • Long Production Cycles
  • Stringent Government Rules

Cetyl Esters Market: Key Insights

Chemicals (% of Value Added in Manufacturing) – 2016-2018

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Base Year

2024

Forecast Year

2025-2037

CAGR

3.9%

Base Year Market Size (2024)

USD 377.83 million

Forecast Year Market Size (2037)

USD 621.3 million

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Rajrani Baghel


  • Report ID: 3976
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of cetyl esters is assessed at USD 401.77 million.

The cetyl esters market size was valued at USD 377.83 million in 2024 and is expected to reach USD 621.3 million by 2037, registering around 3.9% CAGR during the forecast period i.e., between 2025-2037. Growing use of cetyl ester for making cosmetics and pharmaceutical items will drive the market growth.

North America industry is likely to hold largest revenue share of 35% by 2037, impelled by rising investments in research and development activities in the region.

The major players in the market are Croda International plc, Agarwal Industries Private Limited, ExcelVite Sdn. Bhd., KLK OLEO, Wilmar International Limited, Oleon NV, Timur Oleochemicals, Lascaray S.A., Kraton Performance Polymers, Inc, Chemol Company Inc., Huntsman Corporation
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