Isopropyl Myristate Market is Driven by Rising Demand in Personal Care and Cosmetics Industry
The Isopropyl Myristate Market is experiencing significant growth due to its versatile applications in various industries, particularly in personal care and cosmetics. Isopropyl Myristate (IPM) is a synthetic oil-like substance formed by the esterification of isopropyl alcohol and myristic acid. It serves as an excellent emollient, thickening agent, and skin conditioning agent in various cosmetic formulations. The compound's ability to enhance the spreadability of products, provide a non-greasy feel, and improve the absorption of active ingredients makes it indispensable in skincare, haircare, and pharmaceutical applications. Its properties as a non-toxic, colorless, and odorless substance have made it a preferred choice among manufacturers. Additionally, IPM's role as a penetration enhancer in topical pharmaceutical formulations has expanded its application scope. The growing consumer awareness regarding personal grooming and increasing demand for high-quality cosmetic products has significantly boosted market growth.
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.
Global expansion of the Isopropyl Myristate Market is evident across regions, with significant growth observed in Asia-Pacific, particularly in countries like China and India. The region's large consumer base, growing urbanization, and increasing adoption of western beauty trends have created substantial market opportunities. Furthermore, the establishment of manufacturing facilities by key players in these regions has strengthened the supply chain and market presence.
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