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Global Myristyl Palmitate Market Size, Trends, and Analysis - Forecasts To 2026 By Application (Cosmetics, Pharmaceutical, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Myristyl palmitate is a palmitic acid wax ester used in the manufacturing of pharmaceuticals and products for personal care. Myristyl palmitate is also known as palmitate acid. Palmitic acid is a naturally occurring saturated fatty acid which acts as an exceptional emollient in microorganisms, plants, and animals. Myristyl palmitate is a solid that has a high melting point, is white to yellowish, and is insoluble in water. Myristyl palmitate in personal care products is used in SoL products, hair damaging agents, and sun-screening agents, among others. Palmitic acid is, as the name implies, the main component of oil found in meat milk products such as coconut oil, cheese, palm oil, and butter.
The raw materials used in the manufacturing of myristyl palmitate include palmitic acid, wax ester, as well as other petroleum-based products. Demographic diversity is significantly influenced by the rate of consumption of myristyl palmitate. Changing demographics and revenue patterns in the worldwide personal care products or cosmetics industry would build opportunities for the global market of myristyl palmitate over the forecast era. The growth of the pharmaceutical companies, which will influence demand for myristyl palmitate in the upcoming years, has resulted in globalization, rising populations, and changing demographics.
Moreover, increasing efforts in textile end-uses or among consumers for attractive garments, curtains, and creative products demand cleaning agents, i.e., surfactants and detergents. Changes in eating patterns, age-related disease patterns, and changes in day-to-day activities are anticipated to maintain major factors leading to growing demand from the pharmaceutical sector, which will serve as key factors for the global market for myristyl palmitate over the forecast era.
During the forecast era, the cosmetics segment is anticipated to boost at a high CAGR, due to the rising use of myristyl palmitate in cosmetic products. Myristyl palmitate is used as a foaming agent in the cosmetics industry and is penetrated. Myristic Acid and its salts and esters can be used in nail care products, soaps, and detergents hair care products, shaving products, eye shadow, and other skincare products.
The North American region is the prominent business shareholder in the anticipated time frame in terms of revenue. A trend in the cosmetic industry is one of the main factors driving the market growth. Moreover, the manufacturing of pharmaceutical products will reinforce the robust growth of the region's market. Furthermore, it is projected that the Asia-Pacific region will grow at a significant CAGR pace over the coming years. In emerging countries such as India and China, the shift in lifestyle preferences is generating demand from the cosmetics industry.
Larodan AB, Wilmar Trading Pte Ltd., Mosselman S.A., Zhonglan Industry Co. Ltd., Merck KGaA/ Sigma-Aldrich Corporation, among others are the prime competitors that compete in the market.
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2020, ABITEC Corporation acquired Larodan AB research grade lipids and analytical capabilities to better serve the pharmaceutical, dietary and industrial markets.
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The Global Myristyl Palmitate Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Myristyl Palmitate Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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