New product launches is the key strategy adopted by the leading players in the care chemicals market. This strategy accounted for a share of 44% of all growth strategies between 2015 and 2016. The rising demand for care chemicals is due to its increased application in the personal care industry, especially for color cosmetics. Besides expanding in different regions, the companies have invested in increasing their production capacities, growing their distribution networks, and enhancing their R&D operations. Expansions and R&D each accounted for a share of 15% of all the growth strategies adopted by players in the care chemicals market between 2015 and 2016.
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The lifestyle and consumer preferences change within a short period of time. The product life cycle of a particular fragrance is becoming shorter, due to the increase in competition among manufacturers to diversify their product portfolios. Traditional fragrances such as rose, jasmine, and lavender still occupy significant market share; however, consumers continue to demand new fragrances, which has led to the conception of many new essences such as wood, chocolate, and vanilla. These fragrances are being introduced in consumer products such as soaps, deodorants, and shampoos. With the evolving consumer preferences, manufacturers are driven to introduce products with diverse fragrances.
Active ingredients for cosmetics is another fast-growing segment due to the accelerating demand for sun protection, anti-aging, and skin whitening creams. The rise in global warming and increase in temperature is affecting the skin epidermal layer. The harmful radiations from the sun destroy the epidermal layer leading to water loss and dryness in skin, thus, destroying the cell and further causing pigmentation disorder, skin cancer, wrinkles, blemishes and the sun burns among others. To protect the skin from such effects, people are getting more conscious of using a variety of products to treat their skin and avoid such situations of their skin getting damaged with the environmental effects. There is a surge in use of sun protection products with a variety of options to suit every skin’s need. From varying SPF (sun protection factor) to additional benefits like pigmentation control, the sun protection products are gaining momentum.
Clariant AG (Switzerland), BASF SE (Germany), and Sun Chemicals Corporation (U.S.) carried out the maximum number of strategic developments between 2015 and 2016. In November 2016, Clariant AG launched Vivsonic and Vivtroze, a highly effective UVB filter to be used in cosmetic ingredients. In May 2015, Clariant AG launched a natural Plantasens, moisturizer that would help formulators in providing treatment for different skin types. With an increasing preference for natural ingredients, the product will help strengthen the company's skin care segment.
Sun Chemical Corporation (U.S.) is another active player in the care chemicals market. In October 2016, the company launched a new SunSHINE Mystic Black Pearlescent Pigment at in-cosmetics Latin America. The new pigment could be used to create bold formulations for lipsticks, mascaras, eyeliners, eye shadows, and nail polish. This has helped the company to expand its product portfolio.
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BASF SE (Germany) is focused on strengthening its foothold in the care chemicals market through facility expansions. In October 2016, the company announced the construction of a new plant for the production of Vitamin A in Ludwigshafen, Germany. This expansion will increase the total vitamin A production capacity by 1,500 metric tons. Vitamin A produced by BASF is widely used in the cosmetic industry. In October 2015, BASF announced to expand its waxes and emollients production capacity, by constructing a new plant at Shanghai, China. This will help the company cater to the rising demand of personal care and cosmetic products in Asia-Pacific.
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