Ethylhexyl Triazone Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Ethylhexyl triazone demand is likely to recover in mid-2021 owing to a combination of myriad, yet interconnected factors. As Ethylhexyl Triazone is used in sunscreen products, demand from the cosmetics segment will continue to create opportunities for market players. However, concerns related to potential side of chemical-based cosmetics mean that market share will be lost to organic based products.
Demand for ethylhexyl triazone is likely to recover from previous slump in 2020 owing to resumption in economic activities. However, a complete recovery will be a long haul, in sync with broader, macroeconomic factors.
Application in Sunscreen Products to Provide Steady Momentum
As UV rays from the sun affect the epidermis of the skin which is the upper layer, sunscreen products remain a preventive mechanism. Major organic pollutants including Polycyclic Aromatic Hydrocarbons, Volatile Organic Compounds, Particulate Matter, Cigarette smoke, etc. cause skin ageing, skin cancer, psoriasis and acne, thus severely impacting the skin. A recent study done in South Korea on chronic eczema patients found that ambient air pollution had an adverse effect on these patients.
Although COVID-19 restrictions meant that outdoor activity was severely restricted, demand for sunscreen products is likely to remain steady in the long run. This is likely to provide sustained momentum to ingredient suppliers, including ethylhexyl triazone.
COVID-19 Impact on Ethylhexyl Triazone Demand
Tourism activities witnessed a huge decline in 2020 due to covid-19 pandemic. Outdoor activities saw a major decline due to transport ban and lockdown in many countries. However, the demand of biodegradable use of ethylhexyl triazone is likely to improve in the coming years.
As per OECD Policy Responses to Coronavirus, the decline was estimated up to 60-80% in international tourism. According to data published on World Tourism Barometer published in July 2020, The lockdown led to 98% decline in global tourism. UNWTO states 2020 as “the worst year in the history of tourism”. It estimates 74% fall in tourism activities and slow recovery rate till 2022.
UK and Spain have forecasted a decline in tourism by 45-50% in 2020. As the countries such as France contributes 7.4% of GDP, Greece 6.8%, Iceland 8.6%, Mexico 8.7%, Portugal 8.0% and Spain 11.8%, on tourism, the impact of tourism on economy is significant.
US Travel Association shows as per analysis by Tourism Economics, travel industry witnessed a decline of -81% in April in US, travel spending saw a moderate growth to -39% in December 2020. Since the beginning of March till the end of 2020, US suffered 492$ billion loss in tourism economy which is huge.
Significant decrease in tourism was witnessed in Asia Pacific too. The decline reached in negative including -13.5% in Indonesia, -10.9% in China, -10% in Vietnam, -9% in Thailand, etc. as per statista.
The data signifies the hamper in tourism activities which directly or indirectly restrains the sales of cosmetic market too.
Ecological Impact of Sunscreen Products Can be a Deterrent
According to MDPI, extensive use of sunscreen is an environmental hazard as it contaminates the water. Sunscreen comprise of organic and inorganic compounds which adversely affect the aquatic species in the water. Approximately, 25% of sunscreen applied on the skin washes off with water and impact the life of aquatic species drastically. The affect may cause negative impact on the sales of ethylhexyl triazone in the long run.
Prominent manufacturers of ethyhexyl triazone market include Coskin Specialities, Georges Walther, Aurocos Speciality Chemicals, Kyowa Chemical Industry, Qingdao Jade New Material Technology, BASF, etc.
BASF SE closed the acquisition of polyamide business from Solvay on January 31, 2020. As per the press release from BASF, The transaction was made to broaden BASF’s polyamide capabilities with innovative and well-known products such as Technyl. It enables the company to support its customers with better engineering solutions. The transaction helps the company to broaden its business in North and South America and Asia.
Pharmceris have a launched a special protection cream. The cream is a blend of broad spectrum anti-UVA/UVB/HEV/IR filters which reduces the flow of a broad spectrum of harmful sunrays penetrating into the skin. The SPF 100+ cream provides intense protection and helps in formulating optimum moisture and lipid levels in the skin.
In June 2019, Shenzhen Xingshengdi New Material Co. Ltd. used the plastic additives for producing 5G base stations for telecommunication companies. The company developed UV absorbers capable of stabilizing plastics against the UV radiations.
Asia Pacific is expected to lead the market during the forecast period. The market for ethylhexyl triazone is attributed towards increasing pollution and awareness regarding healthy and conscious lifestyle among youth. As consumers are becoming more aware about hygiene and care for their skin, the demand for skin friendly products is likely to surge. As, digital media has become a new place for marketing, Companies are moving towards it for reaching the local audience. As China is the second largest cosmetics market, demand for cosmetic products grew upto 30% in 2020. According to the article published by mondaq.com, a new regulation by China under PRC regulations for Cosmetics Supervision and Administration, regulatory changes in quality, safety and efficacy, animal testing etc. may benefit the cosmetic industry.
According to cosmeticseurpe.eu, European cosmetics and personal care market is largest in the world. Germany with the valuation of 14 billion Euros remains the most lucrative market followed by France with 11.4 billion Euros, UK ranging in 10.7 billion Euros, Italy with 10.5 billion Euros, Spain with 10.5 billion Euros and Poland with 4.1 billion Euros. Investment from outside the European Union in research and development and developing intangible assets like brands are contributing towards good economic growth during the forecast period.
In Japan, Tokyo is at higher level in cosmetic sector as per jcia.org. The growth in spending on cosmetic went up and down in 2018 of about 35,412 yen. The imports and exports from Japan have been remarkably growing in recent years leading to its significant contribution towards the cosmetic sector.
According to data from Ministry of Economy, Brazilian being the third largest economy, its products are exported to 174 countries. In previous year, the demand showed a surplus growth in hair care, skin care products and sun lotions.
As the beauty boom in America is decreasing, people are preferring clean and natural skin over makeup. The sales in skin care witnessed a significant growth as skin care has become a topic of importance. As ethylhexyl triazone is not approved in US but is used for increasing the efficacy of some products, the demand is expected to remain moderate in the country.
By Product Type
Use of ethylhexyl triazone as a UV absorber continues to be a key driver for use in various cosmetics.
Qingdao Jade New Material Technology, Coskin Specialities, Georges Walther, Kyowa Chemical Industry, BASF, Aurocos Speciality Chemicals, etc.
US, UK, France, Italy, Spain, and Germany are among the most lucrative markets for ethylhexyl triazone.
Oil soluble absorbent and UV absorber are the two main applications.
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