Octocrylene Market: Overview and Dynamics
Octocrylene is an organic compound used in sunscreens and cosmetics as an ingredient. It is an ester that is formed by the chemical reaction of 3, 3-diphenylcyanoacrylate with 2-ethylhexanol.
Octocrylene is a viscous, colorless, sticky, clear liquid. It serves as a protective compound against UV radiation in the skin and it also protects against direct damage to DNA. Sun-emitted UV radiation can be neutralized and skin damage caused by longer sun exposures can be mitigated by the application of sunscreens with Octocrylene as ingredient.
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Octocrylene is an oil-soluble, sunscreen chemical that protects skin from UVB and UVA II with a peak absorption capacity of 304 nm. Its protection is not good enough on its own, but it is very photo-stable (loses only 10 percent SPF protection in 95 minutes) and is typically used for stabilizing other photo-unstable UV filters such as Avobenzone. It also aids in improving the water resistance of the final products.
Octocrylene has been reviewed by the Food and Drug Administration (FDA) and allowed to use it as an active ingredient in Over-the-counter (OTC) sunscreen medicaments at concentrations up to 10%.
As an FDA approved active ingredient, Octocrylene finds its uses in sunscreen and is proven to be safe and effective when used in concentrations up to 10%. Moreover, in Canada, Octocrylene is permitted to be used in concentrations up to 12%.
Moreover, Octocrylene has extensive market penetration in personal care and pharmaceutical industries. Over the past half-decade market has observed a higher single digit growth rate and maintained a positive stance in personal care industry.
In FY2020, companies channeling the product have a faced a huge dismay owing to the demand contraction from the personal care industries. All in all, normalization of the consumer habits is set to provide a domino effect to the personal care industry which further acts on Octocrylene market.
Over the medium-term, Companies are set to experience greater demand from the Asia Pacific due to diverse consumer behavior and purchase habits over personal care products.
This phenomena is set to shift the overall supply chain towards the region to reap the economies of density benefits over long-run. Owing to the aforementioned factors, personal care industry growth is set to bolster the demand for the Octocrylene market.
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COVID-19 Impact Insights of Octocrylene Market
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This in result has disrupted almost every market and Octocrylene market has also been affected largely.
Personal care and cosmetics sector was badly hit but the market would witness a V-shaped Rebound in the coming years. Usage of mask and gloves had impacted this industry as a result demand for these products declined a lot.
The market is expected to regain its growth once the things get back to normal. Strict lockdown measures taken by countries in the North-America and Europe region would impact this market at large as this region accounts for more than 40% of the global demand.
However, these lockdowns were not properly implemented in many countries leading to a spike in the overall active cases in the region. It is almost a year since the first strain of COVID-19 was detected and now there are news stating that, the COVID-19 strain is mutating.
For instance, recently a newer strain of COVID-19 which was found in UK led to numerous passenger and cargo flights being cancelled, from and to UK so as to prohibit the transmission of the newer strain in the destination countries.
This has led to multiple newer forms of weekly lockdowns and further deteriorating the supply chain flow which just seemed to have been started in a phased manner.
Although, reopening of the industries has opened the gates to the manufacturers to supply Octocrylene. On the other side of the COVID implications coin, Tier-2 manufacturers are struggling to manufacture and channel the product in the market owing to the higher marginal loss and partial demand from the market. Considering the aforementioned factors, market is set to resuscitate completely by Q3 of FY2021.
Octocrylene Market: Key Players
Octocrylene market seems to be a highly consolidated market. Big players in the market account for more than 60% of the overall market demand. The major market players in Octocrylene Market are Frutarom Ltd, Abbott, Becton Dickinson, Fujirebio, Hologic, Exact Sciences, ID Biomedical, Himalaya, Novacap.
Companies are following organic strategies like expansion, companies are moving to developed countries by setting up their plants. Companies expect that they will be able to leverage the bigger population, growing middle class and increased health awareness among the younger generation in developing countries.
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However, certain restriction on cosmetic products containing chemicals which harms the oceanic organisms, effects the balance sheet of these companies as they will have to spend in research and development again so as to verify the above mentioned claims and come up with modified products which removes the banned ingredient, but retains the effect it had in the product.
The research report presents a comprehensive assessment of the Octocrylene Market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The Octocrylene Market report provides analysis and information, according to market segments such as geographies, product type, material type and end-use.
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