Homosalate Market: Overview and Dynamics
Homosalate is basically an organic ingredient, used in making many sunscreens. Formed by the Fischer–Speier esterification of salicylic acid with 3, 3, 5-trimethylcyclolohexanol, it is an important cosmetic ingredient.
The salicylic acid part of Homosalate absorbs ultraviolet rays within the range of 295 nm to 315 nm and protects the skin against sun damage. It is thereby used as a chemical ultraviolet filter and finds its presence in over 45 percent of the U.S. sunscreens.
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The trimethyl cyclohexane functional group is hydrophobic in nature, which provides greasiness effect and prevents it from dissolving in water. Homosalate degrades quickly (loses 10 percent SPF protection in 45 minutes) when exposed to higher UV light which makes it comparatively less effective by itself. However, being a liquid, it is used to dissolve other sunscreen agents that are hard to solubilize, such as the renowned Avobenzone.
Further, Homosalate 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 ingredient at concentrations up to 15%. In certain regions such as Japan and European Union, there are restriction in place to limit the usage of Homosalate in cosmetics with concentrations up to 10%.
However, in Canada, Homosalate has been restricted to be used in any cosmetics as it is considered to be toxic and harmful to humans. Also, it is suspected to be environmentally toxic, so the sustainability of Homosalate would be the question of concern. Although Homosalate usage is imitated in a few regions, it continues to grow with a higher rate in response to demand of beauty and skincare products.
Sunburn and skin cancer are the major causes prompting the use of cosmetics thereby leading to a rise in the use of Homosalate which is a vital ingredient in sunscreens, foundations and moisturizers among others.
Although Homosalate is suspected to be an endocrine disruptor as per certain research studies, it is to some extent expected to inhibit the growth of the Homosalate market.
Major demand from millennial and generation Z has been seen in the prevalence of sun care creams with anti-ageing and SPF benefits, which has accelerated the growth of sunscreen industry and in-turn leading to the development of Homosalate market.
Attributed to the ever-increasing cosmetic industry in developed as well as developing countries, Homosalate market is expected to grow at a higher CAGR in the upcoming years.
COVID-19 Impact Insights
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This has disrupted almost every market and Homosalate market has also been affected largely.
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COVID-19 pandemic has presented massive disruptions in the demand-supply equilibrium across multiple industries, leading towards economic losses at a global level.
The plant shutdowns in Europe, Asia and North America in the second quarter of 2024, along with the move towards work from home culture has reduced the consumption of skin-care and beauty products leading to a drop in overall production cosmetics and in turn of Homosalate.
Moreover, 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 Homosalate. 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.
Segmentation Analysis of Homosalate Market
The global Homosalate market is classified majorly into three segments: by function, application and region.
On the basis of function, Homosalate market has been segmented as follows:
- Skin Conditioning
- UV absorber
- UV filter
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On the basis of application, Homosalate market has been segmented as follows:
- Sport and beach sunscreen
- Moisturizer
- Makeup primer
- Lip balm
- Hair treatment /serum
- Fragrance body spray
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