19th December 2019 – Global Lanolin
Market is expected to reach USD 227.7 million by 2024. Lanolin is also
termed as wool grease or wool wax. It is a yellow-colored, viscous semi-solid
fat secreted by the sebaceous glands of wool-bearing animals. It is used as a
raw material for the processing of enhanced anti-oil, senior soap, rheumatism
ointment, cream, zinc oxide adhesive plaster, and lip balm. It is a long-chain
waxy ester that comprises cholesterol, but with a dissimilar composition than
human sebum. The Lanolin Market is estimated to grow at a significant CAGR of
5.0% over the forecast period as the scope and its applications are rising
enormously across the globe.
Rapid urbanization and presence of
international cosmetic brands, growing demand for personal care products, rise
in pharmaceutical sector, and high disposable income are documented as major
factors of Lanolin Market that are estimated to enhance the growth in the years
to come. However, growth in bio-based alternatives and strict government policy
for protection of animals may restrain overall market growth in the coming
years. Lanolin Market is segmented based on application and region.
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The market may be categorized based on
applications like industrial, personal care cosmetics, pharmaceuticals, baby
care products, and others. The personal care & cosmetics sector accounted
for the substantial market share of Lanolin and is estimated to lead the
overall market in the upcoming period. Also, pharmaceutical sector is estimated
to grow at the fastest pace in the years to come.
Globally, Asia Pacific accounted for the
substantial market share of Lanolin and is estimated to lead the overall market
in the upcoming period. The reason behind the overall market growth could be
high demand from cosmetics & personal acre manufacturers and expansion of
pharmaceutical and healthcare industries. The developing countries like India
and China are the major consumers of Lanolin in the coming years.
Instead, North America and Europe are
also estimated to have a positive influence on the future growth. North America
is the second largest region with significant market share. This may be because
of rise in pharmaceutical and cosmetic sector. However, Europe is estimated to
grow at the fastest pace in the foremost period.
The key players of lanolin industry are
Wellman Advanced Materials, Lanotec, NK Ingredients, The Lubrizol Corporation,
Nippon Fine Chemical, Yixin Chemical Co., Croda International, Orthochem,
Zhejiang Garden Biochemical High-Tech, and Nanjing Duoyuan Biochemistry. These
players are concentrating on inorganic growth to sustain themselves amongst
fierce competition.
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