Isopropyl Myristate Market Size, Share, By Grade (Pharmaceutical Grade, Cosmetic Grade, Industrial Grade), By Application (Emollient, Solvent, Lubricant, Plasticizer, Other Applications), By End-Use Industry (Cosmetics & Personal Care, Pharmaceuticals, Food & Beverage, Chemical Industry, Other Industries), and By Region - Trends, Analysis and Forecast till 2034

Isopropyl Myristate Market Size was valued at USD 83.21 Million in 2024 and is expected to reach USD 168.76 Million by 2034, growing at a CAGR of 7.32%

Isopropyl Myristate is a chemical compound that serves as an ester for isopropyl alcohol and myristic acid. Being a good emollient, solvent, and lubricant, this molecule has applications in cosmetics, pharmaceuticals, and industrial applications. The rapidly growing demand for high-performance chemicals as multifunctional ingredients in personal care products and novel drug delivery systems has substantially increased the market for isopropyl myristate. IPM, in this regard, is to provide skin and hair care products with a smooth feel, lightweight, and therefore less greasy. This is the main reason it adds to the formulation of lotions, creams, sunscreens, and conditioners.

On top of that, it also works as a solvent because it dissolves and stabilizes active ingredients in cosmetic and pharmaceutical formulations. Used as a lubricant and plasticizer in industrial applications, isopropyl myristate helps improve machinery performance and flexibility in plastics. Few of the prominent drivers for the global isopropyl myristate market are the increasing consumer awareness of personal grooming and skincare, expansion in the pharmaceuticals industry, and increased demand for multifunctional and sustainable ingredients. However, it also faces several key challenges, such as raw material price volatility, strict regulatory standards, and alternative ingredient availability.

                             To Know More, Request Free Sample Report

Key Drivers of Target Market:

Growing Demand in the Cosmetics & Personal Care Industry

• The global rise in consumer awareness regarding personal grooming and skincare has significantly boosted the demand for isopropyl myristate (IPM) in cosmetics and personal care products. Its superior emollient properties and ability to improve the texture and absorption of skincare formulations make it a preferred ingredient in lotions, creams, and makeup products. Additionally, the trend towards non-greasy and lightweight formulations is driving its adoption in a wide range of products, from sunscreens to anti-aging creams.

Expansion of the Pharmaceutical Industry

• The pharmaceutical industry's growth, especially in the topical and transdermal drug delivery sectors, is a major driver for the isopropyl myristate market. IPM is widely used as a penetration enhancer in topical formulations, improving the efficacy of drugs by facilitating better absorption through the skin. The increasing prevalence of skin diseases and the demand for advanced drug delivery systems further fuel the demand for IPM in pharmaceutical applications.

Restrains:

Volatility in Raw Material Prices

• The production of isopropyl myristate relies on the availability of raw materials like isopropyl alcohol and myristic acid, which are subject to price volatility due to fluctuations in the global supply chain. Any disruptions in the supply of these raw materials, such as those caused by geopolitical tensions or natural disasters, can lead to increased production costs, impacting the profitability of manufacturers and potentially restraining market growth.

Opportunities:

Innovation in Product Formulation    

• The demand for innovative and differentiated products in cosmetics and pharmaceuticals creates opportunities for developing new formulations incorporating isopropyl myristate. For instance, the rise of clean beauty, organic products, and multifunctional formulations can drive the development of IPM-based products that meet evolving consumer preferences. Collaborations between IPM manufacturers and product developers to create tailored solutions can lead to new market segments and increased demand.

The market is segmented based on Grade, Application, End-User, and Region.

Grade Insights:

• Pharmaceutical Grade: Pharmaceutical grade isopropyl myristate (IPM) is of the highest purity and quality, specifically formulated for medical and therapeutic applications. It is primarily used as a drug delivery enhancer, improving the absorption of active pharmaceutical ingredients through the skin. Due to its non-toxic and hypoallergenic properties, this grade is essential in topical formulations like creams, gels, and ointments. Stringent regulations govern its production to ensure it meets the required safety and efficacy standards for medical use.
• Cosmetic Grade: IPM is widely used in cosmetics and personal care due to its excellent emollient properties. It provides a smooth and non-greasy feel to skin and hair products, enhancing their sensory attributes. This grade suits formulations like lotions, creams, sunscreens, and hair care products. It also acts as a solvent and helps disperse pigments in color cosmetics. While not as pure as pharmaceutical grade, cosmetic grade IPM still adheres to specific industry standards to ensure safety and performance.

·       Industrial Grade: Industrial grade IPM is used in various industrial applications where the highest purity is not required. It serves as a plasticizer in the production of plastics, a lubricant in metalworking, and a solvent in chemical processes. This grade is more cost-effective and can tolerate minor impurities that are inconsequential in non-medical and non-cosmetic applications. Its usage is governed by different regulatory standards that ensure it meets the safety and functionality requirements for industrial purposes.

Application insights:

• Emollient: Isopropyl myristate is extensively used as an emollient in both pharmaceutical and cosmetic formulations. It softens and moisturizes, making the skin feel smooth and hydrated without leaving a greasy residue. Emollients are critical in products like lotions, creams, and moisturizers, where they improve the skin's texture and barrier function. In the pharmaceutical industry, emollients like IPM enhance the topical absorption of drugs, aiding in effective transdermal delivery.
• Solvent: IPM is employed in various formulations to dissolve active ingredients, enhancing the stability and effectiveness of products. Its role as a solvent is particularly important in the pharmaceutical industry for topical and transdermal drug delivery systems, where it helps dissolve hydrophobic drugs. In cosmetics, it assists in the dispersion of pigments in products like foundations and lipsticks, ensuring even application. Its chemical stability and compatibility with other ingredients make it a versatile solvent across multiple industries.
• Lubricant: In industrial applications, isopropyl myristate functions as a lubricant, reducing friction between surfaces in metalworking and machinery operations. Its low viscosity and high spreadability make it an efficient lubricant, offering smooth operation without causing wear and tear on equipment. In cosmetics, it is a lubricant in formulations like shaving creams, providing a smooth glide on the skin, reducing irritation, and improving the overall shaving experience.
• Plasticizer: IPM is used in the chemical industry, particularly in producing flexible plastics. It enhances plastic materials' flexibility, durability, and workability by reducing brittleness and improving the plastic's handling properties. This application is crucial in manufacturing products that require specific mechanical properties, such as films, sheets, and molded parts. Its role as a plasticizer is essential in maintaining the structural integrity of these products during their lifecycle.
• Other Applications: Beyond its primary applications, IPM finds usage in other areas such as food processing, where it serves as a solvent for flavoring agents, and in agrochemicals as a carrier for active ingredients. Its versatility as a multifunctional compound makes it valuable in niche applications across various industries. For example, in the food and beverage industry, it can be used in food-grade lubricants, while in textiles, it serves as a finishing agent to impart softness and reduce static.

End-Use Industry insights:

• Cosmetics & Personal Care: The cosmetics and personal care industry is the largest consumer of isopropyl myristate, which is utilized in many products, including skincare, haircare, and makeup. Its emollient properties make it a popular ingredient in lotions, creams, and sunscreens, providing a lightweight, non-greasy feel. Additionally, it acts as a solvent and dispersing agent in color cosmetics, ensuring even application and enhancing product performance. The demand for IPM in this industry is driven by the growing consumer preference for high-quality, practical, and sensorially appealing products.
• Pharmaceuticals: In the pharmaceutical industry, IPM is crucial as a penetration enhancer in topical and transdermal drug delivery systems. It facilitates the absorption of active pharmaceutical ingredients through the skin, making it essential to form creams, ointments, and gels. Its non-irritating and non-toxic nature makes it suitable for medicinal use, particularly in dermatological applications. The increasing demand for advanced drug delivery systems and the rise in skin-related disorders are key factors driving the use of IPM in pharmaceuticals.
• Food & Beverage: While not a primary application, isopropyl myristate is used in the food and beverage industry as a solvent for food flavorings and a lubricant in food-grade machinery. It ensures the smooth operation of equipment without contaminating the food products, adhering to strict safety and hygiene standards. Additionally, its role in the processing and packaging of food products contributes to the overall production efficiency and quality. The use of IPM in this industry is governed by regulatory standards that ensure consumer safety.
• Chemical Industry: The chemical industry utilizes IPM in various applications, including as a plasticizer for producing flexible plastics and as a solvent for chemical reactions. Its chemical stability and compatibility with other compounds make it a valuable component in the synthesis and manufacturing of chemicals. The demand for IPM in this sector is driven by its role in enhancing the properties of chemical products, improving their performance, and expanding their application range.
• Other Industries: Beyond the primary end-use sectors, IPM finds applications in industries such as textiles, agrochemicals, and automotive. In textiles, it is used as a finishing agent to improve the feel and appearance of fabrics. In agrochemicals, it acts as a carrier for active ingredients, enhancing their efficacy. It serves as a lubricant and plasticizer in various components in the automotive industry. Its versatility and multifunctionality make it a valuable ingredient across these diverse industries.

Regional insights:

• North America: North America is a significant market for isopropyl myristate, driven by the robust demand from the cosmetics, personal care, and pharmaceutical industries. The presence of major industry players, coupled with the growing consumer preference for high-quality and innovative products, propels the market in this region. Additionally, the regulatory framework that ensures the safety and quality of IPM-based products further supports market growth. The U.S. and Canada are the key contributors, with a strong focus on research and development in product formulation.
• Europe: Europe is another prominent market for isopropyl myristate, with a strong presence of cosmetics and pharmaceutical companies. The region's stringent product safety and environmental sustainability regulations drive the demand for high-quality IPM. Countries like Germany, France, and the UK are at the forefront of innovation in cosmetic formulations, further boosting the market. Additionally, the growing trend towards organic and natural cosmetics in Europe creates opportunities for IPM as a preferred ingredient due to its skin-friendly properties.
• Asia Pacific: The Asia Pacific region is experiencing rapid growth in the isopropyl myristate market, driven by the expanding cosmetics and personal care industry, particularly in countries like China, Japan, and South Korea. The rising disposable income, increasing urbanization, and growing awareness of skincare and beauty products fuel the demand for IPM in this region. Additionally, the pharmaceutical industry in Asia Pacific is growing, with a focus on innovative drug delivery systems that require IPM as a key ingredient. The region's dynamic economic landscape and increasing consumer base make it a significant market for IPM.
• Latin America: Latin America is an emerging market for isopropyl myristate, with increasing demand from the cosmetics and pharmaceutical industries. Countries like Brazil and Mexico are seeing a rise in the consumption of personal care products, driven by the growing middle-class population and increasing awareness of beauty and skincare. The region's favorable regulatory environment and the presence of local manufacturers also contribute to market growth. Additionally, the expanding chemical industry in Latin America creates opportunities for IPM in various industrial applications.
• Middle East & Africa: The Middle East and Africa region presents growth opportunities for the isopropyl myristate market, particularly in cosmetics and personal care. The region's rising disposable income, increasing urbanization, and growing demand for premium skincare and beauty products drive the market. Countries like the UAE, Saudi Arabia, and South Africa contribute to this growth. The region's pharmaceutical industry is also developing and focusing on innovative formulations that utilize IPM. The region's unique economic and demographic factors make it a promising market for IPM in the coming years.

Isopropyl Myristate Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Grade, Application, End-User, and Region.

Segmentation:

By Grade:

• Pharmaceutical Grade
• Cosmetic Grade
• Industrial Grade

By Application:

• Emollient
• Solvent
• Lubricant
• Plasticizer
• Other Applications

By End-User:

• Cosmetics & Personal Care
• Pharmaceuticals
• Food & Beverage
• Chemical Industry
• Other Industries

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Isopropyl Myristate Market include BASF SE, Croda International Plc, Akzo Nobel N.V., Evonik Industries AG, Ashland Global Holdings Inc., KLK OLEO, Emery Oleochemicals, Vantage Specialty Chemicals, Stearinerie Dubois, Oleon NV, Sisco Research Laboratories Pvt. Ltd., Brenntag AG, Tokyo Chemical Industry Co., Ltd. (TCI), Esters and Solvents LLP, Musim Mas Holdings Pte. Ltd.

                     To Access More Companies, Download Free Sample PDF

• In June 2024, Several key manufacturers announced expansions of their production capacities to meet the growing demand for isopropyl myristate, particularly in the cosmetics and pharmaceutical sectors. For instance, a leading chemical company in Asia Pacific increased its production of IPM by 20% in response to rising consumer demand in the region. This expansion is part of the company's strategy to strengthen its market position and cater to the increasing need for high-quality ingredients in personal care products.
• In June 2024, manufacturers have been developing eco-friendly versions of isopropyl myristate in response to the growing trend towards sustainability. In June 2024, a European company launched a new line of IPM derived from renewable plant-based feedstocks. This product meets the increasing consumer demand for sustainable and naturally derived ingredients in cosmetics and personal care products. The company is marketing this new IPM as a "green" alternative with reduced environmental impact compared to traditional petrochemical-based IPM.

• BASF SE
• Croda International Plc
• Akzo Nobel N.V.
• Evonik Industries AG
• Ashland Global Holdings Inc.
• KLK OLEO
• Emery Oleochemicals
• Vantage Specialty Chemicals
• Stearinerie Dubois
• Oleon NV
• Sisco Research Laboratories Pvt. Ltd.
• Brenntag AG
• Tokyo Chemical Industry Co., Ltd. (TCI)
• Esters and Solvents LLP
• Musim Mas Holdings Pte. Ltd.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Grade
  • Market Snippet, By Application
  • Market Snippet, By End-User
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, By Grade, Forecast Period up to 10 Years, (USD Mn)

• Overview
  • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Pharmaceutical Grade
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Cosmetic Grade
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Industrial Grade
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (USD Mn)

• Overview
  • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Emollient
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Solvent
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Lubricant
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Plasticizer
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Other Applications
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By End-User, Forecast Period up to 10 Years, (USD Mn)

• Overview
  • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Cosmetics & Personal Care
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Pharmaceuticals
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Food & Beverage     
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Chemical Industry
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Other Industries
  • Overview
  • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Mn)

• Overview
  • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (USD Mn), By Grade, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (USD Mn), By Grade, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (USD Mn), By Grade, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (USD Mn), By Grade, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (USD Mn), By Grade, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• BASF SE
• Croda International Plc
• Akzo Nobel N.V.
• Evonik Industries AG
• Ashland Global Holdings Inc.
• KLK OLEO
• Emery Oleochemicals
• Vantage Specialty Chemicals
• Stearinerie Dubois
• Oleon NV
• Sisco Research Laboratories Pvt. Ltd.
• Brenntag AG
• Tokyo Chemical Industry Co., Ltd. (TCI)
• Esters and Solvents LLP
• Musim Mas Holdings Pte. Ltd.

The Last Word

• Future Impact
• About Us
• Contact