Global lanolin market is anticipated to cross US $450 million by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Lanolin is a naturally obtained product having excellent moisturizing properties. The product is extensively used in skin care & cosmetic products and is ideal for baby care products and as nipple cream as it is naturally sourced. The findings of the report suggest that multifunctionality and versatility of lanolin will augment the global market growth.
Rising awareness regarding the safety and use of natural ingredients along with increasing disposable income will augment lanolin demand in the upcoming years. Other factors contributing towards the market growth are expansion of cosmetic industry, preference for replacing synthetic ingredients with natural substances, and surging inclination for healthy lifestyle.
Lanoline finds application in varied fields such as bio lubricant, anti-corrosive products, paper industry and metal cutting fluids and can be administered to household, automotive, and electrical goods, owing to its eco-friendly nature. The product is non-toxic and biodegradable making it a viable substitute for mineral oils. It is also used in military hardware, roofing tiles, wood & fabric surfaces, pipelines, machinery, conserving conduits, steel wire ropes, and plates.
Based on the application spectrum, pharmaceutical segment of lanolin market is presumed to amass US $120 million by the year 2024. The product is known to have antibacterial and antifungal properties which reduces irritation. It is used in ophthalmic formulation for being an emollient and in surgical tapes for its impregnating properties.
Moreover, lanolin market from baby care application is expected to register 5% gains over the forecast period, owing to the usage of product in healing rashes, knees, and skin of babies. For mother care, the product is used to treat dry & sore nipples enabling safe and convenient breastfeeding experience.
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The industrial application segment of lanolin market is predicted to accrue US $40 million by the year 2024. The product has ferrous metal repellent properties making it useful rust preventer. Its application as lubricating agent as well as anti-friction agent will amplify the segmental growth.
However, the ineffectiveness of production process leading to the presence of unwanted leftovers and harmful impurities in the product will hamper the growth of lanolin market. Another factor impeding the market growth is the commercial dependence on sheep wool, cites the report.
The key players operating in the lanolin market include Lubrizol, WellMan, NK Chemicals, Rolex, Suru Chemicals, Croda, and Lanotech. These companies are constantly working towards improving the refining processes to address the issue of product toxicity.