May 07, 2020
According to the research report titled ‘Lanolin Market Size By Application, By Downstream Potential Derivatives, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, global lanolin market is expected to cross USD 450 million mark by the year 2024.
Rising adoption of lanolin in cosmetics and skin care products due to its moisturizing properties is a major factor driving the market growth. Rapid globalization and improving per capita income have impelled the demand for natural and safe ingredients, which in turn is fueling the market size. Booming cosmetic sector, consumer inclination towards natural products to avoid harmful side effects of synthetic products and rising adoption of healthy lifestyle are stimulating the industry outlook.
Lanolin is extensively used in anticorrosive products, paper industry, bio lubricants and metal cutting fluids. These products are environment friendly and are used in electrical goods, household items and automotive sector.
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Nontoxicity and biodegradability associated with lanolin makes it an ideal substitute to mineral oils. It is applied to conserve surface of wood, fabrics, steel wire ropes, plates, machinery, roofing tiles, pipelines and military hardware. However, complex production process of lanolin result in leftovers and impurities in the final product, which in turn will hinder the market growth.
Based on the application spectrum, pharmaceutical segment is predicted to generate USD 120 million by the year 2024. Lanolin offers antibacterial and antifungal properties, hence is widely used in ophthalmic formulations.
Meanwhile, lanolin market share from baby care application is presumed to expand with a CAGR of 5% during 2018-2024. Increasing utilization of the product to protect baby’s skin, knees and for healing rashes are favoring the market outlook. It is also used to treat dry & sore nipples from breastfeeding.
Further elaborating on the application terrain, industrial segment is expected to be worth USD 40 million by the year 2024. Lanolin can be used a rust preventer owing to its exceptional resistance to ferrous metals. The product is also used as a lubricant due to its high cohesion to metals and superior lubricating properties.
The prominent companies operating in global lanolin market are WellMan, Croda, Rolex, Lanotech, NK Chemicals, Lubrizol and Suru Chemicals among others.