Isopropyl Myristate Market Analysis

Isopropyl Myristate Market Analysis

Based on form, the isopropyl myristate market is segmented as liquid and solid. Liquid held a majority market value of USD 45.2 million in 2022. Liquid IPM is widely used in personal care products like lotions, creams, and makeup products due to its excellent emollient and lubricating properties. Liquid IPM is used as a solvent and carrier in various pharmaceutical formulations, including topical creams and gels. Moreover, an increasing usage will further accelerate the segmental growth.
 

Based on purity, the isopropyl myristate market is segmented as high, medium, low. High purity held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace by 2032. High purity IPM is preferred in pharmaceutical applications, especially in drug formulations and topical preparations. Its high quality and low impurities make it suitable for use in sensitive medical products.
 

Based on application, the market is segmented as skincare products, haircare products, cosmetics, pharmaceutical formulations, industrial applications. Pharmaceutical formulations held a dominant market share in 2022 and is anticipated to grow significantly through 2032. IPM's ability to act as a solubilizer and enhance the penetration of active ingredients makes it suitable for use in topical pharmaceutical formulations such as creams, ointments, and gels. Thus, the high-quality services and growing usage of isopropyl myristate are anticipated to expedite the business growth.
 

U.S. dominated the North American region with majority isopropyl myristate market share and a revenue of USD 17 million in 2022 and is anticipated to expand at a significant pace from 2023-2032. North America has a well-established personal care and cosmetics industry with a highly aware and discerning consumer base. The demand for premium skincare and cosmetic products, which often contain IPM as an ingredient, contributes to the overall demand for IPM in this region.