Isopropyl Myristate Market Size

Isopropyl Myristate Market Size

Isopropyl Myristate Market size was valued at around USD 70.7 million in 2022 and will grow at a CAGR of 7.5% from 2023 to 2032. IPM is widely used in the personal care and cosmetics industry as an emollient, lubricant, and thickening agent. It helps improve the texture and spreadability of creams, lotions, and other cosmetic products. The growth in the cosmetics and personal care sector contributes significantly to the demand for IPM. IPM is employed as a lubricant and solvent in various industrial processes, including the manufacturing of plastics, resins, and waxes. The growth of industrial sectors can impact the demand for IPM.

IPM is utilized in various pharmaceutical formulations, such as creams, ointments, and topical gels, due to its excellent solubility and skin penetration properties. The expanding pharmaceutical industry, driven by increasing healthcare needs and research, leads to a rise in IPM demand.
 

The availability and pricing of raw materials used in the production of IPM can impact its overall cost. Fluctuations in raw material prices or shortages can put pressure on manufacturers, affecting the stability and profitability of the IPM market. Like many chemicals, IPM may be subject to environmental and regulatory scrutiny. The IPM market faces competition from other esters and alternative ingredients that offer similar functionalities in personal care, pharmaceutical, and industrial applications. Thus, the high-end pricing and risks associated with Isopropyl myristate may drive down the acceptance rate, further hampering the business growth.