Lanolin Market may surpass USD 450 million by 2024; according to a new research report.
Lanolin market is projected to witness growth on account of its usage in cosmetics and skin care products owing to its moisturizing property in most extreme temperatures. Its versatility, multifunctionality and natural sourcing makes it ideal for numerous applications including baby care and nipple cream, which may further stimulate product demand by 2024.
Rapid globalization has led to rise in disposable income, which has commanded incorporation of natural and safe ingredients, thus escalating product demand over the projected timeframe. Expanding cosmetic sector along with mounting need for natural products in order to reduce side effects of synthetic ingredients and adoption of healthy lifestyle by consumer have promoted lanolin market growth.
Growing product application in metal cutting fluids, bio lubricants, paper industry and anti-corrosive prodcuts will boost lanolin market. These products are eco-friendly and can be applied to automotive, household, industrial and electrical goods, thereby driving product demand.
Lanolin market from pharmaceuticals application is likely to surpass USD 120 million by 2024 owing to its anti-fungal & antibacterial properties along with low irritation potential. These products are also used in ophthalmic formulations due to its physiologically compatible emollience along with application as impregnating agent in surgical tapes. These factors are likely to foster industry growth in pharmaceutical application.
Lanolin market from baby care application is likely to witness gains of over 5% owing to its extensive usage to protect baby?s knees & skin along with healing rashes. Lanolin products are used to treat sore, crack & dry nipples which are caused by breastfeeding and is safe for the baby, thus driving product demand in forecast timeframe.
Lanolin market from industrial application anticipated to reach USD 40 million by 2024. These products can be used as rust preventers due to their excellent protection against ferrous metals. Other industrial application includes lubricants owing to its features of grease along with high tackiness to metals and strong lubricating property. It can be used as a cost efficient and anti-friction agent in technical process. These factors are likely to boost lanolin market by 2024.
Lanolin market is anticipated to increase owing to its biodegradability and nontoxic nature, thereby making them suitable substitute to minerals oils. These prodcuts are also used for conserving conduits, military hardware, pipelines, roofing tiles, machinery, plates, steel wire ropes, fabric and surfaces of wood, thus propelling product demand. Its high penetration potential makes them affective in rust treatment and prevention of automobile parts.
Impurities and left over may remain in the product owing to its difficult production process, which may cause health issues is likely to disturb industry profitability. Dependency on sheep wool for its commercial production may act as restraint and affect lanolin market price trends.
Global lanolin market share is highly competitive and moderately fragmented. Major players operating in this industry includes. Suru chemicals, Lubrizol, NK Chemicals, Lanotech, Rolex, Croda and WellMan. Companies are focusing on improving refining techniques in order to abolish toxicity issues along with using wool grease in organic & natural cosmetic will positively affect industry growth.