Increasing disposable income in Indonesia, Thailand and Philippines is expected to drive ASEAN cosmetic chemicals market. Major chemicals used in cosmetics include ammonium lauryl sulphate, formaldehyde and mineral oil/waxes. Large scale cosmetics production in Thailand and Philippines is expected to further benefit the cosmetic chemicals market over the forecast period. ASEAN Cosmetics Directive is a regulatory policy aimed at harmonizing regulatory schemes and to standardize cosmetics industry in the region. Such regulation to regularize a largely unregulated regional market is expected to further complement the market growth over the next six years. Volatile raw material prices are expected to pose challenges to market participants in terms of profitability and pricing. Increasing awareness regarding usage of bio-based chemicals as a substitute to synthetic chemicals in cosmetics is expected to yield opportunities to market participants.
Vietnam is expected to hold immense opportunities to market participants owing to change in government regulations regarding foreign investments. Growing personal care products demand coupled with such favourable regulations in Vietnam is expected further complement the market in terms of production. Thailand is a major producer of cosmetics in the region. Presence of various multinational cosmetics manufacturers such as Nivea, Amway and Colgate coupled with increasing number of local manufacturers in Thailand is expected to have a positive impact on the market growth over the next six years.
Growth of cosmetics industry in Philippines can be attributed to increasing demand for personal care, skin care and deodorants. Major cosmetics companies with production facilities in Philippines include Avon Cosmetics Inc., Procter & Gamble and Unilever. Increasing cosmetics production coupled with growing cosmetics in Philippines are expected to favourably impact the ASEAN cosmetic chemicals market over the forecast period. Growing demand for skin care products in Singapore is expected to further drive the ASEAN cosmetic chemicals market. The market in Malaysia is expected to witness moderate growth over the forecast period. Malaysian market is expected to be hindered by slow economic growth and sluggish export trade.
Some of the major companies operating in the ASEAN cosmetic chemicals market include Union Intraco, Tinnakorn Group, Brenntag Ingredients, Kao Commercial Co. Ltd., Islandwide Corp., Euro Chemicals Inc. and Sensient Technologies Corporation.
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