Polysorbate Market Expected to Reach $1.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polysorbate Market," The polysorbate market was valued at $0.8 billion in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

Polysorbate refers to a family of amphipathic, nonionic surfactants that are derived from ethoxylated sorbitan. Further, ethoxylated sorbitan is emulsified with fatty acids to produce synthetic polysorbate. It can also be derived from other sources such as plants and animals.

Increase in severity of diseases has led the pharmaceutical sector to witness a significant growth where polysorbates are widely used as an excipient for drug formulation purposes. This is the key polysorbate market trend. In addition, increase in awareness toward skincare, beauty, and lifestyle has surged the demand for personal care & cosmetic products where polysorbate is widely used to produce various cosmetic formulations. These factors are predicted to contribute to the polysorbate market growth. However, health-related disorders associated with the use of polysorbate are expected to hamper the growth of the market during the forecast period.

On the contrary, the emergence of deadly contagious diseases such as cancer, HIV/AIDS, tuberculosis, and others have led the manufacturers to produce highly efficient medicines where polysorbate is widely used in in the oncology setting for chemotherapy, supportive care, or prevention. This is anticipated to increase the sales of polysorbate; thus, creating lucrative opportunities for the polysorbate industry.

The polysorbate market analysis is conducted on the basis of segments including source, grade, end use, and region. By source, the market is segregated into plant, animal, and synthetic source. The synthetic segment dominated the global market in terms of revenue in 2021, with 42.13% of the total share. This is attributed to the fact that synthetic-based polysorbate is widely utilized as a surfactant in soaps and detergents, as a lubricant in eye drops, and as a non-caking agent in food industries.

By grade, the market is divided into polysorbate 20, polysorbate 40, polysorbate 60, and polysorbate 80. The polysorbate 60 segment dominated the global market in terms of revenue in 2021, with 39.11% of the total share. This is attributed to the fact that polysorbate 60 is widely used as an emulsifier agent in producing various food items such as desserts, baked goods, and imitation dairy products. Moreover, polysorbate 60 is used as a thickening agent in various cosmetics and skin formualtions.

By end use, the market is divided into food & beverage, pharmaceuticals, cosmetics and personal care, and others. The cosmetics and personal care segment dominated the global market in terms of revenue in 2021, with 36.3% of the total share. This is attributed to the fact that polysorbate creates more aesthetically pleasing texture when added to various lotions and creams. This has led the key cosmetic manufactuers to use polysorbate for producing various creams. This factor is further boosting the growth of the polysorbate market.

Region-wise, the polysorbate market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific polysorbate market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major polysorbate market share in 2021, owing to the rising cosmetics, pharmaceutical, paints & coatings, cosmetics and personal care, and other sectors have enhanced the performance of the polysorbate in the Asia-Pacific region.

China's cosmetics is increasing rapidly which in turn has enhanced the effectiveness of the polysorbate used to produce various cosmetics formulations. Also, countries such as India and Australia are witnessing a rapid increase in cosmetics and personal care sectors where polysorbate are used to prevent the absorption of water and thus resist the formation of agglomerates in various cosmetic products such as shampoos, sun protective lotions, medicated ointments, and others.

Key players operating in the global polysorbate market include Aceto, Alfa Aesar, BASF SE, Croda International Plc, Estelle Chemicals Pvt. Ltd., Evonik Industries AG, Guangdong Huana Chemistry Co., Ltd., Lanxess, Matangi Industries, Merck KGaA, Mohini Organics Pvt. Ltd., Niram Chemicals, Otto Chemie Pvt. Ltd., TCI America, and Venus.

COVID-19 impact analysis

The polysorbate market was negatively impacted due to the wake of COVID-19 pandemic. However, the polysorbate market is recovering rapidly due to its increased dependency over pharmaceutical other sectors. For instance, according to an article published by Financial Express, the Indian pharmaceutical industry registered a growth of 15% in 2021, and is expected to grow at an average annual growth rate of 18.6% by 2025. This is expected to enhance the performance of the polysorbate market during the forecast period.

Key findings of the study

• By source, the synthetic segment is anticipated to register the highest CAGR of 5.5% during the forecast period.
• By grade, the polysorbate 60 segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.7% from 2021 to 2031.
• By end use, the pharmaceutical segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.6% from 2021 to 2031.
• By region, Asia-Pacific garnered the highest share of 43.8% in 2021, in terms of revenue, growing at a CAGR of 9.9%.