Functional Oils — Personal Care and Cosmetics
The global personal care industry is valued at over $150 billion in revenues with the skin care and hair care segments representing almost 50% of the total global market. While the overall personal care market is estimated to be growing at a healthy 5% per annum, sales of natural products are growing at an average annual rate of 15%, three times faster than the overall market.
An aging and affluent population with increasing anti-aging and wellness needs is a key fundamental driver of growth. Other key trends include a increasing consumer preference for personal care products that are more "natural" and demand by formulators for innovative raw materials that will provide enhanced functional or performance benefits to consumers.
Skin care products typically contain ingredients known in the industry as moisturizers or emollients whose function is to soften and soothe the skin by filling cracks and spaces in the skin surface to provide it with a smooth feel. Emollients can also offer moisture preserving or occlusive benefits and often also add structure to a formulation. These important products are key ingredients used in the production of lotions, hair care products, lipsticks and other cosmetics.
Emollients, commonly waxes, oils and esters, are evaluated for function and "aesthetics" or feel. Dry, as opposed to oily or greasy, feel is preferred. Some emollients, primarily petrolatum (also referred to as petroleum jelly) and mineral oils, provide moisturization benefits by forming a film on the skin surface and holding moisture in the skin that would otherwise evaporate.
Currently, no low cost emollient exists that provides both the benefits of moisturization and good feel. Further, synthetic products like petrolatum (a petroleum-based wax) have fallen out of favor as consumers demand more natural products. Elevance has demonstrated the ability to manufacture an emollient from natural oils that provides moisturization and good feel, a combination that the industry wants but previously could not get in a single, naturally derived ingredient.
Elevance has established a partnership with Dow Corning Corporation, a leading supplier of premium ingredients to the Personal Care industry, to commercialize our novel emollient technology globally. Formulators now have access to an exciting product family of emollients that will:
- Provide moisturization without the unpleasant, greasy feel of petrolatum and mineral oil (both petroleum-based),
- Avoid health concerns surrounding petrolatum,
- Be naturally derived and
- Compatible with other components in personal care formulations.
In addition, Elevance's metathesis technology offers the opportunity to produce other novel personal care products that cannot be efficiently produced through other manufacturing processes, and we will continue to collaborate with leaders in the industry to realize the potential from our technology.
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