April 03, 2020
According to the research report titled ‘Phenoxyethanol Preservatives Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024’, available with Market Study Report LLC, global phenoxyethanol preservatives market is expected to cross USD 150 million by the year 2024.
Surging popularity of specialty & online stores along with rising capita per income have enhanced the demand for home and personal care products which in turn is propelling the phenoxyethanol preservatives market growth. These preservatives are used in detergents, ointments and cosmetics to minimize the microbial growth, thereby increasing the shelf life of the product. Growing inclination towards using non-formaldehyde releasing preservatives is aiding the market expansion.
Burgeoning elderly population and rising penetration of international brands with quality products are fostering the demand for anti-aging cosmetics, in turn stimulating the industry outlook. However, increasing awareness pertaining to adverse effects of synthetic chemicals has impelled the demand for organic or natural cosmetics ingredients, thereby hindering the market growth.
As per product type, the report states that phenoxyethanol P25 preservatives market segment is expected to grow with a CAGR of 5% during 2019-2024. The growth is attributed to its extensive use in homecare products such as fabric detergents, liquid detergents and cosmetics.
Based on the application spectrum, home & personal care application segment is predicted to account for 45% revenue share of phenoxyethanol preservatives market by the year 2024. The product is used in medicines for treating Hemophilus influenza, hepatitis B, tetanus, pertussis and diphtheria as well as used as a topical antiseptic solution.
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Considering the geographical landscape, the report cites that Asia-Pacific phenoxyethanol preservatives industry is expected to generate USD 60 million by the year 2024, primarily due to rising adoption of the product in pharmaceutical and home & personal care products. Adding to this, growing cosmetic & personal care industry along with rising capita per income are augmenting the regional demand.
The prominent companies operating in phenoxyethanol preservatives market are Finetech Industry Ltd., Zhejiang Shengxiao Chemicals Co. Ltd., Penta Manufacturing Co., Liaoning Kelong fine Chemical Co. Ltd., Santa Cruz Biotechnology Inc., Lonza Group AG, Ashland Global Holdings Inc., Clariant AG, Galaxy Surfactants Ltd., Dow Dupont Inc., Akema Fine Chemicals SRL, Symrise AG, Schülke & Mayr GmbH and BASF SE.
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