ALBANY, New York, January 18, 2018 /PRNewswire/ --
The global market for phenoxyethanol is highly competitive and has several large and small manufacturers spread across the globe, with China exhibiting a highly concentrated vendor landscape, observes Transparency Market Research in a recent report. While demand from homecare segment remains steady, demand from cosmetics products industry, which was one of the key consumers of phenoxyethanol in the past years, has dwindled recently as theories regarding the ill-effects of phenoxyethanol on human health continue to rise. To remain profitable in the scenario, companies need to put in extra effort to undertake detailed scientific studies and communicate results regarding the safety and efficacy of phenoxyethanol with customers.
According to TMR analysts, the global phenoxyethanol market, valued at US$170.3 mn in 2016, is projected to reach US$260.3 mn by 2025, expanding at a CAGR of 4.9% between 2017 and 2025.
China's Massive Production Capacity Help Asia Pacific Market Remain Strong
Asia Pacific leads the global phenoxyethanol market in terms of volume and value and accounted for more than 40% value share of the global phenoxyethanol market in 2016. Asia Pacific is also anticipated to remain the market leader over the forecast period, as China alone produces significant volumes of phenoxyethanol. In terms of product types, the segment of phenoxyethanol P5 presently leads owing to the rising demand for phenoxyethanol grades with low free-phenol content. High demand for phenoxyethanol P25 is also ascribed to the rising demand for phenoxyethanol grades for industrial coating applications such as additive in water-based coatings and architectectural coatings. Moreover, the rise in demand for phenoxyethanol from the inks and dyes industry is further propelling the phenoxyethanol P25 segment.
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Demand across Homecare Industry to Remain Key Growth Driver
Expenditure on discretionary products such as color cosmetics and eye makeup is rising due to increasing per capita incomes across developing economies and products are gaining wider access to international markets. Thus color cosmetics, such as gloss, eyeshadow, blush, lipstick, and compact powder, provide substantial growth opportunities to the phenoxyethanol market. Additionally, shift toward phenoxyethanol as an optimum alternative to formaldehyde donor preservatives is likely to boost the phenoxyethanol preservatives market. Besides this, development of several innovative phenoxyethanol-based cosmetic preservative blends are being considered a suitable alternative to traditional combination of parabens and other solvents.
The home care industry is also providing promising growth opportunities to the market as phenoxyethanol is used as a preservative in several cleaners due to its broad spectrum of antibacterial activities against gram-positive and gram-negative bacteria. Furthermore, there has been a promising rise in the usage of phenoxyethanol as an active pharmaceutical ingredient (API) in medicines. Furthermore, phenoxyethanol's to anaesthetize non-food fish (ornamental fish) during transport could also prove to be a promising growth opportunity for the market.
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Increased Demand for Natural and Organic Cosmetics to Challenge Growth Prospects
Despite non-toxic nature of phenoxyethanol, certain theories about its ill-effects, such as reproductive disorders, endocrine disruptions, and cancers, have led to concerns regarding its presence in personal care products. While a handful of studies have emerged in the past years studying any serious risks associated with the use of these substances to human tissues, their inconclusive nature has sparked a debate in scientific circles, making it a popular controversy. Further hype from the mass media has largely propagated the controversy, and consumers are increasingly shifting towards natural and organic cosmetic products. This could come as a blow to the market in the near future.
This assessment of the global phenoxyethanol market is based on a recent market research report by Transparency Market Research, titled "Phenoxyethanol Market (Product - Phenoxyethanol P5 and Phenoxyethanol P25; Applications - Personal care (Hair Care, Face and Body Care, Hygiene Products, Cosmetics, and Perfumes), Home Care, Pharmaceuticals, Inks and Dyes, Paint Additive, Architectural, and Industrial Coatings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025."
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For the study, the market has been segmented as follows:
Phenoxyethanol Market- Product Analysis
- Phenoxyethanol P5
- Phenoxyethanol P25
Phenoxyethanol Market- Application Analysis
- Paint Additive
- Architectural and Industrial Coatings
- Home Care
- Personal Care
- Hair Care
- Face and Body Care
- Hygiene Products
- Inks & Dyes
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