ALBANY, New York, September 13, 2016 /PRNewswire/ --
The revenue generated by the global selenium sulfide market stood at US$27.5 mn in 2015 and is anticipated to reach US$35.6 mn by 2024, registering a 2.9% CAGR therein. The demand for selenium sulfide is estimated to rise at a modest 2.2% CAGR from 2016 to 2024.
The global market for selenium sulfide is extremely consolidated in nature and the top four companies accounted for nearly 60% of the total market in 2015. Transparency Market Research has found that these players, namely Abcr GmbH, Alfa Aesar, Wockhardt, and Fagron, are focusing on the Middle East and Africa region as well as Asia Pacific as an investment opportunity to expand their footprint and increase their share in the global selenium sulphide market. Mergers and acquisitions also form a successful growth strategy, as identified by TMR. A case in point would be Fagron. Based in the Netherlands, the company acquired US-based Anazao Health in May 2015 to strengthen its position in the U.S. market through a large customer base and an improved supply-chain network.
Growing Demand for Personal Care Products in Emerging Economies to Spur Demand for Selenium Sulfide
Based on product type, selenium sulfide with a 99.0% purity held the leading share in the global market in 2015, accounting for more than 70% that year. The segment dominates the market by demand as well as revenue. However, in terms of revenue, selenium sulfide with a 99.99% purity level is projected to register a CAGR of 15.4% from 2016 to 2024, higher than that of selenium sulfide 99.0%.
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By application, the selenium sulfide market is characterized by the near-complete dominance of the personal care industry. The veterinary medicines segment is forecast to witness slow growth from 2016 to 2024 owing to the lack of awareness in emerging economies. Asia Pacific leads the global selenium sulfide market, accounting for an estimated share of just over 57% in 2016. Asia Pacific is also projected to witness significant growth by value and volume throughout the forecast period.
Carcinogenic Properties of Selenium Sulfide Present Cause for Concern
The growing demand for specialized hair care products, especially in developing economies, is a key factor driving the global selenium sulfide market. "For instance, consumers in countries such as Brazil, Mexico, Argentina, Thailand, Malaysia, the Philippines, India, and China have been opting for hydrating and anti-dandruff shampoos," the TMR analyst finds.
The demand for specialized hair care products and various grooming and personal care products is driven primarily by the rising disposable incomes of consumers in these countries. "The surge in income has had a significant impact on their lifestyle, which bores well for the cosmetics and personal care industry," the author states. This, in turn, propels the selenium sulfide market across the globe.
In contrast, the carcinogenic properties of selenium sulfide have compelled several governments to impose strict regulations for their use in personal care products. This acts as a major deterrent to the growth of the selenium sulfide market.
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Emerging Economies Hold Dominant Share in Global Selenium Sulfide Market
The global market for selenium sulfide has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific accounted for the leading share in the selenium sulfide market in 2015 due to the increasing demand for personal care products and cosmetics in the region. Rapid growth in population and an increase in disposable income are positively impacting the lifestyle and buying preferences of consumers. This, in turn, is boosting the personal care industry in the region.
Rising awareness about veterinary care in Asia Pacific, coupled with an increase in the usage of veterinary medicines, is also expected to drive the APAC selenium sulfide market in the near future. The region is anticipated to maintain its dominance during the forecast period, led by rapid growth in emerging economies such as China, India, Thailand, and Singapore. China is the leading consumer of selenium sulfide-based products in the world; the country accounts for more than 50% share of the total consumption in Asia Pacific.
Latin America is anticipated to be one of the key regions for selenium sulfide-based products in the global selenium sulfide market due to the constant increase in demand for hair care products in the region. Brazil accounts for a share of more than 10% in the global hair care product consumption.
Browse Regional Market Analysis: http://www.europlat.org/global-selenium-sulfide-market.htm
This review is based on the findings of a TMR report titled "Selenium Sulfide Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Selenium Sulfide Market - Product Analysis
- Selenium sulfide 99.0%
- Selenium sulfide 99.99%
Selenium Sulfide Market - Application Analysis
- Personal care
- Veterinary medicine
Selenium Sulfide Market - Regional Analysis
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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