SEATTLE, June 17, 2019 /PRNewswire/ -- The global phenoxyethanol market was valued at US$ 159.0 Mn in 2018, and is projected to exhibit a CAGR of 5.2% over the forecast period (2019 – 2027), in terms of revenue.
Key Trends and Analysis of the Phenoxyethanol Market:
The global phenoxyethanol market is expected to witness substantial growth over the forecast period. This is attributed to increasing demand for phenoxyethanol in end-use industries such as cosmetics and personal care.
Phenoxyethanol is also used in home care products as a preservative. Increasing use of home care products due to growing hygiene awareness is expected to boost growth of the phenoxyethanol market over the forecast period.
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Moreover, phenoxyethanol is considered to be a substitute to parabens, which are commonly used preservative agents in personal care products but are proved to cause certain health issues. Therefore, phenoxyethanol is an effective alternative as a preservative, which is expected to propel its demand over the forecast period. For instance, according to the thesis titled 'New And More Sustainable Processes For The Synthesis Of Phenolics' published by University of Bologna in 2015, global production capacity of 2-phenoxyethanol is around 170,000 tons, annually.
However, health hazards caused by phenoxyethanol when used in higher concentration or for prolonged duration and availability of natural as well as synthetic alternatives to phenoxyethanol is expected to restrain the market growth
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Key Market Takeaways:
- The global phenoxyethanol market is expected to exhibit a CAGR of 5.2% during the forecast period in terms of revenue. Phenoxyethanol is used in various end-use industries such as pharmaceuticals, cosmetics & personal care, and others.
- Among applications, in 2018, the home & personal care segment accounted for the largest revenue share and contributed 31.8% in the global phenoxyethanol market. Moreover, the pharmaceutical segment was the second largest segment in the same year. Phenoxyethanol is also used in pharmaceutical products such as vaccines as a preservative. Therefore, significant growth in the pharmaceutical industry is expected to drive growth of the segment. For instance, according to a report, 'The Pharmaceutical Industry and Global Health' published by the International Federation of Pharmaceutical Manufacturers & Associations in 2017, the global pharmaceutical market is projected to reach US$ 1,430 Bn by 2020.
- Among regions, Asia Pacific held dominant position in the global phenoxyethanol market in 2018, in terms of revenue, followed by North America. North America phenoxyethanol market is expected to witness significant growth, owing to growing home care and personal care industry in the region. For instance, according to a report of American Cleaning Institute (October 2018), the cleaning products industry impacted the U.S. economy by US$ 59.1 billion in 2016.
- Key players operating in the global phenoxyethanol market include, DowDuPont Inc., BASF SE, Clariant AG, Air Liquide Group (Schulke & Mayr), Ashland Global Holdings Inc., Lonza Group Ltd., Penta International Corporation, Galaxy Surfactants, and Akema Fine Chemicals.
- The players operating in the market are focused on adopting strategies such as new product launches in order to enhance their market share. For instance, in October 2018, Dow Microbial Control, a business unit of DowDuPont Specialty Products, launched a new product line within its NEOLONE personal care preservatives portfolio. NEOLONE PHCG and NEOLONE PHBC phenoxyethanol-based preservatives are specifically designed for applications such as creams, face masks, shampoo, lotions, and wipes.
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