SELBYVILLE, Del., April 10, 2019 /PRNewswire/ -- The phenoxyethanol preservatives market is predicted to hike from USD 110 million in 2018 to over USD 150 million by 2024, according to a 2019 Global Market Insights Inc. report. Increasing spending capacity, digital engagement and shifting of the distribution network from traditional channels to e-commerce have resulted in the growth of personal and home care products, in turn affecting the growth of the phenoxyethanol market in a positive manner.
Increasing awareness regarding the hazards posed from synthetic cosmetic ingredients along with the adaptation of healthier lifestyles by consumers has given rise to the demand for organic or natural cosmetics products. This will certainly obstruct the growth rate of the phenoxyethanol preservatives market in the near future.
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Phenoxyethanol P5 preservatives shows a compounded annual growth rate of around five percent from 2019 to 2024 owing to its extensive usage in cosmetics and personal care products. This is due to its lower phenol content and higher purity factor of this grade. A large base of young consumers across emerging economies will further propel the phenoxyethanol preservatives market growth over the forecast time spell.
Pharmaceutical segment shows a significant growth of about 5.5% CAGR by the end of the forecast time period. Phenoxyethanol demand in this sector is anticipated to increase due to its extensive usage in medicines and vaccines used to treat hepatitis B, polio, diphtheria, tetanus and Hemophilus influenzae. It is used as primitive anti-microbial agents as well as topical antiseptic solutions and with new health welfare schemes implemented in developing countries, the product demand is likely to escalate in coming years propelling the overall phenoxyethanol preservatives market growth rate.
Browse key industry insights spread across 207 pages with 224 market data tables and 28 figures and charts from the report, "Phenoxyethanol Preservative Market Size By Product (Phenoxyethanol P5, Phenoxyethanol P25), By Application (Home & Personal Care [Cosmetics, Perfumes, Detergents, Ointments], Pharmaceuticals, Dyes & Inks), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024," in detail along with the table of contents:
Phenoxyethanol preservatives market will show a decent growth rate in North America due to the prevalent presence of end-use industries such as home & personal care, pharmaceutical and other industries such as paints & coatings. The region held about a 20 percent share of the overall market in 2018. FDA approval for use of phenoxyethanol as preservatives up to a concentration of one percent has resulted in a tremendous boost for the market.
Some of the key players in the global phenoxyethanol preservatives market are BASF SE, Clariant AG, Akema Fine Chemicals, Schülke & Mayr GmbH, Dow Dupont, Galaxy surfactants, Ashland Global Holdings, Lonza Group AG, Symrise AG, Thor Personal Care, etc.
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Phenoxyethanol Preservative Market Size worth $150mn by 2024
Pharmaceutical segment in the phenoxyethanol preservative market shows a significant growth of about 5.5% CAGR by the end of the forecast time period.
SOURCE Global Market Insights Inc.