Ocean View, Delaware, June 01, 2017 (GLOBE NEWSWIRE) —
Phenoxyethanol Preservatives Market size is set to cross USD 170 million by 2024 according to a new research report by Global Market Insights, Inc.
Cosmetics industry has flourished in the past few years with a robust growth rate which will accelerate the product market. The cosmetics segment is anticipated to grow with a CAGR of 6.9% in the forecast timeframe. Good toxicology profile makes the product a preferred preservative which will drive the product market in various end-use industries. Active ingredient delivery systems are on the rise, which has improved the product market. The ban of paraben preservatives in many regions has brought phenoxyethanol into spotlight.
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The increased expenditure on personal hygiene and product innovations has upscaled the demand for liquid detergents. The reduced prices resulting from increased competition has also escalated the demand for liquid detergents. Increased applications and advanced technologies in the chemical industry will boost the phenoxyethanol preservatives market. These factors will allow the manufacturers to explore the niche market in emerging economies, thereby, propelling the product market.
International bodies such as European Economic Community, Cosmetic Toiletry Fragrance Association, USA, U.S. Pharmacopoeia, British Pharmacopoeia and Japanese Ministry of Health and Welfare have approved and recognized phenoxyethanol as an effective preservative.
However, due to the stringent government regulations, the approval process for preservatives can be time-consuming and expensive. The use of natural preservatives can put pressure on the product market. Some of the naturally occurring preservatives are neem seed oil, tea tree oil, grapefruit seed extract, etc.
Browse key industry insights spread across 120 pages with 137 market data tables & 11 figures & charts from the report, “Phenoxyethanol Preservatives Market” in detail along with the table of contents:
The product is also used to preserve food which can be an opportunity for the food & beverage industry competitors to explore the product market. The rising concerns of skin sensitization call for a need to develop effective preservative blends in the market, which will augment the market growth. The product market has broadly two variants that are widely used, phenoxyethanol P5 and phenoxyethanol P25. The market for phenoxyethanol P25 is likely to cross USD 30 million in 2024.
The pharmaceuticals category is projected to grow at a significant rate and is estimated to surpass USD 30 million in 2024. In inks, glycol ether is used for the free flow of resins pigment. Due to the antibacterial properties, the product is widely used in home care and beauty products such as detergents, shampoos, cosmetics, etc. It is used as a fixative in perfumes and a solvent for dyes, resins and inks.
Owing to the high consumption and significant expenditure on beauty products, Brazil will record a rising trajectory in terms of product market growth. In Europe, the demand of the product will be driven by the competitive pharmaceutical sector as it represents a major source of growth of the economy.
Some of the major contributors in the product market include BASF SE, Jiangsu Jiafeng Chemical Co., Ltd., Clariant Corporation, Galaxy Surfactants Ltd., Sigma-Aldrich Co. LLC, Akzo Nobel N.V., Liaoning Kelong Fine Chemical Co., Ltd., Dow Chemical Company, etc.
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