The size of phenoxyethanol preservatives market was anticipated as 100 million tons in the year 2017 and is predicted to touch 170 million tons till 2024, rising with a CAGR of 6% between the years 2017 to 2024 as per the research done by Global Market Insights, Inc.
Global phenoxyethanol preservatives market will be driven by home & personal care products such as cosmetics, detergents, perfumes and ointments by 2024. The prevalent trend of paraben-free compounds usage will further propel the market in the coming years. The cosmetics segment is expected to have gains up to 6.9% CAGR in the forecast period. The increased consumer spending on product innovations and personal hygiene has fostered the demand of liquid detergents. The price reduction owing to the augmented competition has also intensified the demand for liquid detergents.
The increasing popularity for using non-formaldehyde discharging preservatives has also boosted growth of the product market. The wipes market has observed a surge of innovative formulations, which acts as a budding market for the new industry participants in preservatives. Advanced technologies and augmented applications in the chemical industry is likely to propel the phenoxyethanol preservatives market.
However, the product market might witness several factors hindering its growth in the near future. The product is likely to cause dermatitis, allergic reactions and skin irritation. Food and Drug Administration (FDA) has declared warnings regarding the toxicity associated with the product ingestion by infants. The protocols in European Union and Japan allow product concentration of 1% w/w for use in cosmetics.
International regulatory bodies like Cosmetic Toiletry Fragrance Association-USA, European Economic Community, Japanese Ministry of Health & Welfare, British Pharmacopoeia and U.S. Pharmacopoeia have recognized phenoxyethanol as an operative preservative. Yet, due to the severe government regulations, the process of approval involved in the phenoxyethanol preservatives can otherwise be expensive and time-consuming. Moreover, the natural preservatives such as tea tree oil, neem seed oil, grapefruit seed extract and others act as substantial alternatives to the product market.
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In 2024, the phenoxyethanol P25 segment is expected to surpass USD 30 million. The growing consumer focus towards skin sensitization will further propel the market growth.
In 2024, the pharmaceuticals category is probable to surpass USD 30 million. Glycol ether find usage in attaining the free flow of resin pigments in inks. The product is probable to witness demand from the beauty products and home care such as shampoos, detergents, cosmetics, etc., for its antibacterial properties.
Latin America led by Brazil is likely to observe substantial growth trends in the forecast period which is mainly attributed to the higher regional consumer spending on the beauty products. In Europe, demand for phenoxyethanol preservatives will be mainly driven by the flourishing regional pharmaceutical sector, on account of higher investments in research and development by the government.
Key market players are: Jiangsu Jiafeng Chemical Co., Ltd., Akema Fine Chemicals, BASF SE, Santa Cruz Biotechnology, Inc., Schülke & Mayr GmbH, Clariant Corporation, Symrise AG, Sigma-Aldrich Co. LLC, Penta Manufacturing Company, Lonza Group, Galaxy Surfactants Ltd., Akzo Nobel N.V., Dow Chemical Company, Liaoning Kelong Fine Chemical Co., Ltd., etc.