Rising disposable income coupled with transformation of distribution channels towards specialty & online retailers are the major factor contributing towards personal and home care products growth. This in turn will positively influence the phenoxyethanol preservative market demand by 2024. The product is used as preservatives in cosmetics, ointments & detergents to reduce the microbial growth which results in greater shelf life. Phenoxyethanol preservative has showed good compatibility with most cosmetics, exceptional stability in extreme conditions, along with this upward trend towards the use of non-formaldehyde releasing preservatives will contribute towards overall product market growth. Globally, Japan is among the major markets of cosmetics & personal care products with USD 13.2 billion of sales in 2016. Japanese spends around USD 220 per capita annually on cosmetics which is higher than the U.S. and France. Increasing presence of international brands providing quality products along with rising geriatric population will escalate the anti-aging cosmetics demand. These factors all together will bolster the market in forecast time period.
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Rising demand for natural & organic cosmetics ingredients due to increasing awareness among consumers regarding adverse health effects of synthetic chemicals will hinder the . Phenoxyethanol preservative market growth by 2024.
The global phenoxyethanol preservatives market has been bifurcated into two products namely phenoxyethanol P5 and phenoxyethanol P25. These products are segregated based on the free phenol content in the phenoxyethanol preservatives. In terms of revenue, phenoxyethanol P25 preservatives will witness growth with over 5% CAGR in future. This is owing to its widespread application in home care products such as liquid detergents, fabric detergents and in some cosmetics products as well.
Home & personal care, pharmaceutical are the major application segment of the product. The other minor applications includes metal working fluids, plasticizers, industrial & architectural coatings, slurring compound, etc. The home & personal care segment includes cosmetics, perfumes, household detergents & ointments and will capture more than 45% revenue share of the entire segment by 2024. Phenoxyethanol preservatives are also used in medicines used for curing diphtheria, pertussis, tetanus, hepatitis B, Haemophilus influenzae, etc. besides this it is also used as topical antiseptic solution.
Asia Pacific will generate the revenue of more than USD 60 million in future due to extensive usage of the product in home & personal care and pharmaceutical applications. With increasing real income and aggressive marketing strategies adopted by leading cosmetics manufacturer coupled with upward penetration of cosmetics & personal care products catapulting the regional phenoxyethanol preservative demand.
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Schulke & Mayr GmbH, Clariant AG, Akema Fine Chemicals, Dow Dupont, BASF SE, Galaxy surfactants, Lonza Group AG, Symrise AG, Ashland Global Holdings, Thor Personal Care, etc. are some prominent players in phenoxyethanol preservative industry.