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Global Phenoxyethanol Market was evaluated at US$ XX Bn in 2019 and is projected to exhibit a CAGR of 5.1 % to grasp the market value of US$ 176.34 Bn till 2028.
Phenoxyethanol is a pale, oily and clear fluid that is used in various applications such as cosmetics, serums, and medicinal products as a preserving agent. Phenoxyethanol is obtained by the chemical reaction between phenol and ethylene oxide at raised pressure and heat. Phenoxyethanol is required to preserve body care and cosmetics products for a longer duration.
Growing home and personal care products market as a result of the rising expenditure capability, increasing penetration of the internet and e-commerce is the major factor driving the growth of the market
Growing per capita earnings, existence of huge young customer pool and initiation of e-commerce in developing countries are the major factors for mounting requirement for home & body care products. This upsurge in the cosmetics, home and personal care products is propelling the phenoxyethanol market in the course of the assessment period. Phenoxyethanol is extensively used as preserving agent in house care and beauty products such as ointments, detergents, cosmetics, etc. Moreover, with the modern tendencies observed in the fashion industry that is the application of color make-ups and eye make-up has amplified all over the world. This has ensued in the mounting acceptance of the products.
Furthermore, continuously growing requirement for beauty products, together with the necessity to guard them against bacterial development and increase their shelf life. The chemical is used in several products such as lipsticks, water-based skin creams, eye make-up, scents and deodorants, and nail polish removers is an important factor anticipated to accelerate the growth of the phenoxyethanol market. Besides, mounting implementation of phenoxyethanol by numerous industry verticals such as paints & coatings, healthcare, soap, pharmaceuticals, etc. is also anticipated to propel the expansion of this market.
Increasing requirements for secure and paraben-free beautifiers had compelled cosmetics companies to spend more in research and development projects. Phenoxyethanol preservative mixtures offer more reliable efficiency which makes it suitable for numerous makeups materials while adhering to the stringent standards. These inclinations are anticipated to proceed and propel market expansion for the duration of the evaluation period.
However, strict government rules related to the application of phenoxyethanol is anticipated to hinder the growth of the phenoxyethanol market. Phenoxyethanol is a potential allergen, and excessive exposure to it may induce diarrhea, vomiting, which will result in less acceptance of related beautifiers, body care commodities, etc., thus restricting the growth of the market. Moreover, the growing customer issues over synthetic beautifying elements have provided acceleration to the requirement for natural or organic options, and this could obstruct the expansion of the phenoxyethanol market in the upcoming years.
Phenoxyethanol P5 is anticipated to observe the rapid development
In terms of product, the market is divided into phenoxyethanol P5 and phenoxyethanol P25. Phenoxyethanol P5 exhibits a significant CAGR in the course of the assessment period as it is a premium grade preserving agent with phenol amount smaller than 5 ppm, making it a favored alternative for cosmetics companies.
Higher phenol amount can be poisonous for humans so phenoxyethanol P25 is mostly favored as a solvent or plasticizer in numerous water based manufacturing and architectural coatings. Therefore, with growing construction works and industrial improvement projects, the demand of phenoxyethanol is probable to heighten in forthcoming years.
Based on application, the phenoxyethanol market is divided into home & body care, medicines, inks and dyes, and others. Home & body care segment holds the maximum share of the overall market as this subdivision consist of domestic cleansers, cosmetics, scents and creams.
North America is projected to dominate the global phenoxyethanol market for the interval of the projection period
North America market is anticipated to lead in the phenoxyethanol market with maximum market stake, and is estimated to proceed with its supremacy in the course of the assessment period. This is accredited to existence of prominent phenoxyethanol companies and constantly rising demand for body care products across the region, and utilization of phenoxyethanol in several applications such as paint additives, dyes and ink, etc.
The European region market estimates for the next biggest income portion in the global phenoxyethanol market trailed by markets in the Asia Pacific region, Latin America, and the MEA region sequentially. The market in the Asia Pacific region is predicted to manifest the most eminent CAGR in terms of income, owing to expanding requirement for home care products and the adoption of phenoxyethanol as a preserving agent in medical and skin care industries in developing countries.
Key players functioning in the global phenoxyethanol market are Thor Personal Care, Akema Fine Chemicals, Ashland Global Holdings, Clariant AG, Lonza Group AG, Galaxy surfactants, Dow Dupont, Schülke & Mayr GmbH, BASF SE, and Symrise AG.
Global Phenoxyethanol Market, by Product Type
- Phenoxyethanol P5
- Phenoxyethanol P25
Global Phenoxyethanol Market, by Application
- Home and body care
- Dyes and inks
Global Phenoxyethanol Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa