New York, Feb. 24, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Phenoxyethanol Preservatives market was valued at USD 131.6 Million in 2019 and is expected to reach USD 203.5 Million by the year 2027, at a CAGR of 5.6%. Phenoxyethanol preservatives prevent any biological activity by conjoining with the bacterial cell wall. As a result, it is highly effective against gram-positive and gram-negative bacteria. These antimicrobial properties against mold formation, bacteria, and yeast are expected to be one of the factors propelling the growth of the global market in the coming years. Phenoxyethanol is used in manufacturing as preservative blends by adding it to other preservatives such as capryl glycol, ethylhexylglycerin, or hexylene glycol. There have been observations that though microorganisms can adapt to any environment, they are unable to adapt to the presence of phenoxyethanol preservatives, which is a factor contributing to the high demand for these preservatives from the cosmetics industry.
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Blended preservatives attain properties such as compatibility with proteins and nonionic compounds, low toxicity, and stability under heat and can act effectively against bacteria. They can be used for a more extensive pH range and are suitable for leave-on and rinse-off applications. Moreover, their effective antifungal properties can lead its usage in hair care, makeup, sun protection, and skincare products. Phenoxyethanol preservatives are further used in the production of personal care and cosmetics such as ointments, detergents, cosmetics, and perfume owing to the approval for its usage as a preservative in many beauty product formulations.
The demand for cosmetics is high in countries such as China, Japan, and India, is estimated to propel the regional markets. The purchase of beauty products is high in Korea due to the rapid urbanization, the rise in disposable income of the working class, and the change in consumer preferences. With the presence of several companies involved in the production of phenoxyethanol preservatives, the Asia-Pacific region will witness considerable growth throughout the predicted period. Europe region held a significant market share in 2019 owing to well-established cosmetics markets in the France, Germany, and Italy. Consequently, the high approval costs and presence of substitutes may hamper the market growth.
Further key findings from the report suggest
- As of 2019, phenoxyethanol P5 is the leading type segment of the global phenoxyethanol preservatives This segment is projected to register the fastest growth with the highest CAGR of 5.2% during the forecast period due to its rising preference in cosmetics end-use applications
- The phenoxyethanol P25 type phenoxyethanol preservatives segment has also shown the significant growth trend in 2019 and is expected to maintain the position during the forecast period
- The home & personal care application of phenoxyethanol preservatives accounted for the most significant market share in of 46.2% in 2019. It is projected to maintain its lead with a significant CAGR during the forecast period
- The pharmaceuticals application segment is the fastest-growing segment, registering the highest CAGR of 6.4% followed by the home & personal care segment which held the chief position in the phenoxyethanol preservatives market
- The Asia-Pacific region accounted for the most significant market share of 38.4% in 2019. This region is proposed to remain the dominant regional segment with a significant CAGR during 2020-2027. The China country is the fastest-growing economy, which is projected to drive the global phenoxyethanol preservatives market.
- Both North America and Europe regions are forecasted to show significant growth over the coming years
- Key participants include BASF SE, Schülke & Mayr GmbH, Symrise AG, Akema Fine Chemicals S.r.l., Dow Dupont Inc., Galaxy Surfactants Ltd., Clariant AG, Ashland Global Holdings Inc., Lonza Group AG, Santa Cruz Biotechnology, Inc., Liaoning Kelong Fine Chemical Co. Ltd., Penta Manufacturing Company, Zhejiang Shengxiao Chemicals Co. Ltd., Thor Personal Care SAS, and Finetech Industry Limited among others
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For the purpose of this report, Reports and Data has segmented the Phenoxyethanol Preservatives market on the basis of type, application, and region:
Type (Revenue, USD Million; Volume in Tons, 2017–2027)
- Phenoxyethanol P5
- Phenoxyethanol P25
Application (Revenue, USD Million; Volume in Tons, 2017–2027)
- Home & Personal Care
- Cosmetics
- Perfumes
- Detergents
- Ointments
- Pharmaceuticals
- Dyes & Inks
- Others
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Regional Outlook (Revenue in USD Million; Volume in Tons, 2017–2027)
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- A.E
- South Africa
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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