The Global Phenoxyethanol Preservatives Market is projected to reach around US$ 294 Millions by the end of 2030, in terms of revenue, growing at CAGR of 6.5% during the forecast period (2023-2030).
Global Phenoxyethanol Preservatives Market: Drivers
Increasing demand for hopusehold cleaners
Growing demand for household cleaners such as stain removers, dishwashing liquids, fabric softeners, etc. is expected to foster the market growth of phenoxyethanol preservatives. Phenoxyethanol preservatives plays very important role in the liquid detergents and cleaners as it helps in the prevention of spoilage during storage and extends the shelf-life of the cleaners. Thus, high demand for cleaners around the globe is expected to propel the market growth of phenoxyethanol preservatives.
Rapid usage of cosmetic products
An increasing number of young consumer base along with the growing number of working women is expected to bolster the demand for cosmetic products. Increasing disposable income and improving lifestyle of the consumers is also playing an important role in the growth of the phenoxyethanol preservatives. Growing domestic production of cosmetic and personal care products is further anticipated to foster the market growth of phenoxyethanol preservatives.
Global Phenoxyethanol Preservatives Market: Restraints
Preference for natural preservatives and time consuming approval process for usage
Growing demand for natural and organic preservatives is hampering the demand for synthetic preservatives such as phenoxyethanol. This is attributed to growing awareness regarding the health benefits of organic and natural preservatives. This is expected to hinder the market growth.The time-consuming and expensive approval process for the use of synthetic preservatives is projected to hinder the market growth of phenoxyethanol preservatives over the forecast period.
Global Phenoxyethanol Preservatives Market: Opportunity
Growing use of phenoxyethanol in pharmaceutical industry
Increasing use of phenoxyethanol as an active pharmaceutical ingredient (API) in the pharmaceutical industry for the manufacturing of drugs is expected to offer lucrative opportunities to the market. Phenoxyethanol has antimicrobial properties that help in eliminating gram-positive and negative bacteria, yeast, and mold effectively. Thus, growth in the pharmaceutical industry is expected to propel the market growth of phenoxyethanol preservatives.
Increasing awareness for personal hygiene among consumers
Rising demand for wet wipes and tissue is expected to offer substantial market opportunities for the phenoxyethanol market. Growing populations coupled with the increasing innovation in the launch of the cosmetic product is also expected to foster the market growth of the phenoxyethanol market. Moreover, growing awareness regarding personal hygiene among consumers is further expected to spur the market growth of phenoxyethanol preservatives.
Phenoxyethanol Preservatives Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 177.3 Mn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030CAGR:||6.5%||2030 Value Projection:||US$ 294 Mn|
BASF SE, BOC Sciences, The Dow Chemical Company, Finetech Industry Limited, Haihang Industry Co., Ltd., Health Chemicals Co., Ltd., Jinan Haohua Industry Co., Ltd., Kraft Chemical Company, Inc., Procter & Gamble Co. (P&G), Penta Manufacturing Company, LLC, Spectrum Chemical Mfg. Corp., and StruChem Co., Ltd.
|Restraints & Challenges:||
Global Phenoxyethanol Preservatives Market: Trends
Growing use of phenoxyethanol to replace parabens
Increasing replacement of parabens with phenoxyethanol is a major trend in the market. This is attributed to the growing demand for safe and paraben-free cosmetic products. Moreover, increasing investment by manufacturers in R&D to develop better efficacy phenoxyethanol preservative blends for various cosmetic products is further anticipated to accelerate the market growth of phenoxyethanol preservatives over the forecast period.
Global Phenoxyethanol Preservatives Market: Recent Developments
In June 2023, Procter & Gamble China (P&G China), specialized in a personal care and hygiene products and Dow, a multinational materials science company, have announced a partnership for an air capsule e-commerce packaging. The air capsule aims to deliver an effective and efficient way to protect products while avoiding excessive packaging in e-commerce and facilitating recycling. It is made possible by P&G China's innovation and Dow's materials.
In June 2023, in its 150-year history, HEINZ announces "It Has to be HEINZ," a new global platform that represents the brand's first unification under a single creative strategy. The advertising campaign honors the brand by showcasing the irrational love that people have for HEINZ, from the romantic relationships that real fans have with the company to the care and love that goes into creating each of its products.
On April 2023, for the fiscal year 2022, Penta has reported a net profit of €529 million. With capital expenditures totaling €882 million in 2022, the group will be able to continue making significant investments in its portfolio of companies thanks to the consistent profits generated.
On Feb 2023, Spectrum Chemical Mfg. Corp, a major international supplier of specialty, fine, and cGMP chemicals, announced the addition of numerous new raw materials to its bioCERTIFIED product line for use in R&D and the manufacturing of biopharmaceuticals.
Global Phenoxyethanol Preservatives Market: Market Segmentation
Figure 1. Global Phenoxyethanol Preservatives Market Share (%) in terms of Value, By Region, in 2022
Regionally, Asia Pacific dominates the global phenoxyethanol preservatives market with 46% market share in terms of revenue, followed by North America and Europe, respectively. Rising living standards, rapid urbanization, and rising per capita income are predicted to increase spending on cosmetics and personal care items in the developing economies of Asia and the Pacific.
Global Phenoxyethanol Preservatives Market: By Application
Based on application, the phenoxyethanol preservatives market is segmented into Home & personal care, dyes & inks, pharmaceuticals, and others. In 2022, the Home & Personal care segment accounted for 345% of the revenue share followed by dyes & inks and pharmaceuticals.
Figure 2. Global Phenoxyethanol Preservatives Market Share (%) in terms of Value, By Application, in 2022
Global Phenoxyethanol Preservatives Market: Impact of Coronavirus (Covid-19) Pandemic
According to Coherent Market Insights’ analysis, the global demand for specialty chemicals declined by over 5% in the month of May 2020 amid the COVID-19 crisis. The demand for chemical intermediates used in the mining, foundry, and paints industry has shown a major decline in the past few months, however, specialty chemicals utilized in the pharmaceutical industry are expected to witness significant growth in Asia Pacific in the near future.
Global Phenoxyethanol Preservatives Market: Key Companies
Key Companies operating in the Global phenoxyethanol preservatives Market are BASF SE, BOC Sciences, The Dow Chemical Company, Finetech Industry Limited, Haihang Industry Co., Ltd., Health Chemicals Co., Ltd., Jinan Haohua Industry Co., Ltd., Kraft Chemical Company, Inc., Procter & Gamble Co. (P&G), Penta Manufacturing Company, LLC, Spectrum Chemical Mfg. Corp., and StruChem Co., Ltd.
*Definition: Phenoxyethanol is a preservative used widely across the personal care industry in order to combat Gram-negative bacteria but is weak against molds and yeast. It has massive use in cosmetic products and is classified into phenoxyethanol P25 and phenoxyethanol
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