The global phenoxyethanol market
was valued at US$ 159.0 Mn in 2018, according to Phenoxyethanol Market Report, by Application (Home & Personal Care, Pharmaceuticals, Dyes & Inks, Paint & Coatings, and Others) and by Region (North America, South America, Asia Pacific, Europe, and Middle East & Africa) published by
The global phenoxyethanol market is projected to reach US$ 248.8 Mn by 2027, exhibiting a CAGR of 5.2% during the forecast period (2019-2027). The market is expected to witness substantial growth over the forecast period, attributing to increasing demand for phenoxyethanol from the personal care & cosmetics industry and pharmaceuticals industry.
Phenoxyethanol is used as a preservative in pharmaceutical products such as vaccines. Thiomersal is the majorly used preservative in human vaccines and veterinary vaccines. However, thiomersal is a mercury containing organic compound, which can lead to adverse health effects due to its high mercury content. Therefore, vaccine manufacturers are focused on replacing thiomersal with ‘less toxic’ substitute such as phenoxyethanol. Phenoxyethanol is well-known for its antimicrobial efficacy against a range of microorganisms and it is particularly effective against gram-negative microorganisms such as Pseudomonas species. Therefore, phenoxyethanol is a potential preservative that can be used in pharmaceutical formulations. For instance, 2-phenoxyethanol is used as an alternative preservative in some human vaccines such as Tetravac, Pediacel, Revaxis, and Repevax. It is also currently used as a preservative in one U.S. Food and Drugs Administration (FDA)-approved available vaccine, Ipol, for the prevention of polio, at a concentration of 0.5%.
However, adverse effects of phenoxyethanol on human health is predicted to hamper growth of the phenoxyethanol market over the forecast period. Phenoxyethanol, if used excessively or used for long duration, can cause adverse effects on human health such as skin and lung irritation. Therefore, several companies are focused on using safer alternatives to phenoxyethanol such as natural products (fermented radish root, essential oils and herbs such as rosemary, clove, thyme, cinnamon, and grape seeds). Several synthetic alternatives such as sodium benzoate or benzyl alcohol are also being used as substitute preservatives.
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Browse 32 market data tables* and 25 figures* on "Phenoxyethanol Market” - Global forecast to 2027.
Key Takeaways of the Market:
- Based on applications, market is segregated into home & personal care, pharmaceuticals, dyes & inks, paints & coatings, and others. Among applications, the home & personal care segment held dominant position in the global phenoxyethanol market in 2018 in terms of revenue.
- Growing pharmaceuticals industry and increasing need for vaccines is expected to drive growth of the phenoxyethanol market. For instance, according to the report, ‘The Pharmaceutical Industry and Global Health, Facts & Figures 2017’ published by International Federation of Pharmaceutical Manufacturers & Associations, the global pharmaceutical market is expected to reach around US$ 1,430 billion by 2020. Moreover, immunization by vaccines saves the lives of over 2.5 million children worldwide annually.
- Asia Pacific accounted for a revenue share of 33.1% in the global phenoxyethanol market in 2018, and is predicted to maintain its dominance over the forecast period. Asia Pacific is expected to account for significant share in the global phenoxyethanol market over the forecast period due to growing cosmetics sector in economies such as India. For instance, according to India Brand Equity Foundation (IBEF) report published in January 2018, the beauty, cosmetics, and grooming market in India accounted for US$ 6.5 billion in 2017, and is expected to reach US$ 20 billion by 2025.
- Major players operating in the global phenoxyethanol market include, DowDuPont Inc., BASF SE, Clariant AG, Air Liquide Group (Schulke & Mayr), Ashland Global Holdings Inc., Lonza Group Ltd., Penta International Corporation, Galaxy Surfactants, and Akema Fine Chemicals