Presence of numerous small and large phenoxyethanol manufacturers all over the world, makes its market highly competitive, finds a report Transparency Market Research. It also finds that the vendor landscape is highly concentrated in China. In order to succeed in such a cutthroat environment, companies need to go the extra mile by undertaking scientific research to prove the safety and efficiency of their products and communicate the same to their customers, observes the report.
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Some of the companies that have rose to prominence using the above strategies in the global phenoxyethanol market are The Dow Chemical Company, Lonza, Procter & Gamble Co. (P&G), Galaxy Surfactants Ltd., BASF SE, Clariant, Penta Manufacturing Company, LLC., Ashland Inc., Finetech Industry Limited, and Akema Fine Chemicals.
Our report predicts that the global phenoxyethanol market will likely rise at a lackluster 4.9% CAGR over the course of the forecast period starting from 2017 and ending in 2025. Expnading at this pace, the market which was worth US$170.3 mn in 2016, is predicted to attain a value of US$260.3 mn by 2025.
Phenoxyethanol finds application in making paint additives, home care and personal care products, architectural and industrial coatings, pharmaceuticals, and inks and dyes, among others. Among them, the home care accounts for most of its demand since phenoxyethanol is used in formulation of home-cleaning fluids and detergents. The homecare segment held more than 18.0% share in the market in 2017 and going forward is expected to expand it further.
Geographically, Asia Pacific holds a sway over the global market for phenoxyethanol, mainly because of China which is not just at the forefront of production but also consumption on account of its massive population, and rapid development of its economy. Overall, most of the demand for phenoxyethanol in Asia Pacific is generated by home care applications. Paints, inks and dyes, and pharmaceuticals are also serving to push up demand.
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Flourishing Personal Care Industry Fillips Demand for Phenoxyethanol
Biggest fillip to the global market for phenoxyethanol is being provided by the by rising spends on discretionary items, namely eye makeup, compact powder, color cosmetics, and gloss. This is in turn because of the growing disposable incomes of people all over the world. Phenoxyethanol is fast supplanting formaldehyde donor preservatives as safe and efficient preservatives in personal care products. “Phenoxyethanol is renowned for its antimicrobial efficacy against a variety of microorganisms and is used as a preservative in both leave-on and rinse-off personal care products. Currently, its use has increased on account of its low sensitization potential and approval worldwide. There is a natural form of phenoxyethanol, found in green tea, which is used in “natural” personal care products.
Phenoxyethanol also finds application as a solvent for cosmetic ingredients such as fragrances that have low solubility in water,” elaborates the lead analyst of the TMR report.