Despite the debatable application of phenoxyethanol in cosmetic sector, phenoxyethanol preservatives market has experienced an appreciable growth in past years, accounting for a valuation of USD 100 million in 2016. Quite a number of restrictions have ramped up of late pertaining to the usage of synthetic preservatives in cosmetic manufacturing, claiming that these preservatives cause skin irritation, allergic reactions, and dermatitis. Phenoxyethanol being one of the most renowned preservatives in beauty product formulations, it goes without saying that the overall phenoxyethanol preservatives market dynamics is significantly influenced by the changing regulatory landscape. For instance, the Scientific Committee on Consumer Safety (SCCS) of European Commission considers 2-phenoxyethanol safe to be used as a preservative in cosmetic formulations with up to 1% concentration level. While on the contrary, FDA has also issued a warning regarding the detrimental effect of these preservatives on infants. In spite of all these regulatory challenges, global phenoxyethanol preservatives industry share from cosmetic applications is projected to witness a y-o-y growth of 6.9% over 2017-2024.
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Way back in November 2013, Laxness AG, a specialty chemicals industry giant based in Germany, had also increased its cresol producing capacity at its manufacturing plant at Leverkusen in Germany. The capacity expansion raised the firm’s high-quality cresol contribution toward global specialty chemicals market by nearly 20%. This strategic move had significantly influenced the growth of cresols market in Germany back then.
Cresols find its applications as synthetic intermediates to dyes, plastics, pharmaceuticals, and pesticides. In addition to this, the derivatives of cresols which find applications as beta-blockers, calcium indicators, antiseptics, solvents, anti-oxidants, and household disinfectants, further contribute profoundly toward the business space. Reportedly, cresols market size from solvent applications application was valued at USD 35 million in 2015 and is expected to witness a lucrative roadmap over the coming seven years. High product penetration across the thriving polymer industry will provide new growth opportunities for cresols market.
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Worldwide, the industry is rather consolidated, with leading companies procuring almost 50% of the overall revenue share. Some of the top-notch firms partaking in phenoxyethanol preservatives industry include Akema Fine Chemicals, Symrise AG, Dow Chemical Company, Santa Cruz Biotechnology, and Schülke & Mayr GmbH, and Lonza Group.
The active involvement of these players pertaining to product innovation and research investments quite aptly underlines the competitive landscape of phenoxyethanol preservatives market. At the research front, the scientific evaluation of preservatives and the burgeoning need to prevent microbial growth in personal care products is expected to offer phenoxyethanol preservatives market an attractive commercial proposition in the ensuing years.
Browse key industry insights spread across 120 pages with 137 market data tables & 11 figures & charts from the report, “Phenoxyethanol Preservatives Market Size By Product (Phenoxyethanol P5, Phenoxyethanol P25), By Application (Home & Personal Care [Cosmetics, Perfumes, Detergents, Ointments], Pharmaceuticals, Dyes & Inks), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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Personal Care Ingredients Market size was over USD 8 billion in 2016 and is anticipated to witness growth at a CAGR of 5.4% over the forecast timeframe. Personal care ingredients market growth is propelled by its increased demand in cosmetic industry. The exponential rise in population is expected to boost the product market between 2017 and 2024. The rising per capita income of the people has led to an increased purchasing power, which has led to the growth of the personal care ingredients market.
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