Phenoxyethanol P5 and phenoxyethanol P25 are the two grades that are widely used in the phenoxyethanol preservatives market. Phenoxyethanol P5 is a premium grade of phenoxyethanol preservatives with free phenol content of less than 5 ppm, making it suitable to be used in cosmetics. Higher free phenol content makes the finished products more toxic and impure, thus, making the P5 grade product a preferred choice. The purity factor of both the grades is 99.5%. Higher free phenol content in phenoxyethanol P25 makes its less suitable for diverse industrial applications.
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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Speaking along the similar lines, in the cosmetic sector, phenoxyethanol P5 is mainly used, subject to its lower phenol content (less than 5 ppm). On the contrary, phenoxyethanol P25 having comparatively higher phenol composition, makes a good fit for industrial applications. Having said that, it is prudent to note that both phenoxyethanol P5 and P25 are claimed to exhibit 99.5% purity, which unrefutably is one of the pronounced grounds impacting the global phenoxyethanol preservatives market size.
If experts are to be relied on, a recent report by Global Market Insights, Inc depicts that overall phenoxyethanol preservatives industry will surpass a valuation of USD 170 million by 2024, with an estimated CAGR of 6% over 2017-2024. Regionally, U.S. is one of the outpacing regions where P5 phenoxyethanol preservatives industry demand is observed to be substantially high, having accounted for a revenue of USD 12 million in 2016.
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The proliferating application landscape of phenoxyethanol preservatives market is quite commendable. Other that cosmetic industry, the product finds extensive deployment across domestic and pharmaceutical sectors. In fact, home and personal care applications covered a major chunk of the industry in 2016. With the growing consumer focus on personal hygiene, liquid detergents demand is observing a high, a factor that has upscaled phenoxyethanol preservatives market demand. In addition to this, renowned international organizations like Cosmetic Toiletry Fragrance Association, U.S. Pharmacopoeia, European Economic Community, and British Pharmacopoeia have certified phenoxyethanol as a nontoxic and safe preservative to be deployed in personal care commodities. From pharmaceutical applications, global phenoxyethanol preservatives industry is forecast to surpass USD 30 million by the end of 2024, pertaining to the products’ extensive usage as a vaccine preservative and allergen.
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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.
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