Global Phenoxyethanol Market was estimated to be valued at US$ 167.5 Million in 2021, according to the Global Phenoxyethanol Market Report, by Application (Home & Personal Care, Pharmaceuticals, Dyes & Inks, Paint & Coatings and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
Global phenoxyethanol market was valued at US$ 167.5 Million in 2021. Phenoxyethanol market is expected to register a CAGR of 5.9% over the forecast period (2022–2030). 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.
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https://www.coherentmarketinsights.com/market-insight/phenoxyethanol-market-2701
Browse 50 market data tables* and 40 figures* on "Global Phenoxyethanol Market” - Forecast to 2030.
Key Trends and Analysis of the Global Phenoxyethanol 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 2021, in terms of revenue.
Key Takeaways of the Global Phenoxyethanol Market:
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 2021, 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 emerging economies such as India.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global phenoxyethanol market
