With a large number of players, the global market for
preservative blends demonstrates a fragmented and a competitive
landscape, finds a research report by Transparency Market Research
(TMR).
The leading companies, such as The Dow Chemical Co.,
Lonza, and Lanxess, are primarily concentrating on improving the
product definition, design, commercialization, and manufacturing
phases, owing to the increasing demand for beauty care, home care,
and personal care products. Over the coming years, these players are
likely to invest heavily in R&D activities in order to introduce
innovative and advanced products, which may lead to intensified
competition within the market.
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As per the report, the worried market for
preservative blends presented an opportunity of US$133.5 mn in 2015.
Rising at a healthy CAGR of 5.60% during the period from 2016 to
2024, the market is likely to attain a value of US$215.9 mn by the
end of the period of the forecast. The demand for these preservatives
from the personal care application segment is higher than others.
Thanks to the increasing awareness among consumers pertaining to
personal health and hygiene and the rise in their purchasing power,
the segment is likely to remain exhibiting a high demand for these
preservatives in the years to come.
Growing Awareness Regarding Beauty Care and
Personal Care Products to Ensure Dominance of Asia Pacific
In this study, a regional analysis of the global
preservative blends market has also been offered to benefit the
readers. According to it, the market is spread across Europe, Asia
Pacific, the Middle East and Africa, North America, and Latin
America. In 2015, Asia Pacific acquired the dominance in this market
with a share of more than 35%. The ever-increasing population base
and the growing awareness among consumers pertaining to beauty care
and personal care products fueled the demand for preservative blends
in this region. Analysts expect the scenario to remain same over the
forecast period, thanks to the augmenting demand for these
preservatives in the beauty, home, and personal care applications in
Asia Pacific.
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On the flip side, the preservative blends markets in
North America and Europe are expected to witness a moderate
progression in the years to come on account of the maturity they have
gained. However, the markets in Latin America and the Middle East and
Africa are likely to present the most profitable opportunities in the
near future, as they are in their budding stage and are growing
exponentially. The GCC countries are projected to emerge as the
leading domestic markets in the Middle East and Africa, owing to the
presence of well-established market players.
Increasing Demand for Premium Personal Care
Products to Influence Market’s Growth
“The rising demand for premium personal care
products, thanks to the changing lifestyle of consumers on the ground
of their increased disposable income, is expected to influence the
demand for preservative blends significantly in the near future,”
says a TMR analyst. The swelling demand for these preservatives from
various other applications, such as beauty care and home care is also
projected to reflect positively on their sales in the near future.
The enforcement of strict government rules regulating
the usage of these preservatives, on account of various side-effects
of chemical preservatives, however, may limit the market’s growth
to some extent in the years to come, states the research report.
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The study presented here is based on a report by
Transparency Market Research (TMR) titled “Preservative Blends
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 - 2024.”
The global preservative blends market has been
segmented as follows:
By Product
- Parabens
- Formaldehyde
- Halogenated
- Alcohols
- Organic Acids
- Others
By Application
- Beauty
- Home
- Personal care
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