Phenethyl Alcohol Market: Introduction
- Phenethyl alcohol is a colorless, transparent, slightly viscous liquid. Phenethyl alcohol is used in the formulation of eye area makeup, makeup products, skin care products, shampoos, perfumes, and colognes in cosmetics and personal care products.
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- Phenethyl alcohol is also known as 2-phenylethanol. It prevents or retards bacterial growth, thus protecting cosmetics and personal care products from spoilage. Phenethyl alcohol also imparts fragrance to products.
Key Drivers of Phenethyl Alcohol Market
- According to L’Oréal, a leading manufacturer of cosmetic products, the global cosmetic market was valued at US$ 532 Bn in 2018 and is expected to expand at a CAGR of approximately 5.5% by 2024. The global cosmetic market is primarily driven by the rise in urbanization; continuous increase in online beauty spending; expansion of social networks; increase in consumer interest in new, different, and premium products; growth in global population of senior citizens; and surge in the upper middle class population.
- The global cosmetics industry is becoming competitive, as key players from the U.S., France, and China have established new businesses in India and Mexico. Companies in Europe have expanded their product portfolio. This has led to an increase in market share of companies in the global Phenethyl Alcohol Market.
- According to a repor published by Infinitus, a China-based company specializing in manufacture of cosmetic products, the cosmetics market in Latin America is projected to reach US$ 68.92 Bn by 2024. Additionally, the personal care & cosmetics industry in the region is expanding at a rapid pace. It is followed by energy drinks, pharmaceuticals, malls, and smartphones industries. Phenethyl alcohol is a primary ingredient in the formulation of cosmetics products. Thus, the global phenethyl alcohol market has been expanding in tandem with the cosmetics industry.
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Cosmetics & Personal Care Application Segment to Offer Lucrative Opportunities
- In terms of volume, the personal care & cosmetics segment accounted for major share of the global phenethyl alcohol market in 2019. Phenethyl alcohol plays an important role in getting rid of fine hair, dead skin, and wrinkles. It also prevent aging of the skin.
- Phenethyl alcohol is extensively employed as an exfoliating and moisturizing agent in skin care and hair care formulations. In hair care, phenethyl alcohol is used in revitalizing shampoos, conditioners, detanglers, and hair & scalp masks.
- In skin care, phenethyl alcohol is employed in exfoliation products, skin-peeling products, creams, serums, lotions, cleansers and toners, moisturizing skin creams and lotions, skin lightening combinations, and men’s care products.
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Availability of Superior Performance Substitutes for Phenethyl Alcohol Likely to Hamper Phenethyl Alcohol Market
- Phenethyl alcohol is used extensively in personal care products such as skin care and hair care products. Phenethyl alcohol is used as an exfoliating and moisturizing agent in various personal care product formulations. Development of alternate products, with similar or better functional values, is a major factor restraining the market. Salicylic acid, which is a beta hydroxyl acid, is a key substitute to phenethyl alcohol in skin care product formulations. Salicylic acid is more effective in terms of skin exfoliation compared to phenethyl alcohol. Various companies have been using salicylic acid in their product formulations.
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Asia Pacific Expected to Hold Major Share in the Global Phenethyl Alcohol Market
- Based on region, the global phenethyl alcohol can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is estimated to constitute key share of the market during the forecast period, owing to the presence of a number of personal care product manufacturing companies in the region. China is expected to account for prominent market share, due to the presence of large number of chemical industries in the country.
- The market in North America is projected to expand at a rapid pace during the forecast period, due to increase in production of cosmetics in the region.
Key Players in Phenethyl Alcohol Market
The global phenethyl alcohol market is highly concentrated, with the top manufacturers accounting for approximately 35% to 40% share. Key players operating in the global phenethyl alcohol market include:
- Eco Organics
- Shanghai Shenbao Flavors& Fragrances Co.,Ltd.
- Evesa
- Cinch Chemicals Pvt.Ltd.
- Novorate Biotech
- Hubei Jusheng Technology Co.Ltd.
