Albany, NY -- (SBWIRE) -- 09/07/2017 -- 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.
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.
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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.