The revenue generated by this market in 2015 was pegged at US$27.5 mn and is likely to reach US$35.6 mn by 2024, expanding at a 2.9% CAGR therein.
Albany, NY -- (SBWIRE) -- 03/03/2017 -- The selenium sulfide market is extremely consolidated and has been characterized by an oligopolistic environment globally. Investments in emerging markets such as Asia Pacific, Latin America, and Africa present immense scope for growth in the near future, as does new product development.
While the growing demand for personal care products is a key factor driving the global market for selenium sulfide, the imposition of strict government regulations pertaining to its application in personal care products also poses a severe challenge. Keeping this in mind, the demand for selenium sulfide is estimated to rise at a modest 2.2% CAGR from 2016 to 2024. The revenue generated by this market in 2015 was pegged at US$27.5 mn and is likely to reach US$35.6 mn by 2024, expanding at a 2.9% CAGR therein.
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Growing Demand for Selenium Sulfide in Veterinary Medications
In terms of product, selenium sulfide has been segmented into selenium sulfide 99.0% and selenium sulfide 99.99% based on its purity level. Selenium sulfide 99.0% is the dominant product type due to its cost-effective features.
The personal care industry is the leading end-use segment, wherein selenium sulfide is used in anti-dandruff shampoos due to its anti-infective properties. Anti-dandruff shampoos and dermatological skin lotions form key application sub-segments in the personal care segment of the global selenium sulfide market.
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Selenium-sulfide-based lotions are also used as veterinary medication to cure eczema and dermatomycoses. For instance, selenium sulfide is employed in dog shampoos to remove excess oil and scaling of the skin. Different types of skin treatment lotions are prepared using selenium sulfide as a base product for veterinary medicines in the veterinary care industry.
Emerging Economies Hold Dominant Share in Global Selenium Sulfide Market
The global market for selenium sulfide has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific accounted for the leading share in the selenium sulfide market in 2015 due to the increasing demand for personal care products and cosmetics in the region. Rapid growth in population and an increase in disposable income are positively impacting the lifestyle and buying preferences of consumers. This, in turn, is boosting the personal care industry in the region.
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Rising awareness about veterinary care in Asia Pacific, coupled with an increase in the usage of veterinary medicines, is also expected to drive the APAC selenium sulfide market in the near future. The region is anticipated to maintain its dominance during the forecast period, led by rapid growth in emerging economies such as China, India, Thailand, and Singapore. China is the leading consumer of selenium sulfide-based products in the world; the country accounts for more than 50% share of the total consumption in Asia Pacific.
Latin America is anticipated to be one of the key regions for selenium sulfide-based products in the global selenium sulfide market due to the constant increase in demand for hair care products in the region. Brazil accounts for a share of more than 10% in the global hair care product consumption.
Major players operating in the global selenium sulfide market include Abcr GmbH, Alfa Aesar, Wockhardt Ltd., FAGRON, G&W Laboratories, Adisseo, Salvi Chemicals, and Omkar Specialty Chemicals Ltd.
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