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2-Phenylethanol Market Size
- Report ID: GMI5063
- Published Date: Mar 2022
- Report Format: PDF
2-Phenylethanol Market Size
2-Phenylethanol Market size surpassed USD 255 million in 2021 and is estimated to grow at over 5.5% CAGR between 2022 and 2028. 2-Phenylethanol is aromatic alcohol which occurs naturally in several plants and can also be manufactured synthetically from benzene. It has a floral odor with a rose character and is used as an antimicrobial preservative in cosmetic products. Therefore, the growing demand for cosmetics products worldwide is anticipated to fuel the overall market growth.
Additionally, 2-phenylethanol is used in laundry and home care products as a preservatives ingredient as well as for creating floral-rose fragrances. Also, it offers antimicrobial and disinfecting properties which makes them suitable for laundry and home care products. Therefore, these wide benefits of 2-phenylethanol led to increasing product penetration in multiple industries across the globe and drive the market demand over the coming timeframe.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| 2-Phenylethanol Market Size in 2021: | 255.3 million (USD) |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 5.5% |
| 2028 Value Projection: | 370 million (USD) |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 175 |
| Tables, Charts & Figures: | 195 |
| Segments covered: | Product, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The Covid-19 outbreak has impacted the price, production, and demand of 2-phenylethanol for a certain period. The global pandemic of COVID-19 majorly hit different raw material markets. Likewise, the pandemic also affected the demand and supply for the 2-phenylethanol market, owing to decreased demand from application industries, the shutdown of manufacturing facilities, disruptions in raw material supply chains, restrictions on imports from China, decreased production capacity of 2-phenylethanol manufacturers which has further impacted 2-phenylethanol prices.
Development of alternate products, with similar or better functional values, is a major factor restraining the 2-phenylethanol market expansion. For instance, salicylic acid, a beta hydroxyl acid, is a key substitute to 2-phenylethanol in skin care product formulations. Salicylic acid is more effective in terms of skin exfoliation compared to 2-phenylethanol. Linalool is another alternative for 2-phenylethanol historically used in rose-based products. Therefore, this availability of multiple substitutes in the industry could hinder the market demand over the upcoming years.
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2-Phenylethanol Market Scope
