Propylparaben Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1375
Global Propylparaben Market size is likely to witness a substantial growth in the forecast spell owing to its extensive use as a preservative in cosmetic industry and personal care products. It is a white and odorless powder which occurs in insects and plants naturally.
Similar to other chemicals from the paraben family, the product finds its use as a preservative and additive in several range of cosmetic, pharmaceutical, food and personal care products. This is due to its antimicrobial property which is effective even in low concentration. Cosmetics, pharmaceutical and food products, if not added with preservatives, can get spoiled easily due to fungal and bacterial growth. The product is used widely to kill microorganisms and avoid the growth of fungi and bacteria. This is an important driver to the global propylparaben market.
Rapidly growing production of personal care & cosmetic products in the developing economies of Asia Pacific is likely to drive the future demand for propylparaben market. In 2016, the global cosmetic industry was valued over USD 450 billion and was estimated to grow by over 6% CAGR till the end of 2024. Also, constantly growing end-user industries around the globe such as pharmaceutical and food processing industries are likely to drive demand in the coming years. The propylparaben market is estimated to grow at a higher CAGR in this region compared to the rest of the world in the forecast period.
The most commonly used parabens in the cosmetic products are butylparaben, propylparaben and methylparaben. Threat of internal substitution within the paraben products can be a hindrance to future growth of global propylparaben market. Moreover, the propylparaben market faces serious threats from the water-based and organic antimicrobial additives as they are eco-friendlier.
The European Scientific Committee on Consumer Products (SCCP), in 2006, stated the maximum usage limit of 0.4% concentration level in cosmetic products. Excessive usage of the product can result in skin irritation, allergies, and hormonal imbalance. This can be a restraint to the growth of propylparaben market.
Due to the low production cost, the product finds its application in a wide range of segments such as personal care products, cosmetics, food, and pharmaceuticals. In personal care, it is used extensively in products such as sunscreens, deodorants, shower gels, conditioners, shampoos and moisturizers. It is also used as an additive in cosmetic products such as foundations, eye shadows, mascaras, and lipsticks. In food, it is used in the preservation of flavoring syrups, processed vegetables, frozen dairy products, pickles, jams, processed fish, soft drinks, desserts, sauces, and beer. The United States Food and Drug Administration is also labeled it generally recognized as safe (GRAS) on humans & animals and hence can be used as a preservative in several drugs that are absorbed by ways of injections and orally. Rising product demand from the end-user industries will positively influence the global propylparaben market growth in coming years.
North America accounts for a major chunk of share in the global propylparaben market whereas Asia Pacific is considered as fastest growing market. The presence of global manufacturers of cosmetics and pharmaceuticals in North America is likely to boost demand in that region. Owing to the improving lifestyles, rise in disposable income and purchasing parity of people, coupled with increasing production capacities in Asia Pacific, especially in China and Japan, the propylparaben market demand will rise substantially. The highly growing food processing industry in the Middle East and Latin America is also driving the demand for propylparaben market.
Some of the prominent p propylparaben market participants include Hainan Zhongxin Chemical Co., Ltd., Alta Laboratories Ltd., Anhui Leafchem Co., Ltd., Cameo Health Care, Argos international, The Dow Chemical Company, The Good Scents Company, Avantor Performance Materials LLC, Nebula Health Care, Salicylates and Chemicals Pvt. Ltd., Akema Fine Chemicals to name a few.
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