Rising Demand for Specialized Hair Care Products to Bolster Growth of Selenium Sulfide Market
The global selenium sulfide market is likely to experience modest growth over the forthcoming years, primarily due to the increasing demand for specialized hair care products, particularly in emerging economies. The rise in disposable income has a tremendous impact on the consumer lifestyle, which reflects positively on the growth of the cosmetics and personal care industry, thereby fuelling the market for selenium sulfide.
However, the carcinogenic properties of selenium sulfide are prompting governments across the globe to impose stringent regulations on their usage in personal care products. These regulations are adversely affecting the growth of the market. According to a report by Transparency Market Research (TMR), the opportunity in the market was pegged at US$27.5 mn in 2015 and is estimated to rise to US$35.6 mn by the end of 2024, expanding at a CAGR of 2.9% between 2016 and 2024.
Asia Pacific to Remain Frontrunner owing to Increasing Demand for Personal Care Products
Asia Pacific will continue to be the leading regional segment in terms of revenue until 2024. The growth of the region is largely driven by the rising demand for personal care products and cosmetics. The rapidly growing population and rising disposable income are playing a positive role in the growth of the personal care industry in the region. Moreover, the growing awareness regarding veterinary care coupled with the rising usage of veterinary medicines is contributing to the growth of the Asia Pacific market for selenium sulfide.
China, Thailand, Singapore, and India will be the leading contributors in the region, with China alone accounting for more than 50% of the overall consumption in Asia Pacific. Latin America is anticipated to rise at a promising pace during the forecast period, owing to the increasing demand for hair care products. Brazil represents more than 10% of the global hair care product consumption.
Anti-infective Properties of Selenium Sulfide to Boost their Adoption in Personal Care Industry
By product type, the selenium sulfide with a 99.0% purity segment represented the dominant share in the market, holding more than 70% of the overall market in 2015. The segment leads the market by revenue as well as volume. The selenium sulfide with a 99.99% purity level is expected to exhibit a 15.4% CAGR during the same period.
On the basis of end use, the personal care industry will account for the lion’s share in terms of revenue throughout the forecast period. There is a strong demand for selenium sulfide in the personal care industry due to their anti-infective properties. The veterinary medicines segment is anticipated to witness sluggish growth during the same period due to the lack of awareness in developing countries.
Browse the full Global Selenium Sulfide Market report http://www.mrrse.com/selenium-sulfide-market
Leading Manufacturers to Capitalize Immense Growth Opportunities in Emerging Regions
The global selenium sulfide market is characterized by high consolidation and the top four players held about 60% of the overall market in 2015. These top four players, namely are Alfa Aesar, Abcr GmbH, Fagron, and Wockhardt, are primarily focusing on developing countries of Asia Pacific and the Middle East and Africa as an investment opportunity to increase their shares in the global market. Mergers and acquisitions are among the commonly adopted growth strategies by these players to expand their global footprint.