Thriving Personal Care Products Industry to Drive Selenium Sulfide Demand
The growing awareness about veterinary care and a high demand for personal care products are driving the demand for selenium sulfide. However, owing to strict government regulations regarding the application of selenium sulfide in personal care products, the market is expected to exhibit a meagre CAGR of 2.2% from 2016 to 2024. The global selenium sulfide market was worth US$27.5 mn in 2015 and is expected to rise to US$35.6 mn by 2024. The market is led by increasing awareness among the people with regards to veterinary care, especially in Asia Pacific. This has fueled the usage of veterinary medicines and is driving the market for selenium sulfide.
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Key players are constantly making newer products and investing in research and development for achieving innovation. Some of the players in the market are Alfa Aesar, Abcr GmbH, Wockhardt Ltd., G&W Laboratories, FAGRON, Adisseo, Omkar Specialty Chemicals Ltd., and Salvi Chemicals.
Markets in Emerging Economies to be Lucrative
Amongst North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa, the selenium sulfide market is expected to hold dominance in the emerging nations of Latin America and Asia Pacific. In 2015, Asia Pacific held the largest share in the selenium sulfide market owing to a rise in the demand for cosmetics in the region. The demand for personal care is also high in the region. The rapid growth of the population and an increase in the disposal income of consumers have created favorable environment for the market’s growth in the region. The changing lifestyle and buying preference for consumers are also additional factors boosting the selenium sulfide market.
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Asia Pacific is estimated to continue to lead in the coming years owing to a healthy demand from emerging nations such as China, Thailand, Singapore, and India. Of these, China has been the leading consumer of selenium sulfide and accounted for over 50% of the consumption in Asia Pacific. The market in Latin America is expected to be lucrative on account of constant demand for hair care products, with Brazil being the most significant consumer of these products.
Selenium Sulfide with 99.0% Purity to Have Higher Demand
Of the two product type – selenium sulfide 99.0% and selenium sulfide 99.99%, the segment selenium sulfide 99.0% led in 2015, accounting for over 70% of the market. The segment led in terms of revenue and demand. However, the selenium sulfide 99.99% segment is expected to expand at an impressive 15.4% CAGR between 2016 and 2024, which is higher than the other segment, as per a report published by Transparency Market Research (TMR).
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On the basis of application, the personal care industry is clearly the leading segment. Anti-dandruff shampoos make use of selenium sulfide owing to their anti-infective properties. Also, dermatological skin lotions from are expected to be in high demand. The veterinary medicines segment is anticipated to experience a sluggish growth from 2016 to 2024 due to a lack of awareness among consumers in emerging economies.
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