Phenyl ethyl is an organic chemical compound derived from ethyl benzene by removing one hydrogen atom from the terminal carbon of ethyl chain. In chemical synthesis, numerous number of organic compound can be derived by using phenyl ethyl as substrate or intermediate. Phenyl ethyl compounds find their applications in cosmetics & personal care, food preservatives, perfumes, and pharmaceutical industries.
Phenyl ethyl compounds are primarily used as preservative and scent enhancer in personal care products such as soaps and perfumes, thereby, increasing the shelf life of cosmetic products. It is also used as flavoring agent in food products. Growing personal care industry is one of the prime factors for growth of the phenyl ethyl market. For instance, according to India Brand Equity Foundation, India personal care market valued at US$ 6.5 billion in 2016, and is expecting to reach US$ 20 billion by 2025.
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Phenyl ethyl isothiocyanate has potential for chemoprevention of cancers such as prostate cancer. Phenyl ethyl isothiocyanate not only prevents the initiation phase of carcinogenesis process but also inhibits the progression of tumor genesis. Globally, growing oncology industry would propel demand for phenyl ethyl isothiocyanate during the forecast period. According to Community Oncology Alliance, global oncology therapeutic medicine market is expected to reach US$ 200 billion by 2022.
Asia Pacific is expected to hold the dominance in the global phenyl ethyl market during the forecasted period. This growth is owing to growing pharmaceutical and cosmetics & personal care industries in the region. In 2017, Asia Pacific holds around 30% share global personal care industry and expected to increase by 5% year-on-year, as per India Brand Equity Foundation report, 2017.
Growing pharmaceutical industry in Asia Pacific is expected to propel growth of the phenyl ethyl market. For instance, according to International Trade Association, pharmaceutical market in China was registered at US$ 108 billion in 2015, and is expected to reach US$ 167 billion by 2020.
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Key players in the Global Phenyl Ethyl Market:-
Key players in global phenyl ethyl market include Tokyo Chemical Industrial Co. Ltd., Augustus Oils Limited, Auro Chemicals, Axxence Aromatic GmbH, Beijing LYS Chemicals Co. Ltd., BOC Sciences, Charkit Chemical Company, Ernesto Ventós Casadevall, Finoric LLC, Fleurchem Inc., and Hermitage Oils.
On the basis of product type, the global phenyl ethyl market is segmented into:
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