The global selenium sulfide market is oligopolistic in nature and the top four players represented about 60% of its value in 2015. These companies, namely Alfa Aesar, Fagron, Abcr GmbH, and Wockhardt are paying high attention to the Middle East and Africa and Asia Pacific to tap the immense growth potential, observes Transparency Market Research (TMR) in a new study. Players are increasingly adopting partnerships, mergers, and acquisitions as part of their key growth strategies. “The highly consolidated nature of the market makes it difficult for small and medium companies to expand their existing shares,” says TMR’s lead analyst.
Booming Hair Care Industry to Put Asia Pacific at Forefront
The valuation of the global selenium sulfide market was US$27,541.20 thousand in 2015 and is poised to rise to US$35,650.15 thousand by the end of 2024, progressing at a CAGR of 2.9% from 2016 to 2024. On the basis of product, the selenium sulfide 99.0% dominated the market until 2024, accounting for 72.3% of its value. The increasing number of end-use applications and the rising demand for hair care products are driving the demand for 99.0% pure selenium sulfide. The segment is projected to expand at a CAGR of 3.1% during the forecast period.
Asia Pacific will continue to be the leading regional segment until 2024, commanding 58.6% of the overall market revenue. Changing lifestyles, rapidly growing population, and rising disposable income of the populace in emerging countries such as India and China are fuelling the growth of the region. The flourishing growth of the hair care industry is also propelling the demand for selenium sulfide in the region.
Burgeoning Demand for Personal Care Products to Fuel Growth Prospects
The burgeoning demand for specialized hair care products in developing nations is providing a fillip to the global selenium sulfide market. For instance, in Brazil, nearly 30-35% of consumers opt for hydrating and anti-dandruff shampoos. Similar trends are witnessed in other emerging countries such as Mexico, the Philippines, China, India, and Argentina. Moreover, the rising disposable income is translating into the greater uptake of personal care and grooming products. Since selenium sulfide forms an important raw material required for the manufacture of these products, their increasing demand is augmenting the market.
Stringent Government Regulations to Inhibit Market Growth
The National Toxicology Program conducted by the Department of Health and Human Services has proved the carcinogenic effect of selenium sulfide on humans. Therefore, there is a growing emphasis on the use of natural or less hazardous chemical products for the manufacturing of hair care products. In addition, consumers are increasingly demanding for herbal products. This is limiting the market from realizing its utmost potential.
“Owing to the harmful effects of selenium sulfide, several governments worldwide are imposing stringent regulations on their use,” says a TMR analyst. To put this in perspective, in Canada, the permissible concentration declared by the Health Canada is not more than 2.5% in anti-dandruff shampoos and skin care lotions. Hence, such regulations are hampering the growth of the market.
The above data is collated from a research report released by TMR, titled “Selenium Sulfide Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
This report segments the global selenium sulfide market as follows:
Global Selenium Sulfide Market, by Product
- Selenium sulfide 99.0%
- Selenium sulfide 99.99%
Global Selenium Sulfide Market, by Application
- Personal care
- Veterinary medicine
Global Selenium Sulfide Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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