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Selenium Sulfide Market is anticipated to reach US$35.6 mn by 2024
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The revenue generated by the global selenium sulfide market stood at US$27.5 mn in 2015 and is anticipated to reach US$35.6 mn by 2024, registering a 2.9% CAGR therein. The demand for selenium sulfide is estimated to rise at a modest 2.2% CAGR from 2016 to 2024.
Growing Demand for Personal Care Products in Emerging Economies to Spur Demand for Selenium Sulfide
Based on product type, selenium sulfide with a 99.0% purity held the leading share in the global market in 2015, accounting for more than 70% that year. The segment dominates the market by demand as well as revenue. However, in terms of revenue, selenium sulfide with a 99.99% purity level is projected to register a CAGR of 15.4% from 2016 to 2024, higher than that of selenium sulfide 99.0%.
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By application, the selenium sulfide market is characterized by the near-complete dominance of the personal care industry. The veterinary medicines segment is forecast to witness slow growth from 2016 to 2024 owing to the lack of awareness in emerging economies. Asia Pacific leads the global selenium sulfide market, accounting for an estimated share of just over 57% in 2016. Asia Pacific is also projected to witness significant growth by value and volume throughout the forecast period.
Carcinogenic Properties of Selenium Sulfide Present Cause for Concern
The growing demand for specialized hair care products, especially in developing economies, is a key factor driving the global selenium sulfide market. “For instance, consumers in countries such as Brazil, Mexico, Argentina, Thailand, Malaysia, the Philippines, India, and China have been opting for hydrating and anti-dandruff shampoos,” the TMR analyst finds.
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The demand for specialized hair care products and various grooming and personal care products is driven primarily by the rising disposable incomes of consumers in these countries. “The surge in income has had a significant impact on their lifestyle, which bores well for the cosmetics and personal care industry,” the author states. This, in turn, propels the selenium sulfide market across the globe.
In contrast, the carcinogenic properties of selenium sulfide have compelled several governments to impose strict regulations for their use in personal care products. This acts as a major deterrent to the growth of the selenium sulfide market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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