Global Piroctone Olamine Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 5.1% in the Forecast Period
Published | 13 July 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global piroctone olamine market is estimated to grow at the CAGR of 5.1% during the forecast period of 2021-2027. The benefits it provides in treating hair problems, as well as the ease with which piroctone olamine products are available to consumers, are driving up the global demand for piroctone olamine. Rising consumer awareness of the availability of products and their constituents, increased penetration of market players indulging in product releases for a variety of specialized demands, and expanding disposable income are some of the factors driving the industry.
Increasing Prevalence of Hair-Related Problems
Piroctone olamine is mainly used for psoriasis treatment, anti-dandruff treatment, anti-hair fall treatment, anti-dryness of the scalp, and other treatments. Increasing hair problems, including hair fall, dandruff, itchy scalp, and dryness due to climate change, high pollution, and changing lifestyle, are key factors that support the market's growth. Besides, increasing awareness among individuals about this compound's beneficial properties resulted in a rising demand for a medicated shampoo. However, the high cost of medicated shampoo is a key factor expected to hamper the target market to a certain extent.
Expanding Adult Population and Increasing Disposable Income
The prevalence of the hair-related population is very prominent among adults around the world. This demographic is also the one who spends a large percentage of their income on personal hygiene and self-grooming products. This is one of the major factors for the growth of the global piroctone olamine market. Furthermore, the young population are getting more aware of the use of chemicals on their body and are taking care of its overuse. This is yet another factor influencing the market growth. Additionally, the growing acceptance of medicated shampoo among consumers and rising consumer spending on personal care products subsequent in increasing demand for a medicated shampoo.
Online Segment Projected to Witness Highest CAGR In the Global Piroctone Olamine Market
Based on sales channels, the global piroctone olamine market is categorized into supermarkets/hypermarkets, medical stores, online, and convenience stores. Due to the high customer preference for online purchasing, the E-commerce segment is expected to grow significantly in the global piroctone olamine market. Additionally, growing e-commerce platforms around the world may be able to support the growth of this market. 58% of consumers plan to conduct more online shopping after the epidemic than before it, and 80% of business buyers intend to do more business purchasing online in the post-pandemic period compared to the pre-pandemic period.
Global Piroctone Olamine Market - Regional Insights
Geographically, the global piroctone olamine market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the market. Young adults who spend big amounts on self-care and grooming account for a large proportion of the population in countries such as China, Japan, and South Korea, where there is a high demand for products containing piroctone olamine. The importance of high aesthetic standards in these countries also drives the market for superior hair care products. Furthermore, as these countries are manufacturing-based regions, the level of air pollution is also very high which ends up damaging the hair. Therefore, the need for piroctone olamine products is flourishing in the Asia-Pacific region.
Impact of COVID-19 on Global Piroctone Olamine Market
In response to COVID-19, the global piroctone olamine market has seen a mixed reaction. The market thrived as hygiene awareness increased, as maintaining good hygiene was the only way to keep the virus from spreading and infection at bay. People who were confined to their houses due to the lockdown had more time for self-care, which increased demand for piroctone olamine products. However, due to lockdown and social distancing rules, spas, salons, and other services remained closed in numerous regions and countries. The closing of parlors and salons had a negative impact on the global market. Nonetheless, the increasing purchase of shampoos as essentials during coronavirus boosted the market growth.
The leading market players of the global piroctone olamine market are 3C Pharmchem, Chemspec Chemicals, Clariant, Hubei Dixie Chemical, Kolon Life Science, Kumar Organic Products, Somu Group, Spec Chem Group, Yantai Aurora Chemical, Aakash Chemicals, Dye-Stuffs, XiaoGan ShenYuan ChemPharm, Shanghai Aladdin Bio-Chem Technology, Wuhan HengHeDa, Salicylates and Chemicals, Shandong Jining Best, Hangzhou J&H Chemical, Hubei Jusheng Technology, Waterstone Technology, and other prominent players.
The key industry players adopt competitive strategies like partnerships, mergers, and acquisitions, collaboration to improve their market presence. They are also investing in research and development to gain a better understanding of the piroctone olamine formula and expand its applicability and reduce its side effects as much as possible.
Don’t miss the business opportunity of the global piroctone olamine market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global piroctone olamine market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global piroctone olamine market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
- Global Piroctone Olamine Market, By Purity (More than 99%, More than 98%), By Application (Shampoo and Hair Care Products, Cosmetics, Washing Supplies), By Sales Channel (Supermarkets/Hypermarkets, Medical Stores, Online, Convenience stores), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: July 2021
The global piroctone olamine market is projected to grow at a CAGR of 5.1% in the forecast period. The market is gaining traction in recent years as a result of factors such as increased accessibility to a variety of shampoos and the rising desire for high-quality products.
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