Phloroglucinol Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Source (Natural, Synthetic), By Form (Liquid, Powder and Crystal), By Application (Pharmaceuticals, Cosmetics, Agriculture, Others), By Distribution Channel (Direct Sales, Distribution through Suppliers), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Phloroglucinol Market was valued at USD 17.20 Million in 2022 and is anticipated to reach a value of USD 22.63 Million by 2030 expanding at a CAGR of 3.6% between 2023 and 2030.

The chemical compound phenolglucinol has the formula C6H3(OH)3. It is a solid with no color. It is utilized in the production of explosives and medications. One of the three isomeric benzenetriols is phenolglucinol. Pyrogallol (1,2,3-benzenetriol) and hydroxyquinol (1,2,4-benzenetriol) are the other two isomers. The official standards of chemical compound naming, as established by the IUPAC, continue to classify phenologlucinol and its isomers benzenetriol as "phenols". Polyphenols are a common word for several of these monophenolics. The requirement and usage of phloroglucinol is made easier by the rise of individuals suffering from irritable bowel syndrome. The rise in the frequency of chronic illnesses and the lack of pharmacological side effects support the market's expansion. The production of phloroglucinol is subject to strict restrictions and expensive costs, which limit the market's expansion. Opportunities for expansion are presented by the market participants' increased spending in product development. This market includes the manufacturing, selling, and consuming of goods based on phloroglucinol in a variety of markets and geographical areas. The demand from the pharmaceutical and cosmetic industries, regulatory issues, technical developments, and the general state of the economy can all have an impact on the worldwide phloroglucinol market.   

Phloroglucinol Market Major Driving Forces

Demand from Pharmaceutical Industry: Due to phenoglucinol's spasmolytic qualities, the pharmaceutical industry uses it. The market for this substance may be driven if there is a rise in the need for drugs that include phloroglucinol.

Research and Development: Phloroglucinol may find new uses as a result of developments in research and development, particularly in the fields of organic chemistry and pharmaceuticals. Increased synthesis efficiency or the discovery of new applications may propel market expansion.

Technological Advancements: Phloroglucinol's production efficiency and cost-effectiveness may be affected by modifications to synthesis techniques or manufacturing procedures. Technological developments that improve the compound's characteristics or lower manufacturing costs might spur market expansion.

Health and Wellness Trends: Increasing consumer awareness and interest in health and wellness may drive the demand for pharmaceuticals or cosmetics that incorporate natural or plant-derived ingredients such as phloroglucinol.

Phloroglucinol Market Key Opportunities

Growing Pharmaceutical Uses: Phloroglucinol is useful in the pharmaceutical sector due to its spasmolytic qualities. The creation of novel drugs or therapeutic uses that make use of these qualities may present opportunities, particularly in the fields of gastrointestinal illnesses and disorders involving smooth muscles.

Innovations in Cosmetic Formulations: The cosmetics business is always looking for novel components that provide particular advantages. Phloroglucinol has the potential to improve skin health by being used in cosmetic formulations that address aging, pigmentation problems, or skin diseases.

Research and Development Initiatives: Phloroglucinol may find new uses or advantages as a result of ongoing research and development, which would increase its market potential. Advances in our knowledge of its characteristics and uses can result from partnerships between academic institutions and business sectors.

Phloroglucinol Market Key Trends

·         The pharmaceutical industry's use of phenolglucinol is influencing market trends.

·         Phloroglucinol is being used in cosmetic formulations due to its possible advantages for skin health.

·         Phloroglucinol is benefiting from the move in several industries, including as medicines and cosmetics, toward natural and plant-derived compounds.

·         Developments in synthesis techniques are making the process of making phloroglucinol more efficient and economical.

·         Research on the potential uses and advantages of phloroglucinol is still ongoing.

·         Phloroglucinol is one of the chemical compounds for which there is increased interest in sustainable sourcing and manufacturing techniques due to the growing emphasis on sustainability.

Region-wise Market Insights

Asia-Pacific accounted for the largest market share at 39.8% in 2022 whereas, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 4.0% between 2023 and 2030.

Asia-Pacific not only holds the largest market share which is 39.8% but is also expected to register fastest CAGR of 4% during the forecast period in the global phloroglucinol market. The Asia-Pacific region has been a noteworthy participant in the worldwide market owing to the fast expansion of the pharmaceutical and cosmetic sectors in nations such as China and India. Phloroglucinol is in high demand in medicines and cosmetics due to the growing healthcare industry, growing consumer awareness, and rising disposable incomes. North America and Europe, with their developed pharmaceutical and cosmetic markets, are also important players. The market for phloroglucinol may grow even more in these areas as natural and plant-derived substances become more widely used. The Middle East presents a promising market for phloroglucinol due to its expanding healthcare industry and rising consumer buying power. The demand for specialty compounds such as phloroglucinol may be fueled by the region's emphasis on high-end skincare and cosmetics. Phloroglucinol may also find application in the area as a result of programs supporting pharmaceutical research and development and growing consumer interest in wellness items.

Market Competition Landscape

The existence of many major companies involved in the manufacturing and marketing of this chemical compound defines the competitive environment of the worldwide phloroglucinol market. Prominent players in the industry comprise both well-known chemical and pharmaceutical firms. These organizations frequently concentrate on R&D projects to improve phloroglucinol synthesis techniques' effectiveness and investigate novel uses for the substance in medicines and cosmetics. Aspects such as product quality, sustainability policies, and regulatory compliance can have an impact on the competitive environment. Given the growing emphasis on green technology, businesses that emphasize environmentally friendly and sustainable production processes may find themselves at a competitive advantage in the market. Prominent players in the market include:

·         Sanofi S.A.

·         Perrigo Company plc

·         Abbott Laboratories

·         Xiamen Hisunny Chemical Co., Ltd.

·         Tianjin Zhongxin Chemtech Co., Ltd.

·         Sigma-Aldrich (Merck Group)

·         Guangdong Xinyi Pharmaceutical Co., Ltd.

·         Wuhan Senwayer Century Chemical Co., Ltd.

·         Wuhan Waking Lion Chemicals Co., Ltd.

·         Hangzhou J&H Chemical Co., Ltd.

·         Zhejiang Kaili Industrial Co., Ltd.

·         Alfa Aesar (Thermo Fisher Scientific)

·         Shaanxi Huike Botanical Development Co., Ltd.

·         Bayer AG

·         Tocris Bioscience (Bio-Techne Corporation)

·         Celon Laboratories Limited