Panthenol Market Trends and Forecast to 2029
The global panthenol market shows a high level of consolidation, with leading players, such as BASF SE, Royal DSM, Yifan Pharmaceuticals, and Xinfa Pharmaceutical, collectively accounting for 50-60% market share.
Recognizing a notable increase in the demand for panthenol across a number of end-use industries, key manufacturers are constantly focusing on expanding their manufacturing facilities and production capacities. These key strategies are further intensified when Xinfa Pharmaceutical Co. Ltd. completed the construction of new panthenol production plant in 2018, with a capacity of 3000 tons/year. Such a strategic move is likely to influence other market players to follow suit and increase their panthenol production capacities, as the demand for cosmetic products rises.
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Innovations have also been forthcoming with the tectonic shifts in consumer behavior, coupled with the thriving trend of premiumization. Leading panthenol market players, such as BASF SE, are targeted towards new product developments for advanced applications that would be sold at high value across industries, including cosmetics, pharmaceuticals, and food & beverages. It is highly likely that the market challengers will strategically follow the leaders in panthenol landscape, over the years to come.
Strong collaboration of industry stakeholders and leading market players is compelling key panthenol manufacturers to adopt a dual approach while designing their developmental strategies. In addition to product portfolio expansion through multiple innovations, these manufacturers are focusing on partnerships and acquisitions, involving other stakeholders, for enhanced geographical footprint and expanded customer base.
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Significant attributes such as improving the appearance of skin, healing effect for the structure and function of living tissue, and deep penetrating moisturizing properties are paving way for panthenol application in tattoo industry. Many tattoo artists continue to recommend panthenol-based creams as an effective post-tattooing moisturizing cream, which is likely to open new avenues of growth of panthenol market.