Phloroglucinol Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

The Global Phloroglucinol Market Size accounted for USD 16.5 Million in 2022 and is estimated to achieve a market size of USD 23.4 Million by 2032 growing at a CAGR of 3.6% from 2023 to 2032.

Phloroglucinol Market Highlights

• Global phloroglucinol market revenue is poised to garner USD 23.4 million by 2032 with a CAGR of 3.6% from 2023 to 2032
• Asia-Pacific phloroglucinol market value occupied almost USD 1.2 million in 2022
• Asia-Pacific phloroglucinol market growth will record a CAGR of over 4% from 2023 to 2032
• Among type, the pharmaceutical grade sub-segment generated over US$ 9 million revenue in 2022 
• Based on application, the pharmaceutical sub-segment generated around 60% share in 2022
• Advancements in technology for the production of phloroglucinol with higher purity and quality is a popular phloroglucinol market trend that fuels the industry demand

Phloroglucinol is a chemical compound used in a variety of applications such as pharmaceuticals, cosmetics, and dyes. It is a white crystalline solid with a bitter taste that is soluble in water. Because of increased demand for the compound in various industries, the global phloroglucinol industry is poised to increase at a moderate rate in the coming years. Phloroglucinol is referred to as an organic compound that is used for the synthesis of explosives, and pharmaceuticals. Phloroglucinol is derivative of phenol and has antispasmodic characteristics. It is also used for gallstones treatment, bladder spasms after transurethral resection of the prostrate, irritable bowel syndrome, and others.

Global Phloroglucinol Market Dynamics

Market Drivers

• Increasing demand for phloroglucinol in the pharmaceutical industry
• Growing demand for personal care and beauty products
• Rising demand for resin production and other chemical applications

Market Restraints

• High production costs due to the complexity
• Stringent regulations related to the production
• Availability of alternative products

Market Opportunities

• Growing demand for phloroglucinol in emerging economies
• Increasing research and development activities for the development of new drugs
• Potential for the use of phloroglucinol in the production of novel materials

Phloroglucinol Market Report Coverage

Phloroglucinol Market Insights

The global phloroglucinol market is driven by increasing incidences of chronic diseases. Moreover, the reduced adverse effects of drug supplements are also expected to boost the demand for phloroglucinol during the forecast period. However, the frequent and increased use of phloroglucinol may cause ill effects on health and is majorly restraining market growth. Furthermore, rigorous regulatory norms essential for the manufacturing of phloroglucinol also hampers the growth of the global phloroglucinol market. Nevertheless, the increase in investment by major manufacturers to produce phloroglucinol products is expected to provide major growth opportunities during the forecast period.

Phloroglucinol Market, By Segmentation

The worldwide market for phloroglucinol is split based on type, application, and geography.

Phloroglucinol Types

• Pharmaceutical Grade
• Industrial Grade

According to our analysis of the phloroglucinol market, pharmaceutical grade segment acccounted for the majority of the share in 2022. Pharmaceutical grade phloroglucinol is more pure and high-quality, and it is used to make a variety of medications, especially antispasmodics and antiallergics. The increasing demand for drugs for the treatment of various medical conditions, particularly in the pharmaceutical industry, drives the demand for pharmaceutical grade phloroglucinol.

Industrial grade phloroglucinol, on the other hand, is of lower purity and quality and is used in a variety of industrial applications such as dye production, resin production, and other chemical applications. The growing demand for various industrial applications in the chemical industry is driving the demand for industrial grade phloroglucinol.

Phloroglucinol Applications

• Pharmaceuticals
• Cosmetics
• Dye

According to the phloroglucinol market forecast, the pharmaceutical and cosmetics industries are the two major applications driving the market's growth. Phloroglucinol is an active pharmaceutical ingredient used in the manufacture of a variety of drugs, particularly antispasmodics and antiallergics. The rising demand for drugs to treat various medical conditions, particularly in the Asia-Pacific region, is propelling the pharmaceutical grade phloroglucinol market forward.

In the cosmetics industry, phloroglucinol is used as a hair dyeing and skin whitening agent. The rising demand for personal care and beauty products, particularly in Asia-Pacific, is propelling the cosmetic grade phloroglucinol market forward. Furthermore, phloroglucinol is used in the manufacture of various dyes, most notably as a dye intermediate in the manufacture of black and blue dyes. However, the dye industry's demand for phloroglucinol is lower than that of the pharmaceutical and cosmetics industries.

Phloroglucinol Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Phloroglucinol Market Regional Analysis

The Asia-Pacific region is expected to be the largest market for phloroglucinol due to the growing pharmaceutical and cosmetic industries in countries such as China, India, and Japan. In addition, the Asia-Pacific region has the fastest-growing phloroglucinol market, with significant demand from the pharmaceutical and cosmetics industries. The growing population, rising disposable incomes, and rising demand for personal care and beauty products are propelling the cosmetic grade phloroglucinol market forward. China, India, Japan, South Korea, and Southeast Asian countries are the major contributors to the Asia-Pacific phloroglucinol market growth.

The North American market for phloroglucinol is mature, with consistent demand from the pharmaceutical and cosmetics industries. Demand for phloroglucinol in this region is being driven by the presence of a large number of pharmaceutical and personal care product manufacturers. The major countries contributing to the growth of the phloroglucinol market in North America are the United States and Canada.

Phloroglucinol Market Players

Some of the top phloroglucinol companies offered in the professional report include Linjiang Jianwei Biotech Co., Ltd., Alfa Aesar, Thermo Fisher Scientific Inc., Yangzhou Chenhua New Materials Co., Ltd., Sigma-Aldrich Corporation, Merck KGaA., Shanghai Yuanye Bio-Technology Co., Ltd., Santa Cruz Biotechnology, Inc., Shaanxi Huike Botanical Development Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Guizhou Redstar Development Co., Ltd., and Shenyang Huixin Chemical Co., Ltd.