Features

Surfactants: intensified competition

Surfactants: intensified competition



Surfactants market to be worth $28.83bn

Rising demand for personal care products is expected to augment demand, says a report

July 2019

The global surfactants market is projected to reach $28.83 billion by the end of 2023, growing at a CAGR of 4.20 per cent over the forecast period from 2015 to 2023.

Ever increasing demand for personal care products is expected to provide ample growth potential to the global surfactants market during the forecast period, a report said.

The global surfactants market is extremely competitive and fragmented due to presence of many players in the market, said an upcoming Transparency Market Research (TMR) report.

Demand for personal care products is driving market growth

Demand for personal care products is driving market growth

Some of the eminent players in the global surfactants market include Clariant International, P&G Chemicals, Evonik Industries, Galaxy Surfactants Limited, and Archer Daniels Midland Company. These players are focusing on introducing new products and new innovations to penetrate into the global market. The competition is expected to intensify with the number of increasing players in the market in the near future.

In terms of region, the global surfactants market is projected to be ruled by Asia Pacific during the forecast period. The growth in this region can be accounted to rising demand for surfactants. Alternatively, Latin America and Middle East and Africa is also predicted to exhibit a promising growth in the upcoming years. The growth in these regions is attributable to rising demand for personal care products and requirement for households.

On the basis of application, the global surfactants market is segmented into household detergents, personal care, leather and textile, food processing, oilfield chemicals, and institutional and industrial care. Of these, the institutional and industrial segment is likely to dominate the global surfactants market during the forecast period. The growth in this segment can be due to an increasing number of industries a consequential effects of rapid industrialization.

 

PRODUCT ADVANCEMENT

Due to the presence of many players in the market, new technological and product advancements are taking place in the market. The new products with latest technology are expected to increase the demand for surfactants. Additionally, there is rising demand from households for detergents to carry out upkeep of cleanliness around the house. Moreover, rising research and development activities and emergence of various new technologies are projected to offer a substantial boost to the surfactant market. Thus, the global surfactants market is likely to grow at a steady rate in the near future.

 

INCREASING AWARENESS

There has been increasing awareness about hygiene and cleanliness across all ages and segments of the society. This increases the demand for hygienic personal care products from both young and old population. Also, rising demand for convenience food is increasing the demand for surfactants such as emulsifiers in the food sector. All these factors are expected to drive the global surfactants market towards expansion in the upcoming years.

Further, rising demand for surfactant from industrial sector and ever increasing demand for apparels in textile industry, and rising demand for leather accessories such as shoes, wallets, purse, and belts are expected to increase the requirement for surfactants too. Hence, the global surfactant market is expected to observe a healthy growth during the forecast period.

Stringent regulations on solvent-based surfactants are expected to hinder the growth in the global surfactant market in the upcoming years. Nonetheless, the rising awareness and demand about sustainable surfactants is projected to drive the global surfactant market to expand in the near future.




More Stories



Tags