Increased use of surfactants in household detergents, and wide range of applications have boosted the growth of the global surfactants market
PORTLAND, OREGON, UNITED STATES, September 18, 2020 /EINPresswire.com/ — Low prices & easy availability of surfactants, increased use of surfactants in household detergents, and wide range of applications have boosted the growth of the global surfactants market. However, volatility in raw material prices and environmental issues hamper the market growth. On the contrary, usage of surfactants in neonatal respiratory distress syndrome and growing market of personal care products are expected to create lucrative opportunities for the market players in the coming years.
According to the report, the global surfactant industry garnered $41.3 billion in 2019, and is projected to reach $58.5 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.
COVID-19 scenario: The Covid-19 outbreak has greatly affected the global surfactants market.
• Increase in demand for cleaning and disinfection products across the globe would increase the demand for surfactants during Covid-19.
• Shortage of raw materials from China and decreased prices of ethylene oxide have hampered the production of surfactants.
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Anionic segment dominated the market:
By type, the anionic segment held the largest share in 2019, accounting for nearly half of the global surfactants market, owing to the upsurge in consumption of consumer products, such as shampoo, hand wash, bathing gels, toothpaste, soaps, and detergents. However, the amphoteric segment is expected to manifest the highest CAGR of 5.6% through 2027, due to rise in income in the emerging economies of India & China and increased demand for personal care & household detergent products.
Personal care segment to portray highest CAGR through 2027:
By application, the personal care segment is expected to register the highest CAGR of 5.9% from 2020 to 2027, owing to increase in demand for surfactants from the personal care applications such as hair care, skincare, oral care, and toiletries. However, the household detergents segment held the largest share in 2019, accounting for more than half of the global surfactants market, due to the increase in awareness among people regarding personal hygiene and other cleaning processes for household applications.
Asia-Pacific, followed by North America, held the largest share:
By region, the global surfactants market across Asia-Pacific, followed by North America, held the largest share in 2019, accounting for nearly two-fifths of the market. Moreover, the region is expected to portray the highest CAGR of 5.9% during the forecast period. This is attributed to a large number of key players and the availability of the manufacturing facilities in these countries.
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Major Market Players:
• BASF SE
• Croda International Plc
• Clariant AG
• Stepan Company
• Evonik Industries AG
• Huntsman Corporation
• Lonza Group
• Indorama Ventures Public Company Limited
• Kao Corporation
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Source: EIN Presswire