The global market for surfactants is facing immense competition owing to the existence of numerous global leaders in the market. With the rising number of players, the surfactants market is expected to grow significantly during the forecast period. Many new players are also penetrating into the market on the account of continuous developments in surfactants. Various innovations and new developments are estimated to augment the growth of surfactants market globally in the forecast period. Few of the leading players in this market incorporate Clariant International Limited, P&G Chemicals, Evonik industries AG, Lonza Group Limited, BASF SE, Huntsman Corp., Archer Daniels Midland Comp., The Dow Chemical Comp., and Akzo Nobel N.V.
The global surfactants market is anticipated to be worth US$28.83 billion by 2023. The market is estimated to exhibit a strong CAGR of 4.2% during the forecast period. According to product, the global market for surfactants is bifurcated into cationic, anionic, amphoteric, non-ionic, and some others. As per application, the global market is divided into food processing, personal care, leather and textile, institutional and industrial care, household detergents, and oilfield chemicals. Of these, the industrial segment is expected to stimulate the growth of surfactants market globally over the coming years.
According to regions, Asia pacific is projected to account for the majority of surfactants market share during the forecast period. North America is also expected to hold a significant market share from 2015 to 2023. Owing to the rising demand for surfactants emerging from various applications, the growth of surfactants market is predicted to boost in the upcoming years. Regions such as Latin America and MEA are projected to grow at a promising rate in the next coming years. The growth in these two regions is primarily attributed to the rising demand from personal care segment and household detergents.
Increasing Demand from Personal Care Sector to Augment Market Growth
The global market for surfactants is likely to observe huge growth in the forecast period. One of the primary factors influencing the growth of this market is the enormous demand with respect to personal care products. Furthermore, the rising focus on technological and new product advancements are estimated to propel the demand for surfactants market globally in the coming years. Also, the rising awareness among consumers regarding hygiene and health are expected to increase demand for personal care products and thus, uplifting the surfactants market. Young generation which includes college and school students, and women have become a major source of revenue in terms of personal care products especially in Asia Pacific region. Similarly, increasing demand for household detergents has surged the global surfactants market.
Strict Government Regulations to Hamper the Market Growth
Despite the fact that surfactants market is influencing various players to invest in this product but at the same time, there are some factors which may hinder the market growth. The surfactants global market is affected by stringent government regulations with regards to solvent-based detergents. This is expected to hamper the growth of surfactants market globally in the forecast period. However, the increasing preference towards green products by consumers is estimated to open new growth opportunities for several players in the upcoming years.