Surfactants Market Analysis
The Surfactants Market size is expected to grow from 18.82 million tons in 2023 to 21.35 million tons by 2028, at a CAGR of 2.55% during the forecast period (2023-2028).
The market was adversely impacted by COVID-19 in 2020 and the first half of 2021. Several countries were forced to go into lockdown, which forced people to minimize the use of personal vehicles, creating a decline in the demand for lubricant and fuel, thus decreasing the demand for fuel additives and surfactants. However, the consciousness regarding personal hygiene and clean surroundings increased during the pandemic, and it remains a major priority despite its retraction. This has stimulated the demand for personal and household cleaning products, thus enhancing the market growth of surfactants.
- Over the short term, the growing personal care industry and the growing demand for biosurfactants to serve the growing oleochemical market are driving the growth of the surfactants market.
- Increasing environmental awareness against the use of surfactants is expected to hinder the growth of the market.
- New inventions in the field of surfactants and the introduction of bio-based surfactants will act as a market opportunity.
- The Asia-Pacific region is expected to dominate the market, and it is likely to witness the highest CAGR during the forecast period.
Source: https://www.mordorintelligence.com/industry-reports/surfactants-market
Key Market Analysis
Asia-Pacific is Expected to Dominate the Market
- In Asia-Pacific, China is likely to dominate the market studied. In China, cosmetics and personal care is one of the fastest-growing sectors. Continuous growth in population is another factor fuelling the demand for personal care, soaps, and detergents in the country, which augments the surfactants market.
- The output from the Chinese chemical industry is essential in various products, including soaps, detergents, cosmetics, etc. There are more than 60 manufacturers of washing, care, and cleaning agents in the country. However, the market studied is dominated by global players like BASF SE and Evonik Industries AG. China is also one of the largest exporters of soaps and detergent products.
- Moreover, India is one of the largest producers of soaps in the world. The per capita consumption of toilet/bathing soaps in the country is around 800 grams. Around 65% of the Indian population resides in rural areas, and the increasing disposable incomes and growth in rural markets make consumers shift to premium products. This shift is expected to drive the market for surfactants in the country.
- According to India Brand Equity Foundation, the beauty, cosmetic, and grooming market is is expected to reach USD 20 billion by 2025.
- Thus, the market for surfactants in the region is expected to witness steady growth during the forecast period.
Source: https://www.mordorintelligence.com/industry-reports/surfactants-market
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