Global Surfactants Market Is Expected To Reach US$ 47.16 Bn By 2023: Rising Demand From End Use Applications Will Fuel The Market Growth
The latest market report published by Credence Research, Inc. “Surfactants Market, By Type, Application Type and Region – Growth, Future Prospects and Competitive Analysis, 2016 – 2023,” the global surfactants market was valued at US$ 34.13 Bn in 2015, and is expected to each US$ 47.16 Bn by 2023, expanding at a CAGR of 4.4% from 2016 to 2023. In 2015, in terms of volume the global surfactants market was 17,611.22 Kilo tons.
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Rising demand for personal care products and cleaners and detergents, led by rising consumer awareness about health and hygiene, has enhanced the demand for surfactants across the globe. The personal care products and detergents market in Asia, Latin America and Middle East is growing significantly due to burgeoning middle class and rise in disposable income. Moreover, increasing exploration and production activities is increasing demand for oilfield chemicals which is also projected to boost the market demand for surfactants. However, rising environmental concerns owing to toxicity of the surfactants is the major factor hampering the market growth. Price volatility due to fluctuating prices of crude oil is another factor restraining the market growth.
Shift in trend towards bio surfactants especially in developed economies such as North America and Europe due to regulatory pressure and growing consumer awareness is projected to offer huge market potential for industry participants. Moreover, government in these regions have also been promoting the use of bio surfactants which promotes market players to increase their production.
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In the surfactants market suppliers have low bargaining power due to intense competition. Moreover, due to volatility in the prices of crude oil suppliers of raw materials have to face margin pressures. In 2015, more than 30% of the total market was accounted by BASF. Akzo Nobel, Evonik, Clariant and Huntsman are some of the other prominent players present in this market. Development of new innovative products is the key strategies adopted by the players present in this market.
Rising demand from end use applications especially, home care, personal care, food processing and oilfield chemicals
Production of sustainable green surfactant products
Emerging economies offers huge market potential
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