The global surfactants market size is projected to reach USD57.81 billion by 2028, exhibiting a CAGR of 4.9% during the forecast period. The market stood at USD 39.42 billion in 2020 and is estimated to reach USD 41.22 billion in 2021. The rising demand for cleaning agents from the household sector is likely to fuel the market growth. Fortune Business Insights™ mentions this information in its report titled "Surfactants Market, 2021-2028."
Surfactants are compounds made from combining liquid, gas, and other chemical compounds that contain minimal surface tension. They are used extensively in household applications because of their ability to effectively eliminate germs and maintain hygiene. They are used in food & beverage, personal care, textile, and household sectors because of their effectiveness and strength. Their emulsifying, washing, and wetting properties are expected to boost its demand from the household sector. They are used in shaving creams, handwashes, and creams because of their lubricating abilities. The compounds are used in shaving creams because of their ability to remove hair in a faster and easier manner. Further, the rising demand for hygiene among consumers is expected to boost demand for effective products among consumers. These factors are likely to fuel the market growth during the upcoming years.
Highlights of the Report
The report offers a comprehensive examination of the top segments and the newest trends in the market. It expansively debates the drivers as well as the limiting factors and the influence of COVID-19 on the market. Furthermore, it reviews the regional progressions and the tactics undertaken by the market's vital players.
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Segments
By product, the market is segmented into amphoteric, cationic, non-ionic, and anionic. Based on application it is divided into plastics, industrial & institutional cleaning, food & beverages, textile, personal care, and home care. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Profiled in this Market Report
Akzonobel N.V (Arnhem, Netherlands)
Clariant AG (Muttenz, Switzerland)
BASF SE (Ludwigshafen, Germany)
Kao Corporation (Tokyo, Japan)
Evonik Industries AG (Essen, Germany)
Lion Corporation (Tokyo, Japan)
Solvay (Brussels, Belgium)
Indorama Ventures Public Company Limited (Bangkok, Thailand)
Ashland Global Holdings Inc. (Delaware, U.S.)
Croda International Plc (Snaith, U.K.)
Stepan Company (Illinois, U.S.)
Dow Chemical Company (Michigan, U.S.)
Drivers and Restraints
Increasing Applications from Several Sectors to Boost Market Progress
Surfactants applications are increasing rapidly from the food & beverage, textiles, and home care sector. Its disinfecting ability and effectiveness are expected to increase its adoption. The rising awareness from consumers regarding hygiene is expected to boost its sales. Further, the adoption of the product as an ingredient in hand wash, shampoo, cleaning products, detergent, and sanitizers is expected to boost the product demand. It is used in several Industrial cleaning applications to remove dust particles, by-products, soil, and other impurities. Increasing adoption of the product in hospitals and other medical institutions is expected to boost its sales. Rising per-capita income and evolving consumer lifestyles lead to the adoption of cleaning agents from consumers in developing countries. These factors are likely to fuel the market growth.
However, fluctuating raw material prices and increasing environmental concerns are expected to hinder market progress.
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Regional Insights
Robust Demand for Personal Care Products to Boost Market Growth in Asia Pacific
Asia Pacific is expected to hold the largest surfactants market share owing to the rising demand for personal care and home care products from developing countries. The market in Asia Pacific stood at USD 15.81 billion in 2020 and is expected to soar during the upcoming years. Further, low manufacturing and labor costs are expected to boost the chemical compound's production. These factors are likely to influence market progress.
In North America, increased spending capacity and rapid industrialization are likely to boost market progress. Further, the presence of manufacturers such as Formosa Plastics, Dow, and Chevron is likely to promote surfactant sales. Additionally, the emergence of several bio surfactant manufacturers is likely to promote market growth.
In Europe, surfactants' rising demand from the personal care and home care sectors are likely to boost its adoption. Further, the development of the textile, household, and fashion industries is likely to boost the market growth.
Competitive Landscape
Prominent Companies Collaborate with Major Players to Improve Brand Image
Prominent companies operating in the market engage in partnership to improve their brand image. For example, Unilever engaged in a partnership with India Glycols and LanzaTech for the production of surfactants made from carbon emissions in April 2021. This strategy may enable the three companies to utilize biotechnology and an organized supply chain to boost their organizational goals. The newly announced surfactant shall be used in the OMO (Persil) laundry capsule scheduled for launch on April 22nd in China. This strategy may enable the partners to improve their brand image globally.
Industry Development
March 2021: BASF and Allied Carbon Solutions Co., Ltd., and Holiferm Ltd. entered into an agreement with each other for the expansion of their position in the active and bio-based surfactants industry. This expansion shall enable BASF to manufacture and develop fermentation-derived, non-fossil-based, and sustainable ingredients in several glycolipids classes and boost the potential for personal care, industrial formulators, and home care products.