Global Surfactants Market - Segmented by Origin, Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global surfactants market is expected to register a CAGR of 5.41% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market, with a market share of almost 40% of the global market in 2017.
Growing Personal Care Industry in Asia-Pacific
Personal care is one of the major end-users for surfactants. Surfactants are used as ingredients such as foaming agents, dispersants, emulsifiers, solubilizing agents, cleansers, and conditioners, among others, in numerous personal care products. Personal care industry accounted for around 14% of the global surfactants market in 2017, with Asia-Pacific being the largest consumer as well as producer of surfactants. The production has reached such high levels that it has become a major hub for exporting of cosmetics and personal care products to developed nations, such as the United States. The tier-2 markets, such as South Korea, are expected to witness a rapid increase in the demand for personal care products. Moreover, China and India are also likely to experience good opportunities for the personal care market.
Anionic Surfactants to dominate the Global Market
Anionic surfactants account for approximately half of the total share of the surfactants market. Growing focus on environmental regulations is expected to increase the demand for anionic surfactants. In terms of volume, the three most-used anionic surfactants are alpha-olefin sulfonates, linear alkylbenzene sulfonates and, alcohol ethoxysulfates. High price and supply fluctuations of petrochemical products, and reducing dependence on crude oil are likely to drive the demand for anionic surfactants. The current market demand for environment-friendly alternatives has led to a boost in demand for bio-based anionic surfactants.
Asia-Pacific is the Largest Consumer
Asia-Pacific region was dominated by China, Japan, and India. China was the largest consumer of surfactants in 2017 and the country is likely to continue its dominance during the forecast period. Continuous growth in population is another factor fuelling the demand for personal care, soaps and detergents in the country, which, in turn, is augmenting surfactants market. Moreover, demand for surfactants in soaps and detergents was the largest in 2017; this segment is estimated to continue its dominance during the forecast period, primarily due to the increasing household applications.
Key Developments in the market