Surfactants Market to Reach $57.81 Billion by 2028; Rising Demand for Cleaning Agents from Household Sectors to Boost Market Growth

The global surfactants market size is anticipated to exhibit strong growth by reaching USD 57.81 billion by 2028, Fortune Business Insights™, in its report, titled, "Surfactants Market Size, Share & COVID-19 Impact Analysis, By Type (Anionic, Nonionic, Cationic, and Amphoteric), By Application (Home Care, Personal Care, Textile, Food & Beverages, Industrial & Institutional Cleaning, Plastics, and Others), and Regional Forecast, 2021-2028." shares that the market size stood at USD 39.42 billion in 2020 and is expected to reach USD 41.22 billion in 2021. It is projected to exhibit a CAGR of 4.9% during 2021 and 2028. The rising awareness regarding hygiene and robust demand for cleaning agents from the household sector is likely to boost the market growth. 

Innospec Completed Expansion of Production Capacity to Satisfy Consumer Demand

Innospec completed the expansion of its production capacity in July 2021 to satisfy consumer demand for its leading mild and sustainable surfactants. The company invested approximately USD 10 million to expand its production facility. The expansion is set to commence between 2021 and 2022's first quarter. Through this strategy, Iselux and Innospec’s SCI shall expand its flaking capacity and its production capability. This strategy may allow the company to boost its product quality and boost brand image. 

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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 surfactants market growth. 

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. 

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.)

Further Report Findings-

• The market in Asia Pacific stood at USD 15.81 billion in 2020 and is projected to gain the largest portion of the global surfactants market share. Rising demand for personal care and home care products from developing countries are likely to boost the growth of the market. 
• Moreover, the growth in the Asia Pacific is attributable to the strong sales of surfactant products from the household sector. Furthermore, low manufacturing and labor costs are expected to boost the chemical compound's production. These factors are likely to propel industry growth. 
• According to type analysis, anionic surfactants are expected to witness high growth in the market because of the rising demand for cleaning agents and detergents. It provides excellent foam and cleaning. The rising adoption of the product for cleaning applications in household applications is likely to propel the market. 

Segmentation-