The global surfactants market is expected to be valued at USD 39,131.99 million in 2018, and is projected to reach USD 51,217.19 million by 2023, registering a CAGR of ~5.53% during the forecast period (2018-2023).
Surfactants are essential chemicals in numerous applications. Their use has been increasing rapidly among personal care and food processing industries. Consumers around the world are becoming conscious about beauty and personal hygiene, which has led to a rapid growth in personal care products. This has positively affected the demand for surfactants in the personal care sector. Innospec recently announced their plan to invest and expand their production facility for dried surfactants in Saint Mihiel, France.
AREAS WITH SCOPE FOR POSITIVE GROWTH
By type, anionic surfactants had the largest market share in 2017, accounting for 47.53% of the global market. It is also expected to be the fastest growing segment through 2023. The growth of anionic surfactants is primarily driven by high demand for linear alkylbenzene sulfolane, which accounts for over half of the anionic surfactant market.
Among the regional markets, the Asia-Pacific dominated the market in 2017, and is expected to witness the fastest growth rate during the forecast period, 2018-2023. China, India and Indonesia are expected to be the fastest-growing markets in the region, with growth being relatively slower in Japan. North America and Europe followed the Asia-Pacific in surfactants consumption in 2017.
NOTABLE DEVELOPMENTS IN THE MARKET
Stepan Company through a subsidiary in Mexico, announced that the company has reached an agreement with BASF Mexicana, S.A. DE C.V. to acquire its surfactant production facility in Ecatepec, Mexico and a portion of its associated surfactants business.
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