Global Sulfosuccinate Market 2021 Future Growth With Technology and Current Trends to 2024 | MFG Chemicals, Huntsman Corporation, and Stepan Company

Owing to these factors, estimates have revealed that the global sulfosuccinate market size will exceed USD 475.7 million in annual estimation by 2024.

Increasing adoption of high-performance materials that meet application-specific requirements across various industries, including pharmaceuticals will stimulate the need for sulfosuccinate compounds. The surging disposable incomes of consumers mainly across the developing nations have also fueled their spending capacities on household and personal care.

Sulfosuccinates are mainly a mild type of anionic surfactants that are derived from maleic anhydride. Apart from personal cleansing products, they are noticing increasing uses in textiles, printing, polymers, paints and coatings, leather, and agriculture.

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The pharmaceutical sector is another most significant application of sulfosuccinate materials considering their excessive adoption in the treatment of constipation. This is because the compound works as a laxative to raise the water content of the stool as well as increases the secretion of water in the gut in order to promote its passage. Some of the other medical utility of sulfosuccinate include its use as an ear wax softener to soften the dry and hardened ear wax. The product also offers superior ease of wax removal and helps to minimize the discomfort inside the ear.

The consumption of sulfosuccinate components in North America is anticipated to witness a considerable jump in the coming years owing to the presence of some of the well-known industry players in the region. There is also an inclining expenditure by the regional population on personal care commodities. To support this with an instance, as per a report by the US Bureau of Labor Statistics, the rate of average annual expenditure on personal care products and services in the country was valued at 1.2% during the year 2018-2019.

Taking these trends into account, suppliers of sulfosuccinate compounds are turning to market ventures such as mergers, partnerships as well as acquisitions to extend their offerings across the world. They are also keen on competitive strategies like innovations along with facility and product upgrades to reinforce their market position. To cite the same with an instance, in January 2020, major specialty and custom chemical producing firm, MFG Chemical, upgraded three of its Dalton, Georgia plants to enhance the manufacturing capabilities of its Dioctyl Sodium Sulfosuccinate.

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Competitive Market Share
Global sulfosuccinate market share was competitive in 2015. The Dow Chemical Company, MFG Chemicals, Huntsman Corporation, and Stepan Company were some of the leading players in the industry. Competition intensity was high primarily due to presence of established players who have integrated their presence across multiple stages of the industry ecosystem. High degree of integration helps leading players achieve the presence. Mergers & acquisitions, price hike and capacity expansion are some of the strategies which plays a key role in the industry.
The ongoing COVID-19 pandemic created a negative impetus on the market for sulfosuccinate particularly in the first few months of 2020. The cosmetic, personal care among other industrial sectors saw mitigated supply chains owing to the hindered production activities caused due to the dearth of labor and imposition of trade barriers. However, the demand for the product is now likely to pick momentum with the gradual resumption of all industrial operations.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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