Press release
Linear alkylbenzene sulfonate Market 2024: Key Players Clariant, Hansa Group AG, Rhodia Assurances SA, Huntsman Corporation, Stepan Company, BASF
The product exhibit excellent properties for removing oily stains by reducing the water surface tension area. The overall detergent demand in 2016 was over 35 million tons which is anticipated to reach over 55 million tons by 2024. This will subsequently boost product demand owing to increasing application in household detergent industry during the forecast period.
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Growing population has led to increasing food demand which resulted in positive growth indicators in the food & beverage industry over the past few years. The global food industry was valued over USD 15 trillion in 2016 which is expected to augment in the coming years. This has resulted in elevating demand for dish washing liquid in the food & beverage industry and housing applications which will subsequently boost LAS market over the projected timeframe.
LAS finds widespread applications in personal care industry for producing showers gels, hair conditioners, shampoo owing to its excellent emulsification and cleaning properties. Personal care industry is escalating and is expected to grow at a CAGR of over 4% during the forecast period. Rapid growth in the cosmetic industry is attributed to the rising consumer spending coupled with increasing responsiveness for cleanliness which will have positive influence on the LAS market by 2024.
Volatility in raw material prices is expected to hamper LAS market over the projected timespan. However, mounting venture for product portfolio expansion will generate plentiful opportunities for stimulating LAS market by 2024.
The household detergents & cleaner application was driving the overall LAS business and constituted for over 45% of the total LAS market in 2016. Increasing awareness towards health, hygiene and cleanliness coupled with high spending power of consumers which will propel demand for detergents during the forecast period. This will subsequently boost LAS market by 2024.
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The personal care product segment made a significant contribution which accounted for over 400 million in 2016. Flourishing personal care and cosmetic product demand globally primarily due to cultivating consumer lifestyle and increasing spending power will boost LAS market in the coming years.
Asia Pacific constituted a major chunk of the total LAS market in 2016. This is attributed to increasing consumer spending coupled with improving life styles and mounting population trends in the region which has stimulated demand for cosmetics and domestic detergents which will subsequently boost LAS market over the projected timespan.
Europe has contributed a prominent market share of the total LAS market in 2016. Huge customer base for cosmetics and personal care products along with stringent regulations for maintaining hygiene and cleanliness primarily in France, Germany and UK will drive LAS market during the forecast period.
In 2016, the LAS market was fairly consolidated owing to existence of large scale manufacturers which contributed around 50% of the total LAS market by 2024. Key industry share contributors of LAS are BASF, Hansa Group, Croda International, Huntsman, DuPont, Dow, Evonik, Galaxy Surfactants and Henkel.
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