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Alcohol Ethoxylates Market Report 2024-2033 - Industry Trends & Forecast
Alcohol Ethoxylates Market Report
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According to The Business Research Company's, The alcohol ethoxylates market size has grown strongly in recent years. It will grow from $6.34 billion in 2023 to $6.69 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to growing demand in cleaning products, surfactant applications, versatility in formulations, industrial & institutional cleaning, textile processing demand.
The alcohol ethoxylates market size is expected to see strong growth in the next few years. It will grow to $8.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rising demand in cleaning products, diverse surfactant applications, versatile formulations, textile processing growth, agricultural sector demand. Major trends in the forecast period include health and safety awareness, customization and tailored solutions, cost-effectiveness and performance, preference for biodegradable solutions, global market expansion.
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Market Drivers and Trends:
The increased demand for personal care products is anticipated to propel the growth of the alcohol ethoxylates market going forward. Personal care products refer to a category of consumer goods designed for personal hygiene and grooming, which includes skincare, haircare, and oral care products. Alcohol ethoxylates are used in personal care products as effective surfactants for creating stable emulsions in products such as creams, lotions, and shampoos and used as foaming agent in shampoos, body washes, and facial cleansers. For instance, in September 2023, according to the Bureau of Labor Statistics, a US-based government agency, the average consumer expenditure on personal care products increased by 12.3 percent, which was $866 in 2022, up from $771 in 2021. Therefore, the increased demand for personal care products is driving the growth of the alcohol ethoxylates market.
The development of eco-friendly products is a key trend gaining popularity in the alcohol ethoxylates market. Major players operating in alcohol ethoxylates are concentrating their efforts on creating innovative biodegradable products to sustain their position in the market. For instance, in June 2022, Solvay S.A., a Belgium-based company specializing in the manufacturing of chemicals, polymers, and composites launched Mirasoft SL L60, and Mirasoft SL A60. Both these products are biobased substances produced using a fermentation process from rapeseed oil and sugar to offer biodegradable products. These two glycolipid biosurfactants are designed to reduce carbon footprint and are used in a variety of beauty care products such as creams, face cleansers, shower gels, and shampoos, and have less harmful effects than synthetic beauty products.
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Major Key Players of the Market:
Shell plc, Sasol Limited, Clariant AG, BASF SE, Saudi Basic Industries Corporation, Evonik Industries AG, Dow Chemical Company, Huntsman Corporation, India Glycols Limited, Mitsui Chemicals Inc., Solvay SA, Stepan Company, ChemPoint.com Inc., Venus Ethoxyethers Pvt. Ltd., Oxiteno SA, Enaspol Inc., Helm AG, Nouryon BV, INEOS Group Limited, AkzoNobel N.V., Procter & Gamble Co., Kemipex, Saibaba Surfactants Pvt. Ltd., Geo Specialty Chemicals Inc., Kuala Lumpur Kepong Berhad group, Kao Corporation, Croda International Plc, Galaxy Surfactants Ltd., Unger Fabrikker AS, Lion Corporation, PCC Chemax Inc., Sasol Germany GmbH, Unilever plc
Alcohol Ethoxylates Market 2024 Key Insights:
• The alcohol ethoxylates market size is expected to see strong growth in the next few years. It will grow to $8.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Surging Demand From Oil And Gas Industry Propels Alcohol Ethoxylates Market Expansion
• Solvay Introduces Biodegradable Mirasoft Sl L60 And Mirasoft Sl A60 In The Alcohol Ethoxylates Market
• Asia-Pacific was the largest region in the alcohol ethoxylates market in 2023, and is expected to be the fastest-growing region in the forecast period
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