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Ethoxylates Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players
Ethoxylates Market
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According to The Business Research Company's, The ethoxylates market size has grown strongly in recent years. It will grow from $13.63 billion in 2023 to $14.32 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to demand from diverse industries, surfactant applicationsv, textile and leather industries, agricultural sector demand, industrial applications.
The ethoxylates market size is expected to see strong growth in the next few years. It will grow to $17.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to raw material availability, energy sector utilization, trade and globalization, innovation and research development, regulatory landscape. Major trends in the forecast period include product innovation and differentiation, supply chain resilience, versatility in household cleaning, environmentally friendly formulations, rising demand in personal care.
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Market Drivers and Trends:
An increase in industrialization is expected to propel the growth of the ethoxylates market going forward. Industrialization refers to the process of transforming an economy from primarily agrarian and manual labor-based into one characterized by the extensive mechanization of economic activities, increased production efficiency, and the growth of the manufacturing sector. Ethoxylates play a pivotal role in industrialization by serving as versatile chemical compounds with widespread applications across various industrial sectors. As key surfactants, ethoxylates contribute to the mechanization and efficiency of industrial processes, especially in sectors such as textiles, agriculture, and manufacturing. Their emulsifying and dispersing properties make them essential in formulations for agrochemicals, detergents, and other industrial products. For instance, in October 2023, the Board of Governors of the Federal Reserve System, a US-based governing body of the Federal Reserve System published an article according to which industrial production of the US increased by 0.3% in September and advanced at an annual rate of 2.5% in the third quarter in 2023. The country's manufacturing output rose by 0.4% in September, the index for mining moved up 0.4%, and the index for utilities decreased by 0.3% in 2023. Therefore, an increase in industrialization is driving the ethoxylates market.
Product innovation has emerged as the key trend gaining popularity in the ethoxylates market. Major companies operating in the ethoxylate market are developing innovative products to strengthen their position in the market. For instance, in July 2022, INEOS OXIDE, a US- based specialty chemicals company, launched Bio-Attributed Ethylene Oxide (EO) which is a based on bio-based sources which do not compete with food production. The new product is 100% renewable on a mass balance basis and delivers a Greenhouse Gas saving of over 100% compared to conventionally produced EO. Bio-Attributed Ethylene Oxide (EO) allows customers to significantly reduce their carbon footprint and offer innovative solutions to serve their ever more demanding markets for sustainable solutions.
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Major Key Players of the Market:
BASF SE, Huntsman International LLC, Clariant AG, Sasol Limited, Ineos Group Ltd., Nouryon, Evonik Industries AG, Mitsui Chemicals Inc., Royal Dutch Shell plc, Stepan Company, The Dow Chemical Company, India Glycols Ltd., Solvay S.A., Arkema S.A., Saudi Basic Industries Corporation (SABIC), PJSC Nizhnekamskneftekhim, Akzo Nobel N.V., Croda International plc, Procter & Gamble Company, Unilever plc, Lubri-Graph Corporation, PTT Global Chemical Public Company Limited, Lion Corporation, Galaxy Surfactants Pvt. Ltd., Tianjin Bohai Chemical Industry Group Corporation, Aarti Industries Limited, Indorama Ventures Public Company Limited, Reliance Industries Limited, Jiahua Chemicals Inc., Kao Corporation, DuPont de Nemours Inc., Taiwan NJC Corporation
Ethoxylates Market 2024 Key Insights:
• The ethoxylates market size is expected to see strong growth in the next few years. It will grow to $17.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• The Surge In Ethoxylates Market Driven By Increasing Demand From The Oil And Gas Industry
• Ethoxylates Market Surges With Bio-Attributed Products Redefining Green Chemistry
• Asia-Pacific was the largest region in the ethoxylates market in 2023, and is expected to be the fastest-growing region in the forecast period
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