Detergent Chemicals Market Size, Share, Trends, Growth Analysis And Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Detergent Chemicals Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The detergent chemicals market size has grown strongly in recent years. It will grow from $63.17 billion in 2023 to $68.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to population growth and urbanization, rising hygiene awareness, industrial development, economic expansion, shift in consumer lifestyles.

The detergent chemicals market size is expected to see strong growth in the next few years. It will grow to $98.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to pandemic impact and hygiene practices, competitive strategies and brand loyalty, consumer education and awareness, affordability and price sensitivity, health and hygiene awareness campaigns, supply chain optimization. Major trends in the forecast period include eco-friendly formulations, biodegradable ingredients, plant-based and natural products, concentrated and efficient formulations, smart packaging and dispensing.

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Market Drivers and Trends:

The increasing penetration of e-commerce is expected to propel the growth of the detergent chemicals market going forward. E-commerce refers to the exchange of goods and services or the sending of money or data over an electronic network, primarily the internet. E-commerce platforms offer a convenient and accessible way for consumers to purchase cleaning products, including detergents. For instance, in September 2022, according to the International Trade Administration, a US-based department of commerce, consumer eCommerce now made up 30% of the UK's overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. In 2021, 82% of people in the UK will have made at least one online purchase. Therefore, the increasing penetration of e-commerce is driving the growth of the detergent chemicals market.

Bio-based surfactants are the key trends gaining popularity in the detergent chemicals market. Green cleaning chemicals are produced from environmentally friendly ingredients and are safe for both humans and the environment. They are made of plant-based enzymes and do not contain any chemical compounds. Major companies operating in the industrial cleaning chemical market are focused on developing new technological solutions to strengthen their market position. For instance, in February 2022, Clariant, a Switzerland-based chemicals company operating in the detergent chemicals market launched Vita 100% bio-based surfactant and poly-ethylene glycol, which will address climate change indirectly. The bio-based substance is segregated from the field to the end consumer product along the supply chain. The bio-based feedstocks are used, the ingredients have a lower carbon footprint than their other alternatives, Clariant-Vita surfactants can help save up to 85% of CO2 emissions.

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Major Key Players of the Market:

BASF SE, The Dow Chemical Company, Huntsman International LLC, Croda International plc, Solvay Société Anonyme, Clariant AG, Akzo Nobel N.V., Nouryon Industrial Chemicals, Unilever plc, Evonik Industries AG, The Procter & Gamble Company, Stepan Company, Novozymes A/S, International Detergent Chemicals Ltd., E. I. du Pont de Nemours and Company, Ashland Global Holdings Inc., Galaxy Surfactants Pvt Ltd., Godrej Industries Limited, Kao Corporation, Lion Corporation, P&G Chemicals, Sasol Limited, Vinayak Ingredients Pvt. Ltd., Chemithon Enterprises Inc., Enaspol Inc., Nease Co. LLC, Pilot Chemical Company, 3V Sigma USA Inc., Ultra Group of Companies, Zanyu Technology Group Co. Ltd., Isagro Asia Agrochemicals Pvt. Ltd.

Detergent Chemicals Market 2024 Key Insights:

• The detergent chemicals market size is expected to see strong growth in the next few years. It will grow to $98.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Textile Industry Surge Propels Detergent Chemicals Market Growth
• Leading Innovation In Detergent Chemicals With Bio-Based Surfactants
• North America was the largest region in the detergent chemicals market in 2023

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