Increasing product demand in manufacturing household detergents will be the major factor propelling the global linear alkylbenzene sulfonate market size over the estimated timeframe.
Sellbyville, DE -- (SBWIRE) -- 05/29/2019 -- According to Global Market Insights, Inc., "Worldwide linear alkylbenzene sulfonate market collected a revenue of USD 5 billion in 2015 and will generate a revenue of more than USD 9 billion by 2024 with an annual growth rate of above 5% over the period of 2016 to 2024." Linear alkylbenzene sulfonate market is likely to gain a significant traction subject to the surging demand for household detergents and industrial cleaners, as LAS products have superior cleansing, emulsifying, and foaming characteristics. The growing food and beverage sector will also fuel the demand for product owing to the increased usage of dish washing liquids comprising linear alkylbenzene sulfonate, which in turn will propel linear alkylbenzene sulfonate industry size over the years ahead.
Consumer lifestyles are undergoing a dramatic change across the globe, subject to the increased purchasing power and rise in per capita income. The rising awareness among the consumers about their personal health and hygiene will also impel high product demand. This product is mainly used in the personal care products like shower gel, shampoos, and hair conditioner, which will stimulate linear alkylbenzene sulfonate market share notably.
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According to a new research report by Global Market Insights, Inc. Linear Alkylbenzene Sulfonate (LAS) Market size is poised to exceed USD 9 billion by 2024.
In addition to this, most of the manufacturing giants are investing heavily in research and development activities to come up with newer and advanced product versions. The giants in linear alkylbenzene sulfonate market include Clariant Corporation, BASF SE, Croda International, Huntsman Corporation, Hansa Group AG, The Dow Chemical Company, Rhodia SA, Henkel AG & Co. KGaA, Evonik Industries AG, Galaxy Surfactants Ltd., DuPont, and Stepan Company.
Industrial cleaners are one of the lucrative application segments of linear alkylbenzene sulfonate market and will collect significant revenue over the coming timeframe. The attributing factor toward the market growth is the implementation of strict norms to maintain hygiene across various industries. Linear alkylbenzene sulfonate market from personal care products application was worth USD 450 million in 2015 and will register considerable growth rate over the years ahead.
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LAS is used to manufacture personal care products due to the benefits such as excellent foaming, cleansing, and better emulsifying nature. The changing lifestyles of consumers across the globe is fueling the demand for personal care products on large scale, which will in turn, stimulate linear alkylbenzene sulfonate market.
The population across the APAC region is increasing exponentially y-o-y, which will fuel the demand for household detergents and personal care products. Asia Pacific linear alkylbenzene sulfonate industry occupied more than 40% of the regional revenue share in 2015 and will collect a considerable revenue over the coming seven years. The growth can be attributed to the tremendously changing lifestyles along with the rise in the spending capacity of consumers. The rapid growth of industrialization across this region is also one of the prominent drivers of linear alkylbenzene sulfonate industry. In addition, the surging requirement for maintaining cleanliness and hygiene across various professional domains will also result in a commendable growth of regional LAS market.
North America linear alkylbenzene sulfonate industry surpassed a revenue generation of USD 850 million in 2015 and is slated to witness noticeable growth rate over the coming seven years. There is a huge demand for personal care products pertaining to the availability of a large customer base across this region. In addition to this, the escalating requirement for cleaners and dish washing liquids will lead to significant revenue generation over the years ahead.
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Household detergents and cleaners dominated the application segment of linear alkylbenzene sulfonate market by occupying more than 40% of the global business revenue share in 2015 and will witness the fastest annual growth rate over the coming period of 2016 to 2024. Changing consumer preferences and growing awareness among the customers regarding personal health & hygiene will augment the product demand noticeably.
Most of the large-scale product manufacturers dominated linear alkylbenzene sulfonate market in 2015. As per reports, around half of the share is occupied by major industry giants. The adoption of strategies such as product differentiation and new product development will generate decent growth opportunities for LAS industry participants over the coming timeframe.