Increase in disposable income, prompting to spend more on domestic laundry is anticipated to boost the detergent chemicals market growth
The Global Detergent Chemicals Market was valued at USD 52.3 Bn in 2020 and is expected to reach USD 96.5 Bn by 2027, with a growing CAGR of 9.1% during the forecast period.
The detergent chemicals market is majorly growing owing to the increasing demand for detergents from the laundry sector. Although new technologies such as the use of ozone for household washing are emerging, the traditional washing model of using a washing machine is not projected to expand by 2030. Due to the superior washing performance and lower water usage of horizontal axis technology which is projected to be implemented in other parts of the world, including the United States and the Far East, in addition to Europe. Therefore, the use of such technologies is anticipated to drive the detergent chemicals industry growth.
Moreover, technological improvements have propelled the market growth. To deliver additional value to detergent formulators, the bulk of market vendors are focusing heavily on polymer technology research and development. For instance, in March 2020, research on “Optimization of the design and performance of a detergent product including a binary blend of anionic and non-ionic surfactants” was published with an intend to offer more precise mixing criteria for determining the mixed cloud point and mixed HLB of the surfactant mixture, as well as other relevant properties that can be added to the proposed approach. These technological improvements are expected to support the detergent chemicals market demand.
Global Detergent Chemicals Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the North America held the largest market share for the detergent market. This region is well-established and mature market for all technological breakthroughs. Increasing usage of detergent chemicals in applications such as personal care, industrial cleaning, and food processing is expected to boost the detergent chemicals market share over the forecast period. Furthermore, a study published in the Journal of the American Oil Chemists' Society found that North America generates a significant share of the world's soaps and detergents, both of which are essential applications for detergent chemicals. The region is technologically advanced and provides a full-fledged, well- established market.
Additionally, both home and industrial detergent utilization is expanding at the highest rate in Asia-Pacific in 2021. In the Asia-Pacific area, India and China are the market leaders in terms of demand and supply. The market in Asia Pacific is predicted to increase due to rising awareness of the liquid laundry detergent industry and the advancement of industrialization in these emerging economies. Furthermore, China is expected to maintain its dominance during the forecast period owing to an increase in household applications. Despite the economic disruption caused by the country's trade war with the United States, GDP increased by 6% in 2019. In 2019, China's retail sales of liquid detergents and liquid tablet detergents were valued roughly at USD 3,790 million and USD 70 million, respectively implying that the predicted timeframe will be prolonged.
The Global Detergent Chemicals Market Segmentation:
Global Detergent Chemicals Market by Product Outlook (Revenue, USD Million, 2021-2027)
Global Detergent Chemicals Market by End-use Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the detergent chemicals market are:
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