Linear Alkylbenzene Market Growth& Forecast Report by 2029; Major Growth Opportunities
The global linear alkylbenzene market size is expected to grow significantly over the years projected in the forecast period. The colorless organic compound is used mainly for the purpose of manufacturing household and industrial cleaning agents. Hence, the rising demand for linear alkylbenzene in the linear alkylbenzene sulfonates application will stimulate market growth. Fortune Business Insights™has presented this information in an upcoming report like the ‘Swach Bharat Abhiyan,’ which promotes health and hygiene, have further boosted the demand for LABS in India.
The linear alkylbenzene market is segmented into linear alkylbenzene sulfonates (LAS) and non-surfactant based on their application. On the basis of application end-use, the market segments into laundry-detergents, light-duty dishwashing liquids, industrial cleaners, household cleaners, and others. Spatially, the market segregates into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.
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The report contains an innovative methodology that uses data triangulation based on bottom-up and top-down approaches. The macro and micro-level information is gathered through interviews with multiple stakeholders and using Porter’s Five Forces Analysis for precise information. We conduct primary research for estimating veritable market numbers. The report includes insights into the regulatory scenarios of different demographics and the latest technological advancements in the industry.
Drivers & Restraints-
Consumer Awareness for Personal Care to Boost Market Growth
The rising consumer awareness related to hygiene and sanitation has been a stimulus to linear alkylbenzene’s demand. The increasing demand for cleaners is expected to boost the market’s growth over the forecast timescale. These comprise light-duty dishwashing liquids, heavy-duty laundry liquids, and laundry powders. Additionally, the growth of linear alkylbenzene sulfonates and the perception to be the safest anionic surfactant from an environmental and human health point of view has accelerated the growth.On the flip side, the linear alkylbenzene is derived from petrochemicals. Thus, the fluctuation in the price of petrochemicals will directly affect the overall price of linear alkylbenzene. This price fluctuation can act as a restraint to market growth.
Growing Number of Consumers to Drive the Market in Asia Pacific
Asia-Pacific region is expected to dominate the global linear alkylbenzene market share. It is also likely to witness the highest CAGR during the forecast period, with India as one of the leading contributors in soaps and detergent production. The growing number of consumers in the country has also been acting as a stimulus for the industry growth in the Asia Pacific. For instance, the ‘Swachh Bharat Abhiyan’ initiative taken by the Indian government, which promotes health and hygiene, has been a major driver for the market’s growth in the territory.
The surge in demand for non-surfactant applications in the rising industrial sector has given rise to the growth of North America market. Similarly, the rising demand for LAS in industrial and household cleaners in the Middle East & Africa, and Latin America will bring substantial growth as well.
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Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
Substantial Investments to Pave Way for Future Growth
The increased usage for multiple purposes such as personal care, industrial cleaners may provide a lucrative opportunity for the market players in the future. The organic and inorganic growth strategies of global market players have paved the way for the expansion of businesses across the globe.
Mentioned below are the recent critical developments in the industry:
- April 2018: CESPA installed Detal technology at its San Roque chemical plant with an investment of over US$113 million. The installation serves the African market and has a production capacity of 200,000 to 250,000 tons per annum.
- December 2018: ADNOC and CESPA signed an agreement to develop a Linear Alkyl Benzene (LAB) plant in the Ruwais Derivatives Park worth US$ 45 billion. With a production capacity of 225,000 metric tons per annum, this development aids in creating several new value chains and petrochemical activities.
A list of prominent players in the LAB industry include:
- Tamilnadu Petroproducts Limited
- Honeywell International Inc
- IHS Markit
- KPL International Limited
- Tavoil Company
- LABIX Company Limited
- Reliance Industries Limited
- B.K HOLDING
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