Impact of Coronavirus on the Global Surfactants Market
Coronavirus pandemic has affected majority of the industries and businesses worldwide. As a result of the constantly increasing number of coronavirus cases worldwide, many countries are under partial or complete lockdown for a long time. In the absence of the availability of the vaccine for COVID-19, it is the most effective way to stop the spread of the coronavirus disease. However, it has blocked the growth of many industries. On the other hand, there are some industries that are facing extremely high demands because of the coronavirus outbreak.
Global Surfactants Market Size and Segmentation
The global surfactants market demand was around ~15,642 kilotons in the year 2014 and it is expected to grow at a CAGR of 4.3% from 2015 to 2022. Surfactants are primarily used for reducing tension between two liquids or a liquid and solid in the form of emulsifiers, wetting agents, detergents, foaming agents or dispersants. They are used in a number of applications in industries like petroleum, pharmaceuticals, cosmetics, and agrochemicals.
The global surfactants market is segmented by type, application, and region. Based on type, the market is classified into Cationic Surfactant, Anionic Surfactant, Nonionic Surfactant, Amphoteric Surfactant, and others. In terms of application, the surfactants market is classified into Household Detergent, Personal Care, Industrial & Institutional Cleaner, Food Processing, Oilfield Chemical, Agricultural, Chemical, Textile, Plastic, Paint & Coating, Adhesive, and others. Based on the region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East & Africa).
Surfactant Industry Growth Factors and Constraints
Constantly increasing demand for bio-based products in Europe and North America is expected to boost the growth of the market in the coming years. Similarly, increasing consumer awareness and government support for the manufacturing of bio-based products is likely to foster the growth of the surfactant industry. Moreover, low raw material prices and lesser production costs are expected to help in the market growth.
On the other hand, factors like price volatility because of the increasing environmental concern about surfactant toxicity and fluctuation crude oil prices are predicted to be roadblocks for the growth of global surfactants markets. In addition, technological constraints leading to issues related to commercial production of bio-surfactant are also one of the important factors that may hinder the market growth.
COVID-19 and the Future of Surfactants Industry
Coronavirus disease has affected people all around the world in a big way. The severity of this COVID-19 pandemic has motivated people to switch to a healthy lifestyle. People are becoming health conscious leading to an increase in demand for high-quality hygiene & personal care products. As a result, currently the surfactant industry is experiencing extremely high demands. Considering the current situation, it is expected that health & hygiene is going to be a part of people’s lives from now onwards, which will contribute to the steady growth of the surfactants industry in the coming years.
