New York, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The global detergent alcohol market has been estimated to reach a growtg of US$ 10.36 Bn by the end of 2032. Significant demand for household detergents & industrial cleaners and shifting consumer preference toward bio-based products are the key growth drivers for the market. East Asia, followed by North America, is expected to remain a prominent regional market owing to the high presence of end-use customers.
Worldwide sales of detergent alcohol are projected to exhibit a CAGR of 5.2% during the period of 2022 to 2032, on a value basis. Increasing demand for household detergents has led to the high consumption of detergent alcohol. This is because the raw substance needed to manufactures detergents and surfactants is detergent alcohol. Detergent alcohol demand has indirectly increased due to rising capital spending on domestic cleaning products as a result of growing concerns about hygiene and health issues.
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Demand for detergent alcohol in the personal care industry is anticipated to rise significantly as consumer preference for biodegradable and organic content expands. The industry's expansion will also be significantly influenced by the availability of raw materials and the expanding demand for soaps, shampoos, and shower gels. It is anticipated that the adoption of organic and biodegradable ingredients will be the main driver for detergent alcohol consumption in personal care products.
Key market players are focusing on introducing new bio-based detergent alcohol products to widen their product portfolios. Several players have increased the price margin on detergent-based alcohol products. Industry players are also acquiring domestic detergent alcohol manufacturers to increase their market share.
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Key Takeaways from Market Study
- South Asia Pacific is estimated to remain one of the fastest-growing markets at 6.1% CAGR over the projected period.
- By application, household detergents are anticipated to create an incremental dollar opportunity of US$ 1.36 Bn by 2032.
- Shifting consumer preference toward bio-based personal care and pharmaceutical products is anticipated to create several opportunities for market players.
- Natural raw material-based detergent alcohol sales are expected to exhibit a growth rate of 4.8% on a volume basis.
- The North American region is estimated to account for 26.9% share of global volume consumption of detergent alcohol.
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“Key market participants are focusing on strategic expansions, acquisitions, and producing bio-based detergent alcohol products,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for detergent alcohol has been identified as a consolidated space with the top players accounting for a key share. Some of the key market players included in the report are Sasol Limited, Kao Corporation, Ecogreen Oleochemicals, Musim Mas Holdings, Emery Oleochemicals, Univar Solutions Inc., Kepong Berhad (KLK) Oleo, Wilmar International Ltd, Royal Dutch Shell plc, BASF SE, SABIC, Godrej Industries, and Procter & Gamble.
Leading market players are concentrating on increasing their production capacity to meet the high demand from end users. In addition, to strengthen their market stance, they are acquiring other manufacturers in the market.
- In April 2021, Procter & Gamble Company opened a new detergent factory in Romania. This new plant will produce the Ariel PODS detergent.
- In June 2022, Univar Solutions announced that it had expanded its distribution agreement for home and personal care and specialty chemical products with ANGUS Chemical Company.
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Conclusion
Consumption of detergent alcohol has been predominantly influenced by certain macro-economic factors along with demographic factors, including the growing population in developing nations, growth of the industrial sector across the world, and other factors. Growth of the personal care and pharmaceutical sectors is also boosting the demand for detergent alcohol.
Further, the market is moving toward sustainable development with the rising production and demand for bio-based detergent alcohol products. Several players have acquired domestic detergent alcohol producers.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global detergent alcohol market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, raw material, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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