Alcohol Ethoxylates Market Trends
Growth Drivers
- Growing Oil & Gas Sector- In the coming years, as more and more people are moving into cities worldwide, this sector is projected to expand further. India is consuming over 4 million BPD of oil per day by 2021.
- Rising Demand for Consumer Products- The demand for consumer goods containing alcohol ethoxylates, such as paints and coatings, dishwashing solutions, laundry detergents, and other cleaning products, is predicted to rise as the world's population expands. The average yearly cost of detergents, and soaps in the United States in 2020 was USD 75.53, and that cost rose to USD 80.49 per consumer unit in 2021, according to the Bureau of Labour Statistics.
- Increasing Awareness of Hygiene- The demand for cleaning solutions that contain alcohol ethoxylates has increased due to the significance of cleanliness and hygiene. According to the latest recent data, approximately 4 billion people used a sanitation service that was safely managed in 2020.
Challenges
- Slow Adoption Rate in Developing Nations- The availability of substitute materials is one of the primary problems anticipated to impede the market's expansion. For instance, in developing countries, substitutes for alcohol ethoxylate are being employed in the manufacture of household items.
- The market's expansion could be negatively impacted by changes in the price of raw materials.
- Too many restrictions imposed by the government could prevent the market from growing.
Alcohol Ethoxylates Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.8% |
|
Base Year Market Size (2024) |
USD 7.25 billion |
|
Forecast Year Market Size (2037) |
USD 11.77 billion |
|
Regional Scope |
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