Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Alkoxylates Market - Global Industry Coverage, Geographic Coverage and By Company)" report has been added to ResearchAndMarkets.com's offering.
The global alkoxylates market is on a trajectory of significant expansion, with a projected CAGR of 5.2% from 2023 to 2030. The market valuation is anticipated to surge from US$7.3 billion in 2022 to a remarkable US$10.4 billion by the end of the forecast period.
Key Growth Determinants
The remarkable growth in the alkoxylates market can be attributed to several key factors:
- Increased Demand for Eco-friendly Products and Sustainable Energy Solutions: Consumers' growing environmental awareness is driving the demand for biodegradable and natural ethoxylate products, leading to a surge in manufacturing efforts. Ethoxylates are also used in the oil and gas industry as corrosion inhibitors, aligning with the increasing demand for sustainable energy solutions.
- Rising Adoption Across Oil and Gas Industry: The booming oil and gas industry is a significant contributor to the growth of the alkoxylates market. As the demand for oil and gas rises, so does the demand for alkoxylates, which are utilized as co-emulsifiers and corrosion inhibitors.
- Rise in Uptake by Personal Care Industry: The personal care industry is a key driver for alkoxylates, driven by consumers' desire for improved quality of life and the positive impact of beauty and personal care products on self-esteem.
Major Growth Barriers
While the alkoxylates market shows great promise, there are certain challenges to consider:
- Uncertainty in Raw Material Prices: Volatile raw material costs, trade barriers, and geopolitical factors can limit revenue growth. Supply chain disruptions and increased commodity prices are impacting the industry, affecting surfactant manufacturers.
- Stringent Government Regulations: Strict regulations on nonylphenol usage and the hazardous nature of some alkoxylates pose challenges to market expansion. Rising crude oil prices have also added pressure on product price margins.
Key Trends and Opportunities
- Product Innovation: Industry leaders are focusing on innovation to enhance competitiveness. For example, Oxiteno recently introduced the novel dispersing agent OXITIVE 8000, which improves pigment load and tinting strength.
- Shift Toward Environmentally Sustainable Products: Manufacturers are prioritizing eco-friendly ethoxylate products to address growing concerns about toxicity. Alcohol ethoxylates are emerging as a primary replacement for hazardous ethoxylates.
- Popularity of Low Rinse Detergents: The demand for low-rinse detergents is rising, and alkoxylates are favored due to their non-ionic properties. This trend aligns with the growing preference for non-rinse detergents.
Regional Frontrunners
- Asia Pacific: Expected to experience the highest CAGR, driven by alkoxylate usage in corrosion protection applications in the oil and gas industry and growth in the agrochemical sector.
- North America: Continues to dominate, with significant growth attributed to factors such as population growth, expansion of the chemical manufacturing industry, and investments in pharmaceuticals and agriculture.
Leaders in the Global Alkoxylates Space
- IMCD Group
- Stepan Company
- Solvay
- PCC Group
- Clariant
- Akzo
- Dow
- Indorama Ventures Public Company
- Croda International
- Scharer and Schlapfer
- Lamberti
- BASF
- Eastman Chemical Company
- Kutnsman International
- Venus Ethoxyethers
Alkoxylates Market is Segmented as Below:
By Product Type:
- Ethoxylates
- Propaxylates
- EO/PO Copolymer
- Glycerine Alkoxylates
- Polysorbates
- Tristyrylphenol Alkoxylates
- Fatty Acid Alkoxylates
- Fatty Amine/Polyamine Alkoxylates
- Miscellaneous (Castor Oil Alkoxylates, etc.)
By Application:
- Solubilizer/Surfactant
- Demulsifier
- Antifoam Agent
- Cleaning Agent
- Wetting and Leveling Agent
- Miscellaneous
By End-use Industry:
- Personal Care
- Paper and Pulp
- Textile
- Ceramics
- Agrochemicals
- Oil and Gas
- Paints and Coatings
- Miscellaneous
For more information about this report visit https://www.researchandmarkets.com/r/148vc3
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