The global detergent chemicals market is anticipated to hold a market value of US$ 127.7 Billion while expanding at a CAGR of 8% during the forecast period. The growth of the market can be attributed to the growing demand for detergents from various sectors such as personal care, cosmetics, and households. Rapid urbanization and increasing disposable income among the middle class is another vital factor that is contributing to the market expansion during the forecast period.
Players in the market are taking various initiatives to expand their reach across the globe, which is expected to bolster the market in the assessment period. For instance, in 2021, Godrej Consumer Products Limited augmented its laundry portfolio in the Indian market. In another occurrence, in 2019, HUL launched its premium fabric wash line under the ‘Love & Care’ brand. Therefore, the introduction of new products by key players is anticipated to augment the market size in the assessment period.
Increasing consciousness for the environment has motivated players to launch plant-based and eco-friendly detergents. This has been identified as a significant opportunity for market expansion in the forecast period. The Reckitt Benckiser group introduced plant-based laundry detergent on Amazon in the U.S. In another instance, in 2020, P&G India rolled out a new 3 in 1 POD under the aerial brand. Owing to the aforementioned factors, the market is anticipated to witness significant expansion in the forecast period.
On the contrary, associated health issues, volatile prices of raw materials, and the presence of environment-damaging chemicals are projected to hamper the market growth in the forecast period.
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Key Takeaways from the Market Study:
- Market in the U.S to garner US$ 45.6 Billion during the forecast period
- By product, the surfactants segment is anticipated to dominate the market while exhibiting a CAGR of 8% in the assessment period
- Industry in the U.K is anticipated to garner a market value of US$ 5.2 Billion by 2032
- Japanese industry is expected to witness a CAGR of 7% during the assessment period
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Competitive Landscape
Key players in the global detergent chemicals market are Akzo Nobel N.V., Evonik Industries AG, Clariant AG, Ashland, and The Stepan Company. Recent key developments in the market are:
- In August 2020, RB, a global leader in consumer health and hygiene products, announced the launch of Botanical Origin, a plant-based cleaning brand with products that are affordable and effective. The brand would be available on Amazon and will offer a range of laundry essentials: Laundry Detergent and Fabric Softener.
- In February 2022, McLaren Racing and AkzoNobel announced to extend their long-running partnership. The updated agreement would strengthen the successful 13-year relationship and augment new possibilities in the field of technological innovation, areas of sustainability, and product development.
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