Rising consumer awareness pertaining to health and hygiene will further enhance worldwide sulfosuccinate based product demand. Beneficial features associated with these products such as low critical micelle concentration and high biodegradability will drive the sales. However, the environmental concerns regarding the usage, production, and disposal of these products is likely to hinder the industry growth over the years to come.
U.S, Sulfosuccinate Market size, by application, 2013-2024 (USD million)
In terms of applications, sulfosuccinate market is segmented into Industrial cleaners, pharmaceutical, paints & coatings, farming, dish washing liquids, leather, personal care products, textiles, polymers, printing, and household detergents & cleaners. Pharmaceutical application will exhibit an annual growth rate of more than 5% over the period of 2016 to 2024, owing to the wide usage of sulfosuccinate as emulsifier and lubricant in syrups and tablets respectively.
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Industrial cleaners application worth USD 30 million in 2015, is likely to witness a significant growth over the next few years. Sulfosuccinate based cleaners are prominently used in food processing plants, transportation vehicle, office buildings, and metal treatment & cleaning.
Geographically, Asia Pacific sulfosuccinate market is projected to register an annual growth rate of 6.5% over the period of 2016 to 2024. The growth can be attributed to the increasing disposable income of the consumers and the expanding pharmaceutical and personal care industries. India and China will contribute majorly towards the APAC industry growth.
Europe led the global landscape and is expected to strongly influence sulfosuccinate industry growth over the coming seven years, owing to the heavy manufacturing of cosmetics and personal care products across this region. UK and France are estimated to be the major revenue pockets.
North America sulfosuccinate market size worth more than USD 55 million in 2015, is forecast to grow considerably over the years to come, primarily driven by increasing investment in the pharmaceutical sector and rise in the number of shale gas exploration activities carried out across the region. U.S. will be the major regional revenue contributor.
The market is highly competitive with industry giants having a strong presence in the business space. Mergers & acquisitions, strategic partnerships, and regional & capacity expansion will be the major growth strategies of the players over the years to come. Key market participants include Stepan Company, Huntsman Corporation, MFG Chemical, Inc., and The Dow Chemical Company.
Author Name : Sunil Hebbalkar