Dublin, March 24, 2021 (GLOBE NEWSWIRE) -- The "Linear Alkyl Benzene (LAB) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Linear Alkyl Benzene Market was valued at 3,444 kilotons in 2020 and the market is projected to register a CAGR of less than 3% during the forecast period (2021-2026).
Due to COVID-19, due to lockdown regulations and a deficient number of workers, the production in various chemical and other industries has decreased. However, Surfactant-based products, when used correctly, can help to stop the spread of the coronavirus infection. As a result, cleaning products and surfactant manufacturers have seen an increase in demand since the beginning of the year, as evidenced by their reported financial results. Oxiteno, a Brazilian manufacturer of surfactants and specialty chemicals reported improved sales and earnings in the first quarter of 2020. On average, sales revenue increased by 4.9 percent year on year.
Over the medium term, a major factor driving the market studied is the rise in demand for cleaners. Surfactants are major applications for linear alkylbenzene sulphonate (LAS), which is a derivative of linear alkylbenzene (LAB).
On the flip side, increasing focus on environmental regulations hinders the market growth. Environmental issues address certain key concerns that include toxicity, biodegradability, eutrophication, and lifecycle analysis. Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Laundry Detergents to Dominate the Market
Linear alkylbenzene sulfonate (LABS) is a colorless organic compound and an intermediate chemical, used mainly for the purpose of manufacturing household and industrial cleaning agents. LABS also enjoys a good demand from the detergent industry as its basic raw material.
The applications of LABS include heavy-duty laundry liquids, light-duty dishwashing liquids, laundry powders, etc.
Major detergent manufacturers prefer using LABS, owing to its cost-performance ratio and versatility nature. LABS is also considered as one of the safest anionic surfactants from human health and environmental point of view.
Countries such as India, China, etc., are the leading manufacturer of laundry detergent.
For instance, in recent times, India is one of the largest producers of soaps and detergents, globally. Government initiatives, such as the Swachh Bharat Mission, promote health and hygiene. Such initiatives, along with growing usage of soaps and detergent, have led to the growth of the manufacturing industry, which is further boosting the demand for LABS in the country.
Furthermore, the detergent industry of the United States includes around 630 establishments (single- and multi-location companies), with combined annual revenue of about USD 25 billion.
In Germany the market for the soap and detergent manufacturing industry is dynamic, and the industry is known for strong product innovation, as the manufacturers compete to retain consumer interest.
All the aforementioned factors are likely to increase the demand for linear alkylbenzene sulfonate over the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region dominated the global market share and is likely to continue its dominance during the forecast period. With the growing personal care industry and increasing need for cleaners in countries, such as China, India, and Japan, the usage of linear alkylbenzene is increasing in the region.
The market for the soap, washing powder and synthetic detergent industry in China has grown at an average annual rate of over 13% in the past five years, due to increasing awareness about hygiene and development in the liquid soap segment. The increasing consumption of industrial cleaners in the country, supported by the rapid growth in the industrial segment, is expected to drive the market for linear alkylbenzene over the forecast period.
Likewise, a growing number of consumers is stimulating the demand for personal care products, which, in turn, is driving the linear alkylbenzene (LAB) market in India.
According to Department for Promotion of Industry and Internal Trade (India), for fiscal year 2019, the proposed investment value in India's soaps, cosmetics, and toiletries sector was around INR 3.5 billion from January to December. These investments were made as part of the industrial entrepreneur memorandums, which were created to help businesses grow.
The aforementioned factors are contributing to the increasing demand for linear alkyl benzene (LAB) consumption in the region, during the forecast period.
The market for linear alkylbenzene is fragmented in terms of production capacity. The top five players account for more than 40% of the global market share. The major companies include Cepsa Quimica Becancour, Ho Tung chemicals, Sasol, Huntsman International LLC, and Reliance Industries Limited, among others.
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Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rise in Demand for Cleaners
4.1.2 Other Drivers
4.2.1 Increasing Focus on Environmental Regulations
4.2.2 Impact of COVID-19 on the Market
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Feedstock Analysis
4.5.1 Global Capacity by Key Feedstock
4.6 Technological Snapshot
4.6.1 Production Process
4.6.2 Technology Licensing and Patent Analysis
4.7 Trade Analysis
4.8 Price Analysis
4.9 Supply Scenario
5 MARKET SEGMENTATION (Market Size by Volume)
18.104.22.168 Linear Alkylbenzene Sulfonate (LAS)
5.1.2 Other Applications
5.2 End-user Industry
5.2.1 Laundry Detergents
5.2.2 Light-duty Dishwashing Liquids
5.2.3 Industrial Cleaners
5.2.4 Household Cleaners
5.2.5 Other End-user Industries
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Cepsa Quimica Becancour Inc. (Compania Espanola de Petroleos SAU)
6.4.2 Farabi Petrochemicals Co.
6.4.3 Formosan Union Chemical Corporation
6.4.4 Ho Tung Chemical Corp.
6.4.5 Indian Oil Corporation Ltd
6.4.6 Indorama Ventures
6.4.7 Isu Chemical Company
6.4.8 Jingtung Petrochemical Corp. Ltd
6.4.9 JXTG Nippon Oil & Energy Corporation
6.4.10 NIRMA Ltd
6.4.11 Quimica Venoco
6.4.12 Reliance Industries Limited
6.4.13 SBK Holding LLC
6.4.14 Sasol Limited
6.4.15 Tamilnadu Petroproducts Limited Ltd
6.4.16 Stepan Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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