The Surfactants Market size is expected to grow from 18.82 million tons in 2023 to 21.35 million tons by 2028, at a CAGR of 2.55% during the forecast period (2023-2028).
The market was adversely impacted by COVID-19 in 2020 and the first half of 2021. Several countries were forced to go into lockdown, which forced people to minimize the use of personal vehicles, creating a decline in the demand for lubricant and fuel, thus decreasing the demand for fuel additives and surfactants. However, the consciousness regarding personal hygiene and clean surroundings increased during the pandemic, and it remains a major priority despite its retraction. This has stimulated the demand for personal and household cleaning products, thus enhancing the market growth of surfactants.
- Over the short term, the growing personal care industry and the growing demand for biosurfactants to serve the growing oleochemical market are driving the growth of the surfactants market.
- Increasing environmental awareness against the use of surfactants is expected to hinder the growth of the market.
- New inventions in the field of surfactants and the introduction of bio-based surfactants will act as a market opportunity.
- The Asia-Pacific region is expected to dominate the market, and it is likely to witness the highest CAGR during the forecast period.
Source: https://www.mordorintelligence.com/industry-reports/surfactants-market
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