Pertaining to the ever-growing global population and their subsequent needs, Sulfosuccinate Market will observe a lucrative growth over the next few years. Sulfosuccinate is the main content of the various personal care and cosmetics products such as cleansers, bubble bath, and baby shampoos. Changing consumer preferences toward a luxurious lifestyle and sophisticated appearance will influence sulfosuccinate industry size noticeably. Additionally, the growing consumer requirements will also generate considerable opportunities for industry giants to manufacture better products, thereby fueling the market trends. As per the report by Global Market Insights, Inc., “Sulfosuccinate market worth USD 284 million in 2015, will generate a revenue of USD 475.7 million by 2024 with a flourishing growth rate of 6% over the coming years of 2016 to 2024.”
The rapid industrialization and growth in the infrastructural development across the globe will be the prominent factor to boost sulfosuccinate market. In addition, the product will witness heavy demand pertaining to its usage across restaurants, offices, food processing plants, and metal working industries for cleaning purposes. Speaking of cleaning, sulfosuccinate market from industrial cleaners collected a revenue of USD 30 million in 2015 and will exhibit a significant growth rate over the years ahead. The implementation of stringent rules and regulations regarding environmental and industrial safety will impel sulfosuccinate industry growth. In addition, the growing awareness among the public regarding the importance of personal hygiene and health will also boost the market trends.
U.S, Sulfosuccinate Market size, by application, 2013-2024 (USD million)
As per research studies, global skin care market is predicted to collect a revenue of more than USD 150 million by 2024, subject to which global sulfosuccinate market will experience heavy growth. Also, the per capita income of the population in the BRIC nations is increasing noticeably, resulting in high product usage.
Europe sulfosuccinate market, driven by UK and France, led the global sulfosuccinate industry in 2015 and will register a notable annual growth rate over the coming seven years. The attributing factor toward the market growth is the presence of a huge consumer base as well as the prevalence of popular personal care industry giants in the region.
The global demand for household detergents will exceed 60 kilo tons by 2024. This product is prominently used in detergents, due to its key properties such as excellent dispersing and emulsifying ability. Sulfosuccinate based products are also used for floor cleaning, glass cleaning, dry cleaning, and carpet shampoos. This, in turn, will augment sulfosuccinate market growth noticeably.
The healthcare sector across the globe has been expanding expeditiously, subject to which sulfosuccinate market from personal care products will experience a remarkable upsurge. The healthcare industry has also been expanding across APAC, which will fuel the regional growth. India and China will be the major contributors of Asia Pacific sulfosuccinate industry, which will register an annual growth rate of more than 6.5% over the period of 2016 to 2024. The growing adoption of a luxurious lifestyle pertaining to the rise in disposable incomes will impel sulfosuccinate market growth over the years ahead.
Due to their anionic nature, sulfosuccinate products are extensively used in oilfield chemicals. They possess excellent benefits such as oil solubility that enables them to be outstanding wetting agents. This proves to be of immense help in oil field explorations.
On similar lines, the increasing shale gas exploration activities across the U.S. will stimulate the product demand considerably. U.S sulfosuccinate industry dominated North America regional market with a revenue contribution of USD 55 million in 2015, and is expected to record an attractive growth rate over the coming seven years. The escalating pharmaceutical sector will also augment the industry growth. Pharmaceutical application in sulfosuccinate market will exhibit a CAGR of more than 5% over the period of 2016 to 2024. The product is prominently used in the making of syrups and tablets, owing to its excellent emulsifying and lubricating properties. The requirement for medicines across the globe is on a continuous rise as a result of increasing health issues, which in turn, will boost sulfosuccinate industry size considerably.
Market players will expand their production capacity to gain more profit over the years ahead. The business growth strategies adopted by industry giants include cost reduction and mergers & acquisitions. The noteworthy players in sulfosuccinate market are Huntsman Corporation, The Dow Chemical Company, Stepan Company, and MFG Chemical, Inc.