Linear Alkyl Benzene Global Market Report 2024: Projections, Key Players, Segments and Trends
Linear Alkyl Benzene Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Linear alkyl benzene LAB market has seen a steady surge in recent years. Increasing from $9.33 billion in 2023 to a predicted $9.77 billion in 2024, it showcases a compound annual growth rate CAGR of 4.7%. The historical period saw growth triggered by a rise in demand for LAB in detergents and cleaning products, its escalating industrial applications as a surfactant, and the increasing production capacities and technological advancements in LAB manufacturing.
How Significant Is the Expected Growth in the Linear Alkyl Benzene Market?
A steady growth in the LAB market is anticipated in the coming years, with predictions reaching $11.80 billion by 2028, signalling a CAGR of 4.8%. Various driving factors for this growth are the increasing emphasis on sustainable and eco-friendly products, growing demand from booming economies for cleaning products, expanding automotive and industrial sectors, and advancements in LAB production technology and efficiency. Additionally, an increased awareness and regulatory support for green chemicals have also been contributing factors. Major forecast period trends include a shift towards bio-based LABs and sustainable production practices, growing use of LABs in high-performance cleaning formulas, increased focus on product innovation, and expansion of LAB applications in new markets.
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What Are the Growth Drivers in the Linear Alkyl Benzene Market?
A key driving factor of the LAB market growth is the increasing necessity for detergents and surfactants. Detergents, effective cleaning agents that eliminate dirt and grease from surfaces, are predominantly composed of surfactants. These compounds, which decrease the surface tension between liquids or a liquid and a solid, aid in the cleaning process by breaking down oils and dirt. The rising need for detergents and surfactants stems from increased hygiene awareness, expanding global population, rising disposable incomes, growing urbanization, and a demand for more effective cleaning products in both household and industrial sectors.
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What Are the Emerging Trends in the Linear Alkyl Benzene Market?
Major companies operating in the LAB market are emphasizing technologically advanced products, such as sustainable LAB variants, to maintain a competitive edge. An example of this is the introduction of NextLab by Spain-based chemical company Cepsa Química in January 2023, the world’s first sustainable LAB. Designed for the homecare sector, NextLab integrates features such as reduced greenhouse gas emissions and usage of renewable raw materials, while maintaining the traditional performance of LAB.
How Is the Linear Alkyl Benzene Market Segmented?
The LAB market segmentation covered in the report is as follows:
1 By Type: C10-C13, C14-C17, Other Types
2 By Sales Channel: Direct Sale, Indirect Sale
3 By Application: Linear Alkylbenzene Sulfonates, Other Applications
4 By End-Use: Homecare, Industrial And Institutional Cleaning, Other End-Users
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