Global Linear Alkyl Benzene (LAB) Market to witness a CAGR of 4.9% during 2018-2024
NEW YORK, Sept. 26, 2018 (GLOBE NEWSWIRE) -- The global linear alkyl benzene (LAB) market was valued at USD 8,410.3 million in 2017 and is expected to reach USD 11,650.5 million by 2024, witnessing a CAGR of 4.9% over the forecast period. The growth can be primarily attributed to the increasing demand for cleaning agents from household and industrial sectors. Rising hygiene concerns among the consumers, not only to remain healthy but also to keep their environment clean is further expected to drive the demand for over the forecast period.
Furthermore, increasing preference towards bio-based surfactants has further propelled the market growth. Conventional surfactants have phased out over time as they degrade slowly. A surfactant derived from LAB, namely linear alkyl benzene sulfonate (LAS) has replaced traditional dodecylbenzene sulfonates due to its ease of bio-degradability. Moreover, technological enhancements and next generation processes have led to the development of linear alkyl benzene with distinct properties, thereby increasing its application scope.
Heavy-duty laundry liquid segment to account for the major share of the LAB market
Linear alkyl benzene being a vital ingredient for synthetic detergents, finds its use across diverse applications such as laundry powder, liquid detergents, household and industrial cleaners. Most of the LAB production is primarily used to manufacture LAS for use in detergents, while very little is used for other applications such as paints, ink solvents, agricultural herbicides, wetting agents and more. Heavy-duty laundry liquid accounted for the largest share of the market in 2017 and the trend is likely to continue over the forecast period.
LAB Market - Regional insight
Asia Pacific emerged as the leading regional market for linear alkyl benzene in 2017 and is projected to maintain its dominance over the next seven years. The growth can be primarily attributed to rapid growth of end use industries of linear alkyl benzene sulfonate (LAS), thereby increasing demand for LAB. Also, the presence of key players in China, India, and several Middle East Nations, is expected to offer significant opportunities for the market. Moreover, stringent government policies and regulations to encourage the use of bio based surfactants have fostered the market growth in the region. North America and Europe are set to witness sluggish growth over the forecast period, as the market is nearing saturation in the above regions.
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Key findings from the report:
-- The global linear alkyl benzene market is likely to reach USD 11,650.5 million by 2024 -- Surfactants segment was the largest application in 2017 and is likely to maintain its dominance over the forecast period -- Heavy-duty laundry liquid segment held the major share of the market in 2017, while household cleaners segments is likely to witness the fastest CAGR during 20178 to 2014 -- Asia Pacific held the major share of the market in 2017 on account of growing demand from major markets such as China and India -- Some of the key companies operating in the industry include Honeywell International Inc.; Desmet Ballestra; Farabi Petrochemicals Co.; Huntsman International LLC; Cepsa; S.B.K Holding; Indian Oil Corporation Ltd.; ISU Chemical; Sasol Limited; Jingtung Petrochemical Corp., Ltd.; Reliance Industries Limited; Chevron Phillips Chemical Company; SEEF Limited; Formosan Union Chemical Corp.; JXTG Nippon Oil & Energy Corporation; among others -- As of July 2018, Honeywell announced that Cepsa is set to convert an alkylation unit using hydrofluoric acid to Honeywell UOP’s solid bed Detal-Plus technology at its refinery in San Roque, Spain. The unit produces linear alkyl benzene used in the manufacture of different detergent formulations.
The report segments linear alkyl benzene market on the basis of application, end-use, and region.
-- Surfactants -- Non-Surfactants
-- Laundry Powder -- Heavy-duty laundry liquid -- Light-duty dish washing liquid -- Household cleaner -- Industrial cleaner -- Others
-- North America -- Europe -- Asia-Pacific -- Central & South America (CSA) -- Middle East & Africa (MEA)
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