The global linear alkyl benzene (lab) market is expected to cross the value at US$ 14.2 Bn by the end of 2030
The linear alkyl benzene market has been one of those major market forms which have gained significance off late and on a rapid scale due to its wide applicability and usage among various end-use industries that have increased demand for linear alkylbenzene and its by-products. Linear alkylbenzene is a chemically originated compound that has the properties of a cleansing agent and thus has its application in the manufacturing of surface cleaners, detergent powders, artificial cleaners, etc.
The demand for linear alkyl benzene compounds and products manufactured from it have been rising significantly due to the rapid urbanization and industrialization processes as of which the need for cleanliness drives and hygiene all around the workplace have motivated people to actively make use of the detergent cleaners, surface cleaners, powders, etc. which has led to the linear alkyl benzene market growth.
Due to rapid globalization and lifting of trade barriers all around the globe people and also companies have been attracted and have generated awareness for cleanliness and hygiene not only at the workplace but throughout their nationality. This has also led to new manufacturers of linear alkylbenzene coming up in collaborations and ventures to generate benefits of economies of scale.
The linear alkyl benzene market is expected to reach a value of $12.3 billion by 2030 with a CAGR of around 4.84%. The linear alkyl benzene market is expected to reap positive results from the Asia Pacific region where the demand for linear alkylbenzene due to increased development activities is high. Moreover, the segment by end-use industries is expected to contribute maximum towards linear alkylbenzene market share.
COVID 19 Analysis:
The novel coronavirus or the Covid 19 pandemic has negatively impacted the linear alkylbenzene industry since the demand for linear alkyl benzene materials has declined which has created a negative impact on the linear alkyl benzene industry and the linear alkyl benzene companies have faced shortages in personnel, accumulated stocks, and forced shutdowns. However, one aspect of covid 19 can also be seen in a way that most of the alkyl products and cleansers may be used effectively to clean coronavirus germs which have also given a slightly positive trend to the global alkyl benzene market.
Due to the Covid 19 effect, it has been observed that a large number of producers have been forced to shut down their production units and lay off employees but it is assumed that the market will soon pick up the pace and the demand would increase. It is expected that the post-lockdown period would be a great success for the linear alkyl benzene market revenue. It is also analyzed that every segment would be contributing significantly towards the growth of linear alkylbenzene market value.
The linear alkyl benzene market has been experiencing a diversified growth in all segments and across different regions due to the rising populations and the increasing per capita incomes of people which has shifted the demands of people to highly sophisticated and technologically advanced products and equipment which have acted as a motivating factor to the linear alkylbenzene market.
Secondly, the most important factor that has driven the demand for the linear alkylbenzene market is the awareness and drive of people towards personal and organizational hygiene which has suitably acted as a key driver for the growth of the linear alkyl benzene market share.
Also, a variety of end uses of alkylbenzene such as in agricultural herbicides, wetting paints, electric cable oils, ink solvents, and paints have been a cause of diversified growth of the market. The rapid globalization and advancement of technology have helped the linear alkyl benzene market value to rise significantly.
The overall growth in the linear alkyl benzene market has been expediently rising but certain factors hinder the growth process of the market which include large sums of money to be invested initially in setting up linear alkylbenzene companies and thus it restricts various new players to enter the markets.
Secondly, a major key factor that has always stood out as a major restraint in the growth of various industries is the damage to the environment. Environmental hazards have to be kept in mind as the increasing awareness has forced the markets to focus on this aspect. Linear alkylbenzene components are believed to be toxic, non-biodegradable, and harmful to the environment which has always remained a negative aspect.
Another key restraint that has been observed off late is the fluctuating prices of the raw materials which creates a negative impression and impact in the minds of the manufacturers as rising prices would restrict them to produce at a large scale and thus affect the demand-supply relationship adversely.
The technological development in terms of the linear alkyl market can be viewed as a strong contention to overcome the restraints associated with the market which is the environmental hazard aspect. To overcome this restraint, manufacturers have developed a new strategy that focuses on creating environment-friendly cleaners and agents.
The future in the linear alkylbenzene market is designed fully to be based on new technology which can be seen as recently where a big manufacturer in the market Honeywell announced that it is going to convert its alkyl management unit to solid delta plus technology unit which would help it to increase its operations and also reduce operational cost.
Segment Overview:The linear alkylbenzene market has been segmented as follows
By Application -
The global linear alkylbenzene market has been divided into five regions where each region has been contributing significantly in terms of its capabilities and population demands. However, among the five regions, the Asia Pacific region has been accounting for the major linear alkylbenzene market share whereby the key drivers towards the growth of the linear alkylbenzene industry are developed here, and the population seems to be quite interested in the innovations in terms of new products in the market.
The major linear alkylbenzene market revenue is expected to come from countries like China, Japan, Korea, and India. The linear alkylbenzene statistics indicate that the population along with the disposable incomes of people of these countries has been increasing which has led to shifts in lifestyles and changing demands.
The European region has also been experiencing major growth with contributions coming from developed nations such as France, Germany, Denmark, Belgium, etc. . The North American region is also experiencing vast growth in linear alkylbenzene market shares as the countries in this region have been reaping the benefits of technology thereby maximizing the level of operations and reducing operational cost.
Competitive Landscape:The competitive landscape in terms of the linear alkyl benzene market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment. The big names in this market are:
The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the linear alkyl benzene market share and size.
The Global report helps the investors to gain meaningful information about the linear alkyl benzene market and make decisions wisely. The report discusses the steps taken by the linear alkyl benzene market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the linear alkyl benzene market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the linear alkyl benzene market value. The report also discusses the future growth prospects and the competitive landscape in the linear alkyl benzene industry and lays down the expected growth rate of the market along with the hindrances it might have to face.
|Market Size||USD 12.3 billion 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Geographies Covered||Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.|
|Key Vendors||Sasol Ltd. (South Africa), Clariant AG (Switzerland), Hansa Group AG (Germany),, Croda International Plc (UK), Honeywell International Inc (U.S.), Desmet Ballestra Group N.V (Belgium), Indian Oil Corporation Ltd (India), Reliance Industries Limited. (India), Deten Quimica S.A. (Brazil), Huntsman International LLC (U.S.), Chevron Phillips Chemical Company (U.S.), PetroChina Company Limited (China), ISU CHEMICAL. (South Korea), Jingtung Petrochemical Corp.,Ltd (China), PT Unggul Indah Cahaya Tbk (Indonesia)|
|Key Market Opportunities||Growing awareness pertaining to hygiene|
|Key Market Drivers||
The Asia-Pacific region is expected to have a high growth rate and market share in the linear alkylbenzene market.
The key manufacturers who hold a dominant position in the linear alkyl benzene market are Sasol Ltd. (South Africa), Clariant AG (Switzerland), Hansa Group AG (Germany), Roda International Plc (UK), Honeywell International Inc (U.S.), Desmet Ballestra Group N.V (Belgium), and Indian Oil Corporation Ltd (India).
The segment by end-use industries is expected to provide maximum growth due to its wide applications and uses in a variety of manufacturing processes.
The expected growth rate of the linear alkyl benzene market is estimated to be 4.84% by 2030.