Global Linear Alkyl Benzene (LAB) Market Is Expected to Reach $9.27 Billion by 2020: Grand View Research, Inc
The global market for linear alkyl benzene (LAB) is expected to reach USD 9.27 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for household cleaning & industrial cleaning particularly in emerging market of Asia Pacific is expected to remain a key driving factor for the market. However, volatile raw material price is expected to remain a key challenge for market participants.
Linear alkylbenzene sulphonate (LAS) emerged as the leading application segment for LAB and accounted for 97.9% of total market volume in 2013. LAS is further used for producing laundry powders and cleaners used for domestic and industrial applications. Other applications of LAB include as wetting agents, ink solvents and painting industry.
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Further key findings from the study suggest:
- The global LAB market was 3,579.1 kilo tons in 2013 and is expected to reach 4,350.8 kilo tons by 2020, growing at a CAGR of 2.8% from 2014 to 2020.
- Heavy-duty laundry liquids emerged as the leading application segment for LAS and accounted for 31.8% of total market volume in 2013. Heavy-duty laundry was followed by laundry powders at 28.13% for the same year. Household cleaner is expected to be the fastest growing application segment for LAS, at an estimated CAGR of 3.7% from 2014 to 2020.
- Asia Pacific continued its dominance in the global LAB market and accounted for 46.0% of total market volume in 2013. Asia Pacific along with being the largest market is also expected to be the fastest growing market for LAB at an estimated CAGR of 3.6% from 2014 to 2020. Growth of industrialization coupled with increasing disposable income level mainly in China and India is expected to drive the demand for LAB in the region.
- North America and Europe are fairly mature markets for LAB and are expected to grow at a relatively sluggish rate over the next six years. North American market for LAB is expected to reach USD 1.14 billion by 2020.
- The global market for LAB is highly fragmented as top four companies operating in the market accounted for just over 20% of the total market in 2013. Other key companies operating in the market include Sasol, CEPSA Quimca, Deten Quimica, Fushun Petrochemicals, Huntasman Performance Products, ISU Chemical, Jin Tung Petrochemicals and Unggul Indah Cahaya.
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