According to a report published by Grand View Research, Inc.; the esterquats market is estimated to reach a valuation of around USD 3.45 billion by 2024. Increasing demand for fabric care products owing to high awareness among consumers about fabric care is likely to increase the product demand over the forecast period (2010 to 2024). In addition, technological advancements and growing investment by the players is likely to increase the product demand.
Growing demand for high performance and aromatic fabric softeners can propel the market during the forecast period. Technological advancements in esterquats have assisted the manufacturers to develop ultra-concentrated products with 20 to 25% solid content. This has helped in enhancing the performance of the product and affordability of esterquats at affordable price. This has increased its adoption in fabric softeners manufacturing process.
The product possesses substantively, antistatic, and surface activity properties making it vital in industrial applications. Therefore, it can be used as cationic surfactant in cleaning products, washing, and paper softening. It can be extensively used in car washes due to its biodegradability and passivation properties. Moreover, increasing awareness among consumers regarding environment friendly products and growing use of health and beauty products is also expected to boost the product demand in the coming years.
Browse Research Report on Esterquats Market:
The worldwide esterquats market can be segmented on the basis of application and region. Based on application, the market can be categorized into fabric care, personal care, and industrial. The industrial application segment is likely to grow at CAGR of 9.6% from 2016 to 2024.
Geographically, the market can be divided into North America, Europe, Latin America, Rest of Asia Pacific, Indian Sub-Continent, Gulf Cooperation Council (GCC), Kingdom of Saudi Arabia (KSA), Rest of Middle East, and Africa.
In recent years North America and Europe markets have increased the use of esterquats as a substitute of dihydrogenated tallow dimethyl ammonium chloride (DHTDMAC) in the manufacturing of fabric softeners due to its low toxicity and biodegradability.
In 2015, Europe accounted for largest market share of 37.5%. It is expected to grow at CAGR of 11.1% from 2016 to 2024 owing to increasing marketing activities to promote skin care products. The demand for the product has risen due to strict government regulations about the use of environment friendly products for end-use applications in the region. In addition, availability of wide range of fabric softeners with consumer-friendly characteristics such as mildness and soft hands are also expected to increase the adoption rate of the product in the region. The product has high demand in countries such as the U.K., Italy, Spain, and Germany.
North America represent one of the largest markets due to high penetration in fabric softener and presence of major market players. In 2015, the region estimated over 30% share of total volume. Asia Pacific market is likely to grow on account of increasing awareness among consumers regarding the constituents used in making of fabric care and personal care products coupled with presence of major market players. Countries such as China, Japan, and South Korea are anticipated to support the market growth in the region.
The Indian sub-continent is anticipated to grow at a CAGR of 11.2% from 2016 to 2024. The growth can be associated with increasing demand for personal and fabric care products and increasing disposable income levels of consumers. The region includes countries such as India, Sri Lanka, Bangladesh, and Pakistan.
Latin America is one of the fastest growing markets. Increasing environmental concerns such as the conservation of water is one of the major driving factors to augment demand for the product in the region. The water can be saved with dipping the number of rinse cycles which also reduces the efforts. The fabric softeners manufacturers in the region are trying to produce products that may consume less water.
Prominent players operating in the market include Evonik Industries, Chemelco International B.V., Kao Chemicals Europe, BASF SE, and Italmach Chemicals. The participants in the market are majorly focusing on improvement of distribution channels. The manufacturers are conducting extensive research and development (R&D) to develop efficient and high-quality products. The participants are also involved in joint projects and mergers and acquisitions to expand their presence globally.
View press release of this research report by Grand View Research:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
For more information: www.grandviewresearch.com
