Travel & Tourism Industry release:
LONDON, Jan. 30, 2018 /PRNewswire/ — Download the full report: https://www.reportbuyer.com/product/5291738
The global esterquats market is expected to reach USD 3.45 billion by 2024
The growing demand for fabric care products due to rising awareness among consumers toward fabric care and increasing investment by market players is likely to boost the demand for esterquats.
Factors such as supportive government regulations that stress on the use of environmental-friendly products are expected to have a positive impact on market growth over the forecast period. The technological advancements in esterquats over the past years have led to the development of ultra-concentrated products with 20%-25% solid content.
This has facilitated high performance of the product and availability of esterquats at a reasonable price. North America and Europe are likely to witness an increase in demand for concentrated esterquats for industrial applications.
The market has witnessed numerous advancements in manufacturing process since inception. Palm-based esterquats derived from vegetable and renewable raw material sources are largely used in comparison to animal-based raw materials.
In addition, methyl ester route is being used instead of the fatty acid route, thereby improving the efficiency and reducing batch process time. Manufacturers are implementing various methods to balance thermal stability and hydrolysis rate of esterquats, which in turn is expected to propel market growth over the next eight years.
Further key findings from the report suggest:
• Personal care is likely to be the fastest-growing application segment registering a CAGR of 13.0% from 2016 to 2024 owing to changing consumer preferences and eco-friendly products
• Industrial application, which includes washing & cleaning products and paper softening is projected to grow at a predicted CAGR of 9.6% from 2016 to 2024. Governments worldwide are trying to reduce the use of nondegradable substances in washing solutions, which in turn is likely boost the demand for esterquats
• Europe is the largest market and expected to indicate a CAGR of 11.1% from 2016 to 2024 due to increasing consumer awareness and rising marketing activities to promote skin care products
• The Indian sub-continent, which includes India, Pakistan, Bangladesh, and Sri Lanka is estimated to progress at a CAGR of 11.2% from 2016 to 2024 due to growing demand for personal & fabric care products and growing per capita income of consumers
• BASF SE, Kao Chemicals, AkzoNobel, Lubrizol, ABITEC Corporation, and Evonik Industries are some of the significant market players
• Market players are often involved in joint ventures and mergers & acquisitions to expand their global presence and industry share
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