Lauryl betaine Market: An Overview
Lauryl betaine is a chemical which has a vast span of applications in several sectors. The main uses of lauryl betaine are as an ingredient in production of a number of cosmetic products, as intermediates in medicines, in the production and supply of wool.
It has found uses as a key component of detergents, moisturizers, shampoos, etc. The global lauryl betaine market is projected to grow at a notable CAGR in the upcoming years that is from 2020 – 2030.
The key drivers of the lauryl betaine market include a wide array of applications and experimentation of the chemical. Recent developments like establishment of online business by key players of the market is also an important factor which positively affects the lauryl betaine market.
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In addition to this, the significant rise in the demand of cosmetic products like shampoos has also affected the global lauryl betaine market since the chemical is an essential component of the above mentioned products along with several other industrial verticals, such as pharmaceutical and wool processing sector.
Moreover, introduction of manufacturers in regions other than East Asia has also helped the market in a considerable way since it has become more convenient to obtain such chemicals. However, the regulatory rules by governments in certain regions deny the supply and import & export which is a predominant restraint of the market.
Lauryl betaine Market: Covid-19 Impact
Covid-19 pandemic caused by the SARS-CoV-2 corona virus has severely shaken businesses across the globe. The global lauryl betaine market too has witnessed hazardous impacts in terms of revenues. The market has seen a significant decrement in demand due to the consequences of the pandemic.
Governments across several regions have taken precautionary measures such as lockdown rules which have massively affected the supply and demand chain of the product in the market. Loss of transportation facilities and irregularities in workflow due to the pandemic are also some factors which have greatly affected the global lauryl betaine market. Decrease in demand of cosmetics during the pandemic has also impacted the market.
Lauryl Betaine Market: Regional Outlook
The global lauryl betaine market is segregated into a number of regions which are North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa. East Asia accounts for the dominant segment of the lauryl betaine market.
Mainly due to a good number of the manufactures of the compound is present in this region. Apart from this, research & experimentation of the compound to yield better and more productive uses is also a key driving factor for market growth.
Regions like Europe and North America to witness a notable growth in the market due to the rise in awareness of the compound and its widespread applications along with other benefits. Moreover, establishment of new manufacturing units in these regions by key players is also a predicted to be a crucial driver in the region. South Asia and Oceania also constitute a significant part of the total lauryl betaine market.
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Lauryl Betaine Market: Key Players
The global lauryl betaine market is slightly consolidated in nature. The overall market consists of a handful of manufacturers and suppliers such as Kao Chemicals, Colonial Chemical and Lush Retail Ltd., amongst others.
The above mentioned players are adapting strategies such as mergers, research & development of the product and e-commerce etc. Expansion of product portfolio is also an important focus of the key competitors of the lauryl betaine market.
The research report presents a comprehensive assessment of the lauryl betaine market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
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