Market Analysis
The global fatty alcohol market is predicted to reach a great CAGR over the forecast period, as per the latest Market Research Future (MRFR) report. Fatty alcohols are straight-chain, high-molecular-weight primary alcohols. It is a cost-effective substitute for petrochemicals as it is biodegradable. Cetyl alcohol, behenyl alcohol, lauryl alcohol, stearyl alcohol, and myristal alcohol are some of its common categories. Fatty alcohols are widely used in the production of detergents in the form of nonionic surfactants owing to their amphipathic nature. Besides, it also finds wide application in personal care products and cosmetics, pharmaceuticals, plasticizers, lubricants, and food.
Various factors are propelling the fatty alcohol industry growth. These factors, in accordance with the MRFR report, include growing demand for sustainable and biodegradable products, growing concerns about the impact of petrochemicals on the environment, growing demand for hygiene products, and changing lifestyles. Additional factors pushing market growth include increased spending on personal care products and cosmetics, increasing use of liquid detergents, and increasing use in lubricants, flavors and fragrance, and manufacturing plasticizers.
On the contrary, volatility in the cost of raw materials and glut of fatty alcohols are factors that may impede the fatty alcohol market growth over the forecast period.
Market Segmentation
The MRFR report provides a complete segmental analysis of the fatty alcohol market report on the basis of application and type.
Based on type, the fatty alcohol market is segmented into higher chain, short-chain, long-chain, and pure and mid-cut. Of these, the pure and mid-cut segment will have the largest share in the market over the forecast period. It is predicted to touch USD 4510.3 million at a 6.58% CAGR by 2023.
Based on application, the fatty alcohol market is segmented into food and nutrition, pharmaceuticals, plasticizer, lubricants, cosmetic and personal care, detergents and cleaners, and others. Of these, the detergents and cleaners’ segment will dominate the market over the forecast period. It is predicted to touch USD 3152.3 million at a 6.13% CAGR.
Regional Analysis
By region, the fatty alcohol market report covers the latest trends and growth opportunities across the Asia Pacific, North America, Europe, and the Middle East and Africa. Of these, the APAC region will remain the frontrunner in the market over the forecast period. It is predicted to grow at a 7.29% CAGR. China is a key contributor in this region.
The fatty alcohol market in North America is predicted to have favorable growth over the forecast period. This is owing to the presence of several established end use industries. The US is the key contributor in this region.
The fatty alcohol market in Europe is predicted to have a healthy growth over the forecast period owing to increasing environmental regulations to use detergents containing chemicals. Germany and Russia are the key contributors in this region. The fatty alcohol market in Europe is estimated to touch USD 2035.2 million by the end of 2023.
The fatty alcohol market in the Middle East and Africa is predicted to have a steady growth over the forecast period. This is owing to increased expenditure in non-invasive beauty procedures and natural skincare treatments, and the increasing influence of beauty bloggers.
Key Players
Leading players profiled in the fatty alcohol market report include Arkema SA (France), Godrej Industries Ltd (India), Wilmar International Ltd (Singapore), Berg+ Schmidt GmbH Co. KG (Germany), BASF SE (Germany), Emery Oleochemicals (Malaysia), Royal Dutch Shell Plc (The Netherlands), Sasol Limited (South Africa), Kao Corporation (Japan), Ecogreen Oleochemicals (Singapore), P G Chemicals (US), VVF LLC (India), KLK Oleo (Malaysia), and Univar Inc (US). Key players have incorporated several strategies to strengthen their position in the fatty alcohol market such as mergers and acquisitions, partnerships, product launches, collaborations, research and development, and more.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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