San Francisco, 28 November 2018; According to a report by Grand View Research, Inc.; the global fatty alcohols market is anticipated to attain a valuation of around USD 7.51 billion by 2022. Rising requirement for sustainable and biodegradable products attributed to environmental concerns is anticipated to propel market over the forecast period (2012 to 2022). Increasing efforts to reduce carbon footprint and manufacturing cost for various sectors are anticipated to further fuel market in the forthcoming years.
Favorable initiatives from governments to reduce dependency on petrochemicals can positively influence growth of market for fatty alcohols. Consumer preference for organic personal care products can further augment demand. Stringent regulations regarding environmental hazards associated with petrochemical-based products is anticipated to bode well for market expansion in the years to come. Rising prices of petrochemical-derived products attributed to supply and demand imbalance are likely to surge demand for bio-based chemicals. Growing concerns regarding effect of petrochemicals on environment can also spur use of bio-based chemicals, which, in turn, is expected to fuel market growth.
The worldwide fatty alcohol market is segmented on the basis of product, application, and region. Based on product, the market can be trifurcated into C6-C10, C11-C14, and C15-C22 fatty alcohols. In 2014, C11-C14 fatty alcohols dominated the market with a total share of around 58%. Rising demand from Asia Pacific can stimulate market growth during the forecast period. Application in sodium laureth ether sulphate (SLES), a foaming agent used in shampoo and body wash formulations is expected to propel product demand. In addition, growth of personal care sector is likely to further fuel demand during the forecast period.
C15-C22 fatty alcohols segment is projected to witness highest growth during the forecast period. Increasing scope of application can impel market expansion over the forecast period. In addition, rising product adoption in lubricant bases and blending and personal care products such as moistures can augment growth over the years to come.
Browse Research Report on Fatty Alcohols Market:
Based on application, the market for fatty alcohols is classified into soaps and detergents, personal care, lubricants, amines, and others. In 2013, soaps and detergents was largest application segment and contributed for around 50% of overall product demand. Growing population in Asia Pacific is projected to augment demand during the forecast period. Personal care is expected to be register the fastest growth during the forecast period owing to high demand from Asia Pacific. Growing awareness regarding personal hygiene and care is projected to positively influence market growth in the years to come.
On the basis of region, the market for fatty alcohol is categorized into Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa. In 2014, Asia Pacific dominated the market and accounted for around 30% market share. Growing demand for detergents and soaps attributed to rising population and disposable income is anticipated to fuel regional market growth. Rising downstream demand and consumer disposable income can propel market growth over the next few years. Moreover, availability of raw materials in abundance, especially in South East Asia is expected to positively influence regional market growth. The region is expected to witness the highest growth at around 4.9% CAGR from 2015 to 2022.
Europe, on the other hand, is likely to lose market share to high growth regions such as Central and South America and Asia Pacific during the forecast period. Uncertain economic conditions in the region coupled with declining growth in downstream industries may hamper demand for fatty alcohol in near future. North America is anticipated to witness average CAGR during the forecast period. Rising demand for bio-based products owing to growing consumer awareness and stringent regulations can augment market growth in the region.
Some of the leading companies operating in the global fatty alcohols market are Eastman Chemical Company, BASF SE, Ecogreen Oleochemical, Croda International, and Emery Oleochemicals. Increasing availability of raw materials such as rapeseed, soy, and corn in Malaysia, China, and Indonesia is likely to push numerous chemical manufacturers to shift base from North America and Europe to Asia Pacific.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-fatty-alcohols-market
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
