The global fatty alcohol market price is set to gain traction from the rising demand for bio-based products. Hence, manufacturers are shifting towards using eco-friendly ingredients. This information is given by Fortune Business Insights™ The report further states that the fatty alcohol market size was USD 5.08 billion in 2019 and is projected to reach USD 7.40 billion by 2027, exhibiting a CAGR of 5.2% during the forecast period.
Drivers & Restraints-
The rising demand for surfactants, such as detergents and soaps is set to boost the fatty alcohol market growth in the coming years. Besides, surfactants infused with fatty alcohols are extensively used for numerous purposes in cosmetics, paper & pulp, and agriculture industries. However, raw materials, such as rapeseed oil, palm oil, and tallow are the major raw materials used for the production of fatty alcohols. Fluctuations in their prices may hinder growth.
Segment-
Based on the product, the C6-C10 segment generated 17.3% in terms of the fatty alcohol market share in 2019. The C15-C22 segment is expected to showcase high growth backed by its rising demand from the personal care industry. Apart from that, increasing disposable incomes of people are resulting in the high demand for shaving creams, lipsticks, vanishing creams, shampoos, and lotions. It would also augment the growth of this segment.
Regional Analysis-
Geographically, in 2019, Asia Pacific held USD 1.47 billion in terms of revenue. This growth is attributable to the increasing demand for fatty alcohols from surfactants, as well as personal care & cosmetics industries. Developing nations, such as South Korea, India, and China are experiencing a high population and disposable incomes of people, thereby leading to growth.
North America, on the other hand, is anticipated to grow considerably stoked by the high demand for home cleaning products and hand sanitizers amid the COVID-19 pandemic. In Europe, the market would grow significantly on account of the surging demand for liquid soaps. As per a survey by Eurostat, approximately 12.6 million tons of detergents & soaps were produced in the European Union in 2018.
A list of all the renowned fatty alcohol manufacturers operating in the global market:
- Godrej Industries (India)
- Berg + Schmidt (Germany)
- Wilmar International Ltd (Singapore)
- KLK OLEO (Malaysia)
- SABIC (Saudi Arabia)
- P&G Chemicals (U.S.)
- Musim Mas (Singapore)
- VVF L.L.C. (India)
- Sasol (South Africa)
- Emery Oleochemicals (Malaysia)
- Royal Dutch Shell (Netherlands)
- Univar Solutions Inc. (U.S.)
- BASF SE (Germany)
- Other Players
Information Source:
https://www.fortunebusinessinsights.com/fatty-alcohols-market-102900
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