Global Fatty Alcohols Market: Expanding Cosmetic Industry to Bode Well for Growth, finds TMR
With the rising accessibility of raw materials such as corn, rapeseed, and soy in countries such as Indonesia, Malaysia, and China, chemical manufacturers of fatty alcohols are shifting their focus towards Asia Pacific from North America and Europe, reports Transparency Market Research (TMR) in a research report. Manufacturers are thus striving to expand their production units in the Asia Pacific region. Companies operating in the global fatty alcohols market can capitalize on the opportunities arising from the mounting sales of beauty products and cosmetics in BRIC countries. The leading players in the market are Wilmar International Ltd., Musim Mas Holdings, VVF L.L.C., Procter & Gamble Emery Oleochemicals, Ecogreen Oleochemicals, Kuala Lumpur Kepong Berhad, Kao Corporation, Royal Dutch Shell plc., and Sasol Limited.
The global fatty alcohols market is expected to expand at a 5.1% CAGR from 205 to 2023. The market is projected to rise to US$5.48 bn by the end of 2023 from a valuation of US$3.52 bn in 2014.
Consumption of C11-C14 to Rise across Industries
Based on volume, the C11-C14 fatty alcohols emerged as the leading product segment in the global market for fatty alcohols. In 2014, it accounted for a share of over 50%. It is anticipated to retain a lead until 2023. The primary reason behind the dominance of C11-C14 fatty alcohols is its broad application range. C11-C14 is also expected to lead the market in terms of growth until 2023 trailed closely by C15-C22 fatty alcohols due to the growing demand from various end-use industries. Among the applications, the detergents and soaps segment led the market in 2014 with a share of approximately 60%. However, personal care is expected to emerge as the leading segment in terms of growth.
Geographically, the market has been segmented into the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Owing to the rising disposable income of consumers, improving lifestyle, and growing population, the global fatty alcohols market is expected to be dominated by emerging economies in the near future. Due to high consumption of fatty alcohols in India and China owing to the burgeoning industrial sector, Asia Pacific is projected to lead the market until 2023 closely trailed by North America owing implementation of stringent regulations. According to a TMR analyst, “The growth of the Asia Pacific fatty alcohols market can be attributed to the rising consumption of beauty products, soaps and detergents, and abundance of raw materials. The European fatty alcohols market is likely to witness significant share loss to regions such as Central and South America and Asia Pacific.”
Growing Employment in Personal Care Sector to Boost Demand
The areas of application of fatty alcohols include metal working fluids, fragrances, flavors, plasticizers, cosmetics and personal care, and soaps and detergents. The global market for fatty alcohols is expected to rise in a substantial rate owing to the rising consumption of fragrances, cosmetics, beauty products, and other personal care products. The growth of the petrochemical industry is also one of the primary reasons behind the progress of the global market for fatty alcohols. However, the market is expected to be hampered by the fluctuating prices of raw materials and excess production in the coming years. As synthetic fatty alcohols are manufactured using petrochemicals and petrochemicals are derivatives of crude oil, the fluctuating prices of oil are likely to adversely impact the sales fatty alcohols. Unsold stocks are also one of the key concerns of fatty alcohols manufacturers.
This review is based on a Transparency Market Research report titled, “Fatty Alcohols Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
The report segments the global fatty alcohols market as follows:
Fatty Alcohols Market - Product Analysis
- C6-C10 Fatty Alcohols
- C11-C14 Fatty Alcohols
- C15-C22 Fatty Alcohols
- Others (Including C23 fatty alcohols and above)
Fatty Alcohols Market - Application Analysis
- Detergents & Soaps
- Personal Care
- Others (Including flavors and fragrances, etc.)
Fatty Alcohols Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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