Analysis of COVID-19 Crisis-driven Growth Opportunities in Fatty Alcohols Market
Fatty alcohols find extensive use in the making of surfactants, which are further used as an ingredient in the manufacturing of institutional and industrial cleaners and detergents. The health and well-being of an individual and a community is directly affected by the cleanliness of workplace and other communal places. With a rise in the awareness about health and speedy industrialization in developing nations, the demand for institutional and industrial cleaners is also likely to observe substantial growth. The augmented demand for these cleaners is anticipated to emerge as one of the leading factors propelling growth of the global fatty alcohols market in near future.
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Fatty alcohols are made either from various petrochemical sources like ethylene or from various renewable sources such as animal or plant originating oils and fats. However, with a decrease in the supplies of petroleum and augmented use of plant oil for the purpose of human intake, the growth of the global fatty alcohols market is likely to face challenges. As such, research and development activities are stressing on the invention of alternative fatty alcohol production routes like bio-synthesized production. The presence of plentiful renewable resources for the growth of the microbes is estimated to fan the concept of bio-synthesized fatty alcohols in years to come.
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Fatty alcohols come with the characteristic of biodegradability and they cater to similar applications as petrochemicals. In addition to that, they serve the purpose of a cost-effective solution to petrochemicals. The production of fatty alcohols is estimated to be driven by augmented supply of sustainable raw materials that come in the form of oilseed. This, in turn, is anticipated to offer wide scope for downstream applications and as such is expected to better penetration in the market. Beef tallow, palm oil, tall oil, rapeseed oil, safflower oil, sunflower oil, and soybean oil comprise the major sources of fatty alcohols.
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A surge in the demand for hygiene product together with augmented consumer awareness is likely to drive expansion of the personal care industry over the years of projection. A shift in the preference of consumers toward bio-ingredient based products due to increased awareness pertaining to potential health hazards and toxicity caused by petrochemical products is observed. This trend is estimated to boost the demand for personal care products. These factors are likely to propel growth of the global fatty alcohols market over the period of forecast.
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Asia Pacific is estimated to come up as one of the leading regions in the global fatty alcohols market and the trend is estimated to continue in the forthcoming years. Presence of a huge population base in Asia Pacific is estimated to shoot up the demand for soaps and detergents in the market. With the increasing demand for soaps and detergents, the Asia Pacific fatty alcohols market is likely to observe considerable growth over the years of projection. Furthermore, increased disposable income is likely to foster growth of the fatty alcohols market in the years to come.
Latin America is likely to come up as another rapidly growing region in the global fatty alcohols market. Rapid urbanization and industrialization is expected to boost the market in Latin America. However, the climate of uncertain economic condition in Asia Pacific is expected to leave adverse effect on the Europe fatty alcohols market. North America is likely to register average growth due to rising consumer awareness together with strict regulation governing the fatty alcohols industry.
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