Fatty Alcohols Market to Set Phenomenal Growth by 2023
The global fatty alcohols market features a largely consolidated landscape, which in the coming years will increasingly shape the competitive dynamics of the market, notes Transparency Market Research (TMR). Prominent players in the global fatty alcohols market consider expanding their product portfolios as a key strategy to consolidate their positions. Several of them are also focusing on expanding their regional footprints in order to get stronghold over the global fatty alcohols market. In particular, numerous chemical manufacturers are shifting their attention to new revenue streams in Asia Pacific where, they intend to gain from the availability of cheap raw materials, observes TMR.
Leading players in the global fatty alcohols market are VVF LLC, Kuala Lumpur Kepong Berhad (KLK), Musim Mas Holdings, Wilmar International Ltd., and Sasol Limited.
The global fatty alcohols market is forecast to rise at a CAGR of 5.1% during 2015–2023. By the end of this period, the global market is anticipated to reach a worth of US$5.48 billion.
The various application areas, the segment of detergents and soaps is expected to account for a massive, dominating share in the global fatty alcohols market during the assessment period. However, the uptake of fatty alcohols is likely to rise at substantial pace in the personal care industry. This is attributed to the rising use of emollients and emulsifiers in personal care products.
On the geographical front, Asia Pacific presently leads the fatty alcohols market and is expected to retain its dominance through 2023. The growth of the regional market is driven increasingly by rapidly rising demand for fatty alcohols products, notably soaps and detergents, among middle-class populations in various countries.
Substantially Use of Fatty Alcohols in Manufacturing Personal Care Products to boost Market
The fatty alcohols market is driven by the rising uptake of products containing fatty alcohols in the personal care and cosmetics industry. The growing use of fatty alcohols in manufacturing a variety of personal care products in various parts of the world is a notable trend boosting the market. The substantial use of emollients for manufacturing personal care products is also fueling the uptake of fatty alcohols.
The demand for fatty alcohols has witnessed a rapid worldwide demand by the rising use of fatty alcohols in the making of soaps and detergents. Rapid strides being made by the personal care and cosmetics industries in emerging economies have been imparting a big impetus to the expansion of the fatty alcohols market. Moreover, the rising use of fatty alcohols in manufacturing plasticizers, flavors and fragrance, and lubricants, is accentuating the growth. In this regard, C15-C22 fatty alcohols are extensively used in lubricants and moisturizers. In addition, C11-C14 type is used in the making of key foaming agents, notably sodium lauryl ether sulfates.
However, in recent years, glut of fatty alcohols in various parts of the world is a key factor hindering the growth of the global market. Moreover, the volatility of raw materials prices has adversely affected the prospect of the fatty alcohols market.
Impact of Outbreak of COVID-19 on Fatty Alcohols Market https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=1279
Rising Popularity of for Bio-Ingredient-Based Hygiene Products to prove Promising for Chemical Manufacturers
Nevertheless, the fatty alcohols market could limp back to attractive growth trajectory, helped by a staggering rise in sales of cosmetics, especially in Russia, Brazil, India, and China. Moreover, chemical manufacturers in the fatty alcohols market are likely to witness lucrative growth prospects from the growing inclination for organic personal care products. Furthermore, the demand for fatty alcohols is anticipated witness rapid impetus from the growing popularity of bio-ingredient-based hygiene products.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Fatty Alcohols (Product – C6-C10, C11-C14, C15-C22, and C23 and Above; Application – Detergents and Soaps, Personal Care, Plasticizers, Lubricants, and Flavors and Fragrances) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
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