Pune, March 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fatty alcohol market is expected to grow from USD 5.57 Billion in 2020 to USD 9.29 Billion by 2028 at a CAGR of 5.6% during the forecast period 2021-2028.
Increasing demand for naturally derived ingredients based product and growing personal care industry are some of the factors fuelling the fatty alcohol market.
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Most fatty alcohols are naturally found as waxes such as esters with fatty acids and fatty alcohols. Marine mammals used it as biosonar lenses, and plant and insects in the form of waxes are used for thermal insulation. Vegetable oil are the usual sources of fatty alcohol and is widely used as feedstock. Animal fats (tallow), particularly whale oil, were also used as a source for fatty alcohol, but they are no longer utilized on a large scale. Tallows produce a fairly narrow range of alcohols, largely C16–C18, the chain lengths from plant sources are more variable (C6–C24), making them the ideal source. Higher alcohols (C20–C22) can get from rapeseed oil or mustard seed oil. Midcut alcohols are obtained from coconut oil (C12–C14) or palm kernel oil (C16–C18). Fatty alcohols are also can be produced from petrochemical sources. The expansion of cosmetics & personal care industry in emerging economies, with a surge in requirement for premium skin and hair care products, child beauty care products, and colour cosmetics, together with the increase in disposable income are factors expected to drive the growth of the global fatty alcohol market. About 50% of fatty alcohols used commercially are of natural origin, the remainder being synthetic.
Fluctuation in the price of the raw material is one of the restraining forces. The fluctuating prices of raw material which is essential for the production of Fatty Alcohol are the major restraint for the market as this affects the production of fatty alcohol, and it also affects its price according to its requirement by various segments of the market. This also affect the supply chain of the fatty alcohol supply to the needed organization. It is so affecting the overall market like the personal care market, detergent market etc., where it is used.
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Key players operating in the global fatty alcohol market include BASF, Univar Inc, KLK Oleo, VVF LLC, P & G Chemicals, EcogreenOleochemicals, Kao Corporation, Sasol Limited, Royal Dutch Shell Plc, Emery Oleochemicals, Berg+ Schmidt GmbH & Co. KG, Wilmar International Ltd, Godrej Industries Ltd and Arkema SA, among others. To improve their market position in the global fatty alcohol market, the key players are now concentrating on adopting strategies such as product innovations, mergers & acquisitions, etc.
• In 2015, Kuala Lumpur Kepong Berhad (KLK), through its oleochemical unit KLK OLEO, is in discussions with Mitsui to arrange storage facilities in Houston, Texas, for fatty alcohol imports by the company.
• In 2019, Univar’s acquisition of Nexeo Solutions in March of this year and its partnership with Kraton during the summer provided a win-win for Univar Solutions’ oleochemical customers, company has gained access to a broad product portfolio while continuing their relationships with an expert application development team.
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The pure and mid-cut segment is dominating the market with the market value of USD 2.68 Billion in 2020
The type segment is divided into pure and mid cut, long chain, short chain and higher chain. As of 2020, pure and mid cut is the leading type segment of the global fatty alcohol market with a market value of USD 2.68 Billion. Rising pure and midcut alcohol demand, especially in Asia Pacific, is anticipated to drive the product segment market over the forecast period. This type of fatty alcohols are utilized for sodium laureth ether sulphate (SLES), a major foaming agent found in shampoo and body wash formulation.
The detergents and cleaners segment is dominating the market with the market value of USD 1.77 Billion in 2020
The application segment includes detergents and cleaners, cosmetics and personal care, lubricants, plasticizer, pharmaceuticals, food and nutrition and others. As of 2020, detergents and cleaners are the leading application segment with a market value of USD 1.77 Billion. Rising population in Asia Pacific region is anticipated to increase cleaners & detergents requirement over the forecast period. The cleaners & detergents industry is characterized by various distinguished products that cater to various consumer needs and is anticipated to grow over the forecasts period. This, in turn, is anticipated to drive the fatty alcohol industry in the near future. Cosmetics and Personal care is anticipated to be the fastest-growing application segment for fatty alcohols over the forecast period owing to rising personal care products demand, especially in Asia Pacific over the estimated future.
Regional Segment Analysis of the Fatty Alcohol Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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The regions analysed for Fatty Alcohol market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the fatty alcohol market, with a market value of USD 2.11 Billion in 2020. Asia Pacific, not only is the largest consumer but also the largest producer of fatty alcohols and holds for over half of the global production. For making Asia Pacific as the largest hub for base fatty alcohols and downstream products, the plantation companies teamed up with chemical manufacturers in the last few years. Europe followed Asia Pacific to emerge as the second major regional market.
About the report:
The global Fatty Alcohol market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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