The global fatty alcohol market is set to gain traction from the rising demand for bio-based products. Hence, manufacturers are shifting towards using eco-friendly ingredients. 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.
Regional Analysis
High Population & Disposable Incomes to Bolster Growth in Asia Pacific
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.
This information is given by Fortune Business Insights™ in a new report, titled, “Fatty Alcohol Market Size, Share & COVID-19 Impact Analysis, By Product (C6-C10, C11-C14, and C15-C22), By Application (Soaps & Detergents, Personal Care, Lubricants, Amines, and Others) and Regional Forecast, 2020-2027.” T
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
Drivers & Restraints
High Demand for Soaps & Detergents to Spur Growth
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.
Browse Complete Summary of research Report: https://www.fortunebusinessinsights.com/fatty-alcohols-market-102900
Segment
C15-C22 Segment to Exhibit High Growth Fueled by Rising Demand for Cosmetics
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.
Competitive Landscape
Key Players Aim to Increase Production Capacity of Raw Materials to Intensify Competition
The global market for fatty alcohol is highly fragmented. Reputed manufacturers are aiming to develop unique products by conducting research and development activities. Some of the others are trying to increase their production capacity of raw materials required for the manufacturing of fatty alcohols.