With the robust growth of the petrochemical industry worldwide, the global fatty alcohols market is anticipated to rake in a healthy share of the pie. Fatty alcohols are used across numerous industries including soaps and detergents, plasticizers, cosmetics and personal care, metal working fluids, flavors, and fragrances. Therefore, the rising consumption of personal care ingredients and cleaning agents and detergents is providing a tremendous boost to the growth of the market.
On the flip side, the fluctuating prices of crude oil are adversely affecting the growth of the market. The production of fatty alcohols is highly dependent on crude oil since synthetic fatty alcohols are manufactured using petrochemicals and petrochemicals are derivatives of crude oil. Moreover, the overproduction along with the unsold stocks is one of the primary concerns of manufacturers. However, the increasing sales of beauty products and cosmetics in BRIC countries are creating ample opportunities for the growth of the market.
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Owing to these factors, the valuation of the global fatty alcohols market is poised to reach US$5.48 bn by the end of 2023, progressing at a CAGR of 5.1% between 2015 and 2023.
Demand for C11-C14 Fatty Alcohols to Remain High through 2023
On the basis of type, fatty alcohols are fragmented into C15-C22, C11-C14, C6-C10, and others (such as C23). The C11-C14 segment will continue to dominate the market in terms of volume until 2023. Diverse applications of C11-C14 fatty alcohols is propelling the growth of the segment. The segment is expected to expand at a CAGR higher than any other segment during the forecast period. The demand for C15-C22 fatty alcohols is also likely to increase at a noteworthy pace during the same period owing to the growing demand for personal care products.
Based on application, the market is segmented into personal care, lubricants, detergents and soaps, plasticizers, and others (such as fragrances and flavors). Detergents and soaps will command the lion’s share throughout the forecast period. However, the personal care segment is estimated to witness a high growth rate in the next few years owing to the increasing demand for fatty alcohols as emulsifiers and emollients in personal care products.
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Growing Population and Increasing Disposable Income Supplement Growth of Asia Pacific
The key regional markets meticulously studied in the report are Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Asia Pacific will continue to dominate the market throughout the forecast period, closely trailed by North America. The APAC region is a site of high growth rate across the world owing to the improving lifestyles, rising disposable income, and rapidly growing population along with the expanding base of middle-class population in emerging countries such as China and India. The growth of the region can also be attributed to the rising demand for soaps and detergents and beauty products and the abundant availability of raw materials.
Latin America is poised to exhibit similar growth trends, however, the growth rate is expected to be marginally lower in the forthcoming years. The European fatty alcohols market is likely to experience drastic loss in share during the same span to developing regions such as Latin America and Asia Pacific. Some of the prominent players in the global fatty alcohols market are Wilmar International Ltd., Sasol Limited, Kuala Lumpur Kepong Berhad (KLK), Musim Mas Holdings, Royal Dutch Shell Plc., Ecogreen Oleochemicals, VVF L.L.C., Procter & Gamble, Emery Oleochemicals, Kao Corporation, and Oleon N.V.
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