San Francisco, 27 November
2018: According to a report by Grand View Research, Inc.; the global
fatty alcohols market is anticipated to attain a valuation of around USD 7.51
billion by 2022. Rising requirement for sustainable and biodegradable products
attributed to environmental concerns is anticipated to propel market over the
forecast period (2012 to 2022). Increasing efforts to reduce carbon footprint
and manufacturing cost for various sectors are anticipated to further fuel
market in the forthcoming years.
Favorable initiatives from
governments to reduce dependency on petrochemicals can positively influence
growth of market for fatty alcohols. Consumer preference for organic personal
care products can further augment demand. Stringent regulations regarding
environmental hazards associated with petrochemical-based products is
anticipated to bode well for market expansion in the years to come. Rising prices
of petrochemical-derived products attributed to supply and demand imbalance are
likely to surge demand for bio-based chemicals. Growing concerns regarding
effect of petrochemicals on environment can also spur use of bio-based
chemicals, which, in turn, is expected to fuel market growth.
The worldwide fatty alcohol
market is segmented on the basis of product, application, and region. Based on product,
the market can be trifurcated into C6-C10, C11-C14, and C15-C22 fatty alcohols.
In 2014, C11-C14 fatty alcohols dominated the market with a total share of
around 58%. Rising demand from Asia Pacific can stimulate market growth during
the forecast period. Application in sodium laureth ether sulphate (SLES), a foaming
agent used in shampoo and body wash formulations is expected to propel product demand.
In addition, growth of personal care sector is likely to further fuel demand
during the forecast period.
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Research Report of Fatty Alcohols Market@
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C15-C22 fatty alcohols segment
is projected to witness highest growth during the forecast period. Increasing scope
of application can impel market expansion over the forecast period. In
addition, rising product adoption in lubricant bases and blending and personal
care products such as moistures can augment growth over the years to come.
Based on application, the
market for fatty alcohols is classified into soaps and detergents, personal
care, lubricants, amines, and others. In 2013, soaps and detergents was largest
application segment and contributed for around 50% of overall product demand.
Growing population in Asia Pacific is projected to augment demand during the
forecast period. Personal care is expected to be register the fastest growth
during the forecast period owing to high demand from Asia Pacific. Growing
awareness regarding personal hygiene and care is projected to positively influence
market growth in the years to come.
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On the basis of region, the
market for fatty alcohol is categorized into Europe, North America, Asia
Pacific, Central and South America, and Middle East and Africa. In 2014, Asia
Pacific dominated the market and accounted for around 30% market share. Growing
demand for detergents and soaps attributed to rising population and disposable
income is anticipated to fuel regional market growth. Rising downstream demand and
consumer disposable income can propel market growth over the next few years.
Moreover, availability of raw materials in abundance, especially in South East
Asia is expected to positively influence regional market growth. The region is
expected to witness the highest growth at around 4.9% CAGR from 2015 to 2022.
Europe, on the other hand, is
likely to lose market share to high growth regions such as Central and South
America and Asia Pacific during the forecast period. Uncertain economic
conditions in the region coupled with declining growth in downstream industries
may hamper demand for fatty alcohol in near future. North America is
anticipated to witness average CAGR during the forecast period. Rising demand
for bio-based products owing to growing consumer awareness and stringent
regulations can augment market growth in the region.
Some of the leading companies operating in the global fatty
alcohols market are Eastman Chemical Company, BASF SE, Ecogreen Oleochemical,
Croda International, and Emery Oleochemicals. Increasing availability of raw
materials such as rapeseed, soy, and corn in Malaysia, China, and Indonesia is
likely to push numerous chemical manufacturers to shift base from North America
and Europe to Asia Pacific.
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Press Release of Fatty Alcohols Market@
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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