Fatty Alcohol Market: by Type (Short Chain Fatty Alcohol, Pure & Mid-cut Fatty Alcohol, Long Chain Fatty Alcohol, and Higher Chain Fatty Alcohol), by Application (Industrial & Domestic Cleaning, Personal Care, Lubricants, Plasticizers, Pharmaceutical Formulation, Food & Nutrition, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024.
Sarasota, FL -- (SBWIRE) -- 02/26/2019 -- "Fatty Alcohol Market by Type (Short Chain Fatty Alcohol, Pure & Mid-cut Fatty Alcohol, Long Chain Fatty Alcohol, and Higher Chain Fatty Alcohol), by Application (Industrial & Domestic Cleaning, Personal Care, Lubricants, Plasticizers, Pharmaceutical Formulation, Food & Nutrition, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024''. According to the report, global fatty alcohol market was valued at around USD 4,800 million in 2017 and is expected to reach approximately USD 6,500 million by 2024, growing at a CAGR of slightly above 5% between 2018 and 2024.
The fatty alcohol is derived from fatty acids and forms the basic building blocks of products like soaps, shampoos, and cosmetics among others. The fatty alcohols are colorless oily liquids or solid wax substances that are widely used in making cleaning products. They are amphipathic in nature and act as non-ionic surfactants. The fatty alcohols are mainly being used as emulsifiers, thickeners, emollients, and lubricating agents across different industries.
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The naturally derived fatty acid forms one of the highest growing market segments in the global fatty alcohol market. The demand for soaps made from naturally derived ingredients and bio-based personal care products are more in demand by the consumers. The chemical industry has gradually shifted its preference towards the use of bio-based chemicals as the prices of products derived from petrochemicals are volatile in nature. The uncertainty involved with the availability and price of the petrochemicals that may disturb the supply-demand balance has led to a higher demand for bio-based chemicals. In addition to this, there are various environmental concerns regarding the usage of petrochemicals which have majorly affected the usage of bio-based chemicals as they are more sustainable. The bio-based materials decrease the carbon footprint and are environment-friendly. Various companies are shifting their focus towards usage of bio-based raw materials and develop products that are biodegradable. There is an increase in demand for personal hygiene products as the consumer awareness towards the products is increasing at a higher growth rate. The market for personal care product is likely to have a growth rate of around 5.0% during forecast timeframe and is expected to have a market value of around USD 500 billion by the end of 2020. However, surplus production of fatty alcohol leading to oversupply may act as a restraining factor for the market growth of fatty alcohol. Considering all these factors, it is the feedstock flexibility and growing consumption of fatty alcohol in emerging clusters within the Asia Pacific that will provide new opportunities for the overall market growth.
The global fatty alcohol market is divided based on type, application, and region. Type is segmented into the short chain, long chain, pure & mid-cut, and higher chain. Based on application, the market is segmented into personal care, plasticizers, industrial & domestic cleaning, lubricants, pharmaceutical formulation, food & nutrition, and others.
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Personal care segment is estimated to be one of the most dominant segments of the global fatty alcohol market and is expected to maintain its leading position over the estimated period. Increase in demand for personal hygiene products around the globe is expected to drive the need for fatty alcohol in the years to come.
Geographically, the market is segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. The Asia Pacific contributed the most important share of the fatty alcohol market in regards to the value in 2017. This can be attributed to the huge demand for cosmetics and personal care products in the region. North America fatty alcohol market is also expected to witness significant growth during the forecast period.
Some of the major players operating in the global fatty alcohol market are Royal Dutch Shell PLC, Kuala Lumpur Kepong Berhad (KLK), Wilmar International Ltd, Sasol, Godrej Industries Limited, Emery Oleochemicals, Musim Mas Holdings, Procter & Gamble, VVF Ltd, and others.
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The report segments global fatty alcohol market as follows:
Fatty Alcohol Market: Type Segment Analysis
Short Chain Fatty Alcohol
Pure &Mid-cut Fatty Alcohol
Long Chain Fatty Alcohol
Higher Chain Fatty Alcohol
Fatty Alcohol Market: Application Segment Analysis
Industrial & Domestic Cleaning
Food & Nutrition
Fatty Alcohol Market: Regional Segment Analysis
The Middle East and Africa