The global behenyl alcohol market is estimated to account for 54,200.9 metric tons by the end of 2015 and is projected to witness an increase in its volume share due to rising demand from end-use segments.
New York, NY -- (SBWIRE) -- 01/06/2016 -- Behenyl alcohol is a saturated fatty alcohol that is used to stabilize and thicken formulations. Behenyl alcohol is available at 70% and 80% purity levels; however, the one with 70% purity is most commonly used. In 2014, the global behenyl alcohol market was worth US$119.4 mn and is estimated to exhibit a substantial 4.50% CAGR from 2015 to 2021, due to the increased demand from various end-use segments. By the end of 2021, this market is expected to reach 54,200.9 metric tons in terms of volume.
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Cosmetics and Pharmaceuticals Industry to Lead Demand for Behenyl Alcohol
By end use, the global behenyl alcohol market is divided into pharmaceuticals, cosmetics, and nutritional supplements. Among these segments, the most extensive application of behenyl alcohol is witnessed in the cosmetics industry, followed by pharmaceuticals industry. Rising demand for superior cosmetic products is forcing manufacturing companies to prefer the best ingredients.
Behenyl alcohol is gaining popularity due to its non-sticky nature. In the coming years, the pharmaceuticals industry is expected to become a major end user of behenyl alcohol, owing to the rising demand for behenyl alcohol in manufacturing ointments. The per capita consumption of cosmetics is rising at a rate of 3.4% per year across the globe. Per capita consumption of cosmetics is projected to grow tremendously between 2015 and 2021, owing to the substantial increase in the geriatric population in China and Japan.
The global behenyl alcohol market has been segmented in terms of application into thickeners, emulsifiers, emollients, and others. Among these segments, the emollients segment is expected to lead the global behenyl alcohol market by the end of 2021. In 2014, the overall consumption of emollients was 130,000 metric tons and is anticipated to record a promising growth rate in the next few years.
Asia Pacific to Dominate Global Behenyl Alcohol Market till 2021
On the basis of geography, the global behenyl alcohol market is segmented into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Asia Pacific is anticipated to lead the global behenyl alcohol market between 2015 and 2021 and is further expected to attain a 1.4X rise in terms of volume by the end of 2021. India and Japan are the key exporters of behenyl alcohol across the globe, whereas South Korea is one of the major importers in Asia Pacific. India being the largest producer of behenyl alcohol and rapeseed, many companies based in this country are involved in exporting rapeseed to Europe, North America, and other regions of Asia Pacific.
The Asia Pacific behenyl alcohol market is becoming mainstream; however, low presence of Chinese players in the global behenyl alcohol market has trimmed the price competitiveness among the prominent companies based in India, Europe, and Japan. As a result, the manufacturing companies are expected to reap high profit margins in Asia Pacific. In this region, sun care products are extensively used and accounted for around US$2.2 bn in 2014. The rise in demand for sun care products is anticipated to boost the demand for behenyl alcohol in the global market. After Asia Pacific, Europe is considered as the next lucrative region for production of behenyl alcohol.
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Some of the key companies operating in the global behenyl alcohol market are BASF SE, VVF Chemicals Limited, Sasol Ltd., Kao Corporation, Godrej Industries Ltd., and Nikko Chemicals Co, Ltd.
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