Based on end-user, the N-hexyl alcohol market share for cosmetics industry is projected to grow at a CAGR of over 4% by 2024.
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- N-hexyl alcohol market for food & beverage industry was valued more than USD 325 million in 2016, which is likely to witness positive gains in the forecast spell. This is chiefly due to rising product use as an odor agent and to add flavor to variety of food products including fruit, vegetable and alcoholic beverage, etc. Furthermore, its application in producing additives for lubricants used in food processing machinery including, spray dryers, food grain machine, etc. Additionally, rising demand for packaging materials across food & beverage industry to package and wrap frozen, processed, dairy, bakery items, etc. will drive product demand and subsequently boost N-hexanol market, owing to its application as plasticizer precursor mainly in producing polyvinyl chloride-based material.
Based on the end-user industry, N-hexanol market for pharmaceutical sector is likely to witness gains close to 4.0% by 2024. This is mainly due to widespread product use in the preparation of several medicines such as actomyosin adenosine triphosphatease. Furthermore, it is widely applicable as an intermediate in the production of antiseptics. Additionally, product is also used in conducting chromatography in pharmaceutical industry which is intended to separate chiral compounds. The above illustrated industry trends are probable to make notable influence on n-hexanol market from 2017 to 2024.
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Rapidly growing population mainly in Asia Pacific has led to robust growth trends in food and beverage industry in the past few years. Product is widely used as a flavoring agent in processing of numerous food and beverages owing to its colorless liquid form with a fruity fragrance. Rising socio-economic and growing FMCG markets are likely to boost product demand, which in turn will have strong impact on N-hexanol market during the forecast spell. Furthermore, rising demand for packaged and processed food such as frozen food, dairy products, etc. is probable to make considerable impact on the N-hexyl alcohol market in the coming years. This is mainly due to product use as plasticizer additive which acts as a major constituent of packaging material.
Packaging industry also plays a major role in pharmaceutical sector in wrapping variety of equipment, medicines, tablets, etc. Rising contribution in R&D has led to innovation of variety of drug formulations, blow fill seal vials, coating technology, plasma impulse chemical vapor deposition, unit dose vials, 2-in-1 prefilled vial design, child resistant packs and prefilled syringes which is probable to have a positive influence on the plastic packaging sector and will subsequently make a notable impact to N-hexanol market during the forecast period.
Availability of numerous substitutes of n-hexanol such as N-octyl alcohol, N-decyl alcohol, etc. which possess similar physical and chemical properties are likely to impede the N-hexyl alcohol market over the forecast span. However, positive growth trends across personal care, food, & pharmaceutical industry mainly in Asia Pacific and the Middle East will generate plentiful opportunities for product, which will help attain promising gains in the near future.
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N-hexyl alcohol market for Europe accounted for over 20% of the overall market in 2016. This is chiefly owing to well-established personal care sector which has been engaged in product use as an inert element in the production of various skin care & cosmetic items. Moreover, product is widely applicable in the preparation of variety of colorants, fine cosmetic chemicals used to manufacture variety of personal care products. Major personal care industry players in Europe has been making substantial R&D investment, which is likely to drive the N-hexanol demand and will subsequently help attain prominent N-hexanol market in the forecast timespan. For instance, major cosmetic players in Europe invested USD 1.57 billion in the personal care sector in 2016.
Prominent players in the N-hexyl alcohol market share contributed more than 25% of the total industry share in 2016. Major product manufacturers are Alfa Aesar, Sasol, Yancheng Hongtai, Merck, Ecogreen Oleochemicals, Haihang, Nanjing Chemical & Penta International. Few of market share contributors are making substantial outlay in R&D to gain edge above other potential players. For example, Ecogreen Oleochemicals has successfully finished the extension in its fatty alcohol production facility in 2014 in Indonesia.
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