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By 2024, Fatty Alcohol Market in the U.S. region will be driven by increasing natural products demand

Author : Ronak Bora | Published Date : 2019-03-13 

U.S. fatty alcohol market size is expected to be an attractive segment due to increasing natural products demand and stringent environmental regulations. Europe is anticipated to grow at a sluggish rate due to the uncertain economic situation.

Asia Pacific fatty alcohol market share was the largest segment in terms of production as well as consumption and accounted for more than 37% of total demand; it is anticipated to witness growth of 4.8% from 2016 to 2023. The regional industry is characterized by a slew of new capacities, and volatility in palm kernel oil (PKO) prices.

China, Malaysia, and Indonesia were the major regional contributors. China is expected to witness high growth owing to consistent increase in output, consumer consumption, industry & export development. Rise in consumer disposable income is anticipated to boost the demand in region.

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Fatty alcohol market size was estimated at more than 2,400 kilo tons in 2015 and is likely to exceed 3,350 kilo tons by 2023, growing at a CAGR of over 4.2%.

Fatty alcohol market size is anticipated to be valued at over USD 7.5 billion by 2023. Favorable government initiatives accompanied by consumer shift towards natural products is likely to fuel demand over the forecast period.

Increasing consciousness among consumers pertaining to the benefits from bio-based products owing to the toxicities caused by petrochemicals-based alternatives has encouraged consumers to adopt natural products.

Fatty alcohols are a cost-effective petrochemicals substitute as well as biodegradable in nature. Industries are shifting their focus towards chemicals derived from bio-based raw material in order to avoid petrochemicals dependency and reducing carbon footprint. Increasing concerns regarding the effect of petrochemicals on the environment and price volatility is likely to enhance bio-based products demand.

Applications are segmented into soaps & detergents, surfactants, personal care, and industrial solvents. Soaps & detergents were the dominant segment, accounted for more than 50% of the total fatty alcohols share. Growing natural emulsifiers and surfactants demand in soaps & detergents industry is anticipated to boost demand in this segment over the forecast period. Personal care industry which includes shampoo and body lotions is expected to be an attractive segment due to rise in standard of living. Increasing consumer preference towards organic products is likely to increase penetration in this segment.

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Increase in supply of raw materials such as oilseeds is likely to impact growth positively. The major sources consist of sunflower oil, soybean oil, rapeseed oil, palm oil, safflower oil, and beef tallow.

Global fatty alcohol market share is fragmented in nature. Key companies include BASF SE, Emery, Croda International, Oleon, Eastman Chemical Company, Kuala Lumpur Kepong, Ecogreen, Kao Chemicals, Sasol, and Musim Mas. Abundant raw material availability such as corn and soy in Malaysia, China, and Indonesia is expected to encourage several chemical manufacturers to commence operation in these countries. Product portfolio expansion and wide geographic presence is likely to be the key strategy.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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