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N-Hexyl Alcohol Market 2017 Global Industry Size, Growth, Share, Segments and 2024 Forecast

Author : Ronak Bora | Published Date : 2019-05-10 

The N-Hexyl Alcohol Market is set to grow from its current market value of more than $1.1 billion to over $1.6 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

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.

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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.

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-hexyl alcohol 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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North America N-hexyl alcohol market size constituted a major chunk of the overall business size and accounted for more than 40% of the total market share in 2016. It is primarily due to well established pharmaceutical, food and personal care industry in the region. According to International Trade Administration (ITA), total healthcare expenditure in the U.S. in 2016 was approximately USD 3 trillion, which accounted for 17.4% of the country’s GDP. Product use as a chemical intermediate in medicine and drugs manufacturing is poised to witness rise considering the U.S. pharma industry growth over the forecast period which will make significant additions to N-hexyl alcohol market size by 2024.

N-hexyl alcohol market share is fragmented with major players constituting close to 30% of the global business size in 2016. Prominent contributors are Sasol, Alfa Aesar, Merck, Nanjing Chemical, Yancheng Hongtai, Haihang Industry, Simagchem, Penta International and Ecogreen Oleochemicals. Few of these players are making huge investment in their R&D facilities to help expand their presence in the market. For instance, Ecogreen Oleochemicals successfully completed the expansion of fatty alcohol facility in Batam, Indonesia in December 2014. This move was intended to expand its customer base and help attain competitive edge over its competitors.

About Global Market Insights

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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