Oleyl Alcohol Market to Perceive Substantial Growth During 2024
Oleyl
alcohol is a derivative of unsaturated natural fatty acids. It is
produced by catalytic hydrogenation of esters of oleic acid. Oleyl
alcohol can also be derived by Boweault-Blanc reduction reaction of
butyl oleate using sodium and butyl alcohol as raw materials.
Furthermore, oleyl alcohol occurs naturally in fish oil and oils of
other aquatic mammals. It is insoluble in water but miscible in other
alcohols, ethers, and chloroform. Oleyl alcohol has broad range of
industrial applications. It is used as cosmetic emollient, rheology
modifier, defoaming agent, plasticizer, automotive lubricant, and
chemical intermediate. Personal care, automotive, plastic, textile
and leather, oil & gas, and printing ink industries are the key
end-users of oleyl alcohol.
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Demand
for oleyl alcohol is significantly driven by the growth of personal
care, textile processing, and automotive industries. Expansion in the
personal care industry, which is one of the major end users, is a
driving factor that is expected to positively influence the demand
for oleyl alcohol by the end of 2023. Oleyl alcohol is employed as
cosmetic emollient and stabilizer for preparing a wide range of
topical as well as dermatological products such as eye make-up, hair
shampoos and conditioners, body lotions, creams, and balms. Oleyl
alcohol is manufactured using natural fatty acids derived from plant
as well as animal sources; therefore, it is not reactive on human
skin and thus, can be suitably used as an active cosmetic ingredient.
Growth
in textile processing and expansion in the automotive industry are
the other driving factors that are likely to boost the market for
oleyl alcohol by the end of the forecast period. Oleyl alcohol is
used as a surfactant as well as softening agent during the processing
of fabrics in the textile industry. It enhances the texture of the
fabric, thereby improving the overall aesthetics of textiles. Oleyl
alcohol is employed as a lubricating additive in grease and lube oil
in the automotive industry.
Fluctuation
in prices of raw materials, especially natural fatty acids, is likely
to dampen the market for oleyl alcohol during the forecast period.
However, increasing use of oleyl alcohol in research &
development of pharmaceutical formulations for drug delivery is
anticipated to provide significant growth opportunities to the global
market during the next couple of years.
Asia
Pacific is expected to account for the largest share of the oleyl
alcohol market both in terms of production as well as consumption.
ASEAN countries such as Indonesia, Malaysia, Singapore, and Thailand
currently hold the largest production base of oleochemicals,
especially oleyl alcohol, and also have good trade relations with
developed countries. Furthermore, the consumption of oleyl alcohol is
anticipated to be the highest in Asia Pacific due to the large
population dynamics. China and India are likely to witness high
demand for oleyl alcohol by the end of 2023.
These
countries are densely populated and have broad consumer base coupled
with developing end-user markets, especially the personal care
segment. Demand for oleyl alcohol in North America and Europe is
anticipated to witness stabilized growth rate by 2023, due to lower
population coupled with maturity in downstream markets. However,
growth in these regions is likely to be supported due to usage of raw
materials derived from biological resources as compared to
petrochemical or synthetic derivatives. Middle East & Africa is
anticipated to witness steady growth in the oleyl alcohol market due
to consumption of oleyl alcohol in oil & gas, automotive, and
personal care industries in the region. The region would be followed
by Latin America.
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Ecogreen
Oleochemicals (Singapore) Pte Ltd., Croda International Plc, Sasol
Olefins & Surfactants GmbH, FPG Oleochemicals Sdn. Bhd., Henkel
AG & Co. KGaA, and Ashland Inc. are some of the oleyl alcohol
manufacturers that are currently operating in the global market.
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