Fatty Alcohols Market to Witness Exponential Growth by 2024
The global fatty alcohols market has been envisioned to showcase a consolidated competitive landscape in the future years. According to Transparency Market Research (TMR), popular companies operating in the industry could take to practicing powerful business strategies which include growing their product portfolio and extending their regional presence in the market. Companies such as Sasol Limited, Wilmar International Ltd., Musim Mas Holdings, Kuala Lumpur Kepong Berhad (KLK), and VVF LLC have been anticipated to exhibit their presence in the market. With a view to start their operations in the lucrative region of Asia Pacific, scores of chemical manufacturers could take advantage of the availability of an abundance of corn, soy, and other raw materials therein.
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In a TMR market research publication, the global fatty alcohols market has been predicted to progress at a 5.1% CAGR during the forecast tenure 2015-2023. By the closure of 2023, the market could be valued at a US$5.48 bn. The product C11-C14 fatty alcohols has been foreseen to account for a staggering share in the foreseeable future. If the regional segmentation of the market is concerned, Asia Pacific could secure a top position in the market.
The world fatty alcohols market has been projected to testify an accelerated progress in terms of growth on account of the rising demand for cleaning agents such as detergents and increasing application of personal care ingredients. In the near future, there could be a surging engagement of fatty alcohols as emulsifiers and emollients in the production of personal care products. Applications such as lubricants, plasticizers, and flavors and fragrances have been foreseen to attract a sizable amount of revenue in the market. However, detergents and soaps could rank higher in the coming years because of their colossal demand in the industry.
A number of fatty alcohol products have been forecast to be dependent on the personal care industry for their sales. For instance, the C15-C22 type of fatty alcohols could be engaged during the production of lubricant and moisturizer blending and bases. Other types of fatty alcohols such as C11-C14 could be mainly used in the production of sodium lauryl ether sulphate (SLES) and other primary foaming agents.
The instable nature of the prices of raw materials and excessive production of fatty alcohols could be among the two top reasons for the expected dwindling growth of the international fatty alcohols market. However, the market has been envisaged to be back on its feet in quick time due to the impressive sales of cosmetics and other beauty products in Brazil, Russia, Indian and China (BRIC) economies. Moreover, there could be a rise of rewarding growth prospects in the market owing to the growing consumer preference for organic personal care products and renewable chemicals.
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More opportunities have been prognosticated to show up in the near future because of the telling demand for hygiene products and growing inclination toward bio-ingredient-based offerings. All of these factors could pamper players with promising opportunities in the market.
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