The fatty alcohol market is expected to record a CAGR of greater than 6% during the forecast period. One of the main factors driving the market is the rising demand for surfactants in major economies. However, high manufacturing cost due to the volatile raw material market is expected to hinder the growth of the market studied.
– By application, the surfactants segment dominated the market and is expected to grow further during the forecast period.
– Increasing focus toward the production of fatty alcohol by microbial fermentation to overcome the rise in raw material price is likely to act as an opportunity for the market studied in the future.
– Asia-Pacific dominated the market across the world with the largest consumption from countries, such as China and India.
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Key Market Trends
Growing Demand for Surfactants
– Fatty alcohols are among the most used ingredients in surfactant formulations. Surfactants are used in a variety of personal care products, such as shampoo, conditioner, shower gel, antiperspirant, and lipsticks as emollients and thickeners, owing to their amphipathic and non-ionic surfactant nature.
– Additionally, they are used in skincare products as a solvent, emulsifier, antiseptic, buffer, and penetration enhancer (improves delivery of an ingredient into the skin).
– The global market for personal care products is expected to witness substantial growth over the coming years, owing to the growing disposable income of consumers and awareness of consumers for natural as well as organic products, thus enabling them to spend on luxury personal care products. Constant innovations and improvisations in products have also led to the demand for multifunctional and cosmeceutical products.
– Hence, owing to the above-mentioned factors, the application of fatty alcohol in beauty and personal care products is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
– Increasing demand for surfactants in the manufacturing of personal care products in major economies, such as China, India, and Japan is estimated to boost the market studied during the forecast period.
– The growing consciousness toward maintaining an individual’s appearance and a considerable increase in disposable incomes are the factors majorly driving the cosmetics products market in the Asia-Pacific region, which, in turn, increases the demand for fatty alcohol in this region.
– Rising consumer expenditure on green products and increasing awareness regarding the harmful effects of chemicals used in cosmetic products have resulted in a rise in the oleochemicals market in the region, especially over the past few years.
– Asia-Pacific is the largest oil and fat producer and raw material base for oleochemicals globally, followed by Europe. Thus, Asia-Pacific as a consumer has better control of the production and distribution of oleochemicals.
– Owing to the above-mentioned factors, the market for fatty alcohol in the region is projected to grow significantly during the study period.
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