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.
Major benefits of this oleochemical include controlling unwanted cholesterol in human body and various skin benefits. The global oleochemicals market size is expected to grow to over USD 30 billion in 2023, up from over USD 20 billion in revenue in 2015. Fluctuating fatty alcohol market price trend due to increase in raw material cost is likely to hinder growth.
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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.
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.
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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.
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.