San Francisco, California, June 10, 2015 (GLOBE NEWSWIRE) -- Global fatty alcohols market is expected to reach USD 7.51 billion by 2022, according to a new study by Grand View Research, Inc. Favorable government initiatives in a quest to minimize dependency on petrochemicals coupled with consumer shift towards organic personal care products is expected to drive global fatty alcohols market over the forecast period. Consistent supply of key raw material coupled with the price volatility is expected to a key challenge for market participants. Technological advancements coupled with increasing consumer preference for renewable chemicals are expected to create lucrative opportunities for market participants over the next seven years.
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Soaps & detergents was the most dominant application segment and accounted for 54.6% of total market volume in 2014. Growing natural surfactants and emulsifiers demand in soaps & detergents industry is expected to fuel fatty alcohols demand in this segment over the forecast period. Personal care is expected to witness the highest growth of 4.6% from 2015 to 2022. Growing consumer preference towards organic personal care products is expected to increase penetration of fatty alcohols in this segment.
Further key findings from the study suggest:
- Global fatty alcohols market demand was 2,345.8 kilo tons in 2014 and is expected to reach 3,263.2 kilo tons by 2022, growing at a CAGR of 4.3% from 2015 to 2022.
- C11-C14 fatty alcohols were the largest product segment with a market share of over 55% in 2014. C11-C14 fatty alcohols are primarily used in the production of sodium laureth ether sulphate (SLES), a key foaming agent majorly used in body washes and shampoo formulations. Growth of personal care industry is expected to drive this product segment over the next seven years.
- C15-C22 fatty alcohols are expected to witness the highest growth rate of 4.5% globally. Increasing penetration of C15-C22 fatty alcohols in lubricant bases & blending and personal care products such as moisturizers is expected to drive this segment over the forecast period.
- Asia Pacific was the largest consumer as well as producer of fatty alcohols. The region accounted for 35% of global demand in 2014. Increasing downstream demand coupled with rising consumers disposable income is expected to foster the market growth in this region over the next few years. Asia Pacific is also expected to witness the highest growth of 4.9% from 2015 to 2022. Availability of key raw materials in abundance particularly in South East Asia is also expected to have a positive influence on the market growth.
- Global fatty alcohols market is highly fragmented owing to presence of several small and medium scale companies operating particularly in Asia Pacific and Central & South America. Major companies operating in the global fatty alcohols market include Ecogreen Oleochemicals, Emery Oleochemcials, BASF, Kuala Lumpur Kepong (KLK), Oleon, Sasol, PT Muslim Mas and Kao Chemicals.
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For the purpose of this study, Grand View Research has segmented the fatty alcohols market on the basis of product, product, application and region:
Global Fatty Alcohols Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- C6-C10 Fatty Alcohols
- C11-C14 Fatty Alcohols
- C15-C22 Fatty Alcohols
Global Fatty Alcohols Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Soaps & Detergents
- Personal Care
Global Fatty Alcohols Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
View more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/renewable-chemicals
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research