Fatty Alcohol Market: Information by Type (Pure and Midcut, Long Chain, Short Chain), Application (Detergents and Cleaners, Cosmetics and Personal Care, Lubricants, Plasticizer), and Region (North America, Europe, Asia-Pacific)—Forecast TIL 2023
Top Key Players
Market Research Future (MRFR) recognizes KLK Oleo (Malaysia), Kao Corporation (Japan), VVF LLC (India), Ecogreen Oleochemicals (Singapore), Univar Inc. (US), Sasol Limited (South Africa), Royal Dutch Shell Plc (The Netherlands), Emery Oleochemicals (Malaysia), BASF SE (Germany), Berg+ Schmidt GmbH & Co. KG (Germany), P & G Chemicals (US), Godrej Industries Ltd (India), Wilmar International Ltd (Singapore), and Arkema SA (France) as the key players operating in the global fatty alcohol market.
Fatty Alcohol Market is estimated to be valued at USD 10,078.8 million by 2023 and is expected to register a CAGR of 6.67% during the forecast period.
The global demand for fatty alcohols is driven by increasing use in numerous applications including detergents, household and industrial cleaners, laundry softeners, textile coatings, mineral processing, and agricultural chemicals.
The growing cosmetics and personal care industry is likely to fuel the global market growth at a significant rate. Based on type, the pure & midcut segment dominated the global fatty alcohol market in 2017 owing to the increasing use in numerous applications mainly as an emollient in detergents including light- and heavy-duty detergents, laundry pre-softeners, hard surface cleaners, and industrial cleaners. Asia-Pacific dominated the global market, accounting for the largest share of the market in 2017, and the regional market is expected to register a CAGR of 7.29% during the review period.
Fatty Alcohol Market has been segmented on the basis of type, application, and region. On the basis of type, the global market has been divided into pure and midcut, long chain, short chain, and higher chain. The pure and midcut segment held the major market share in 2017 and is expected to register 6.58% CAGR to reach USD 4,510.3 million by the end of 2023. However, the long chain is expected to be the fastest-growing segment. The long chain segment comprises C16 to C18 alcohols. This group of alcohols is primarily used in cosmetics and personal care products, especially in skin lotions and creams. These alcohols are used in cosmetics to alter the thickness of liquid products and to stabilize foams.
On the basis of application, the global market has been divided into detergents and cleaners, cosmetic and personal care, lubricants, plasticizer, pharmaceuticals, food & nutrition, and others. The detergents and cleaners segment accounted for the largest market share in 2017 and is expected to register 6.13% CAGR to reach USD 3,152.3 million by the end of 2023. However, the cosmetics and personal care segment is expected to exhibit the highest CAGR of 7.29% during the forecast period. The growing cosmetics and personal care industry with an increase in spending on skin care products, especially by men, is expected to fuel the demand for fatty alcohols in both developing and developed countries during the review period.
Geographically, the global fatty alcohol market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia-Pacific was the largest market for fatty alcohols in 2017 and is expected to register a CAGR of 7.29% to reach USD 4,513.9 million by the end of 2023. Europe accounted for a significant market share and is projected to exhibit 6.07% CAGR during the review period. The regulations against the use of chemicals in detergents have resulted in increased demand for natural fatty alcohols, which is projected to drive the regional market growth. Germany accounted for the largest market share of 33% in 2017, and the market is projected to register a CAGR of 6.13% during the forecast period. The market in the Middle East & Africa is likely to register a CAGR of around 6.93% on account of the growth of the major end-use industries including cosmetics and personal care and surfactants.
Key Findings of the Study
The global fatty alcohol market is projected to reach over USD 10,078.8 million by 2023 at a 6.67% CAGR during the review period of 2018 to 2023.
Asia-Pacific accounted for the largest market share, with China being the major contributor to the growth of the regional market.
The pure and midcut type segment is projected to register the highest CAGR of 6.58% during the forecast period.
The key manufacturers are likely to expand the production capacities in the coming years with the rapidly growing major end-use industries, such as detergents and cosmetics and personal care globally.