Global Fatty Alcohol Market Highlights over 2022-2030
The global fatty alcohol market is estimated to garner sizeable revenue by growing at a ~5.5% CAGR over the forecast period, i.e., 2022–2030. The increasing demand for surfactants is estimated to boost the growth of the global fatty alcohol market as the surfactants are made from fatty alcohol. Growing personal hygiene awareness amongst the public, especially post covid-19 pandemic has increased the demand for cleaning agents, such as soaps, handwashes, and detergents. According to a report by the World Bank, before the spread of covid-19, more than 3 billion people around the world had no access to soap. However, the World Bank has provided soaps and other cleaning agents to 72% of the target communities in developing countries, including Ghana, Yemen, Indonesia, and Sri Lanka. Moreover, the expanding use of detergents and cleansers in various industries, along with households, is further estimated to boost the market growth. Increasing trend of using cosmetics is another factor anticipated to fuel the market growth, as fatty alcohols are used as emulsifying agents in lotions and other products.
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The global fatty alcohol market is segmented by type into natural, and petrochemical, out of which, the natural segment is anticipated to hold the notable share in the market during the forecast period on account of increasing adoption of natural products as opposed to petroleum-based products. Natural fatty alcohols are recyclable and less toxic, which is why these are being increasingly used in cosmetic and pharmaceutical products. This is estimated to boost the segment growth. Based on application, the personal care & cosmetic segment is projected to gain the largest share over the forecast period, owing to the increasing demand for personal cleanliness products, such as soaps and detergents.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Fatty Alcohol Market Regional Synopsis
Regionally, the global fatty alcohol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to garner largest share over the forecast period on the back of presence of large number of end-user industries, including food & beverages, manufacturing, and lubricants among others, along with the presence of major manufacturers of fatty alcohol in the region. The high population in the APAC region acts as a large consumer base, which is another factor estimated to boost the market growth.
The market in the North America region is estimated to witness significant growth over the forecast period owing to the increasing demand for fatty alcohol by the pharmaceutical industries, along with the increasing public awareness for personal cleanliness and hygiene. Furthermore, rising disposable income of the public is also estimated to provide growth opportunities for the market in the region.
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The global fatty alcohol market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global fatty alcohol market includes the following segments:
By Type
- Natural
- Petrochemical
By Chain Type
- Short Chain
- Long Chain
- Higher Chain
- Others
By Application
- Personal Care & Cosmetics
- Plasticizers
- Lubricants
- Pharmaceutical
- Others
Growth Drivers
- Increasing Demand for Industrial Surfactants
- Growing Awareness for Personal Hygiene amidst COVID-19 Pandemic
Challenges
- Oversupply of the Product
- Fluctuating Prices of Raw Material
Top Featured Companies Dominating the Market
- Godrej Industries Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Kao Corporation
- Musim Mas Group
- Wilmar International Ltd.
- Shell International B.V.
- Emery Oleochemicals
- Sasol Limited
- VVF L.L.C.
- The Procter & Gamble Company
- Arkema group
