According to the new market research report “Fatty Alcohols Market by Type (Short Chain, Pure and Mid Cut, Long Chain, Higher Chain), Application (Industrial & Domestic Cleaning, Personal Care, Plasticizers, Lubricants, Food & Nutrition), and by Region – Global Forecast to 2025″, The global fatty alcohols market size is expected to grow from USD 5.4 billion in 2020 to USD 7.0 billion by 2025, at a CAGR of 5.2%, during the forecast period. The major factors driving the market include growing consumption of fatty alcohols in the emerging clusters of APAC is mainly because of the rising per capita expenditure on personal care products and abundant availability of raw materials and cheap labor force, and growing demand from various applications such personal care and industrial & domestic cleaning application.
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The fatty alcohols industry has been segmented based on type as short-chain, pure & mid-cut, long-chain, and higher chain. The pure and mid-cut segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increase in its use in various applications, such as personal care and industrial & domestic cleaning. These factors are expected to drive the demand for fatty alcohols during the forecast period.
The market has been segmented based on application into industrial & domestic cleaning, personal care, lubricants, plasticizers, pharmaceutical formulation, food & nutrition, and others. The industrial & domestic cleaning segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to improved standards of living and an increase in the purchasing power parity of low-income groups in emerging economies such as APAC. These factors are expected to drive demand during the forecast period.
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The global fatty alcohols market size is projected to reach USD 7.0 billion by 2025, at a CAGR of 5.2% during the forecast period. The demand for fatty alcohol is primarily driven by the growing demand for fatty alcohol in the home and personal care industry. Furthermore, the consumption of fatty alcohol in the emerging clusters of APAC is increasing mainly because of the rising per capita expenditure on personal care products and the abundant availability of raw materials and cheap labor force. Apart from the above trends, the corona outbreak also has an impact on the fatty alcohol market as there is an increase in demand for industrial & domestic cleaning applications.
Wilmar International Ltd. (Singapore), Kuala Lumpur Kepong Berhad (Malaysia), Musim Mas Holdings (Singapore), Godrej Industries Limited (India), Procter & Gamble (US), VVF L.L.C. (India), Sasol (South Africa), and Kao Corporation (Japan), are some of the key players dealing in fatty alcohols globally. These companies have focused on expansion, joint ventures, and mergers & acquisition as their key business strategies to be competitive in the market.
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The Kao Corporation completed a joint venture with Apical Group, one of the largest exporter of palm oil in Indonesia. A new factory, PT Apical Kao Chemical, will increase the production capacity of oleochemicals and strengthen its supply chain in Southeast Asia.
Kuala Lumpur Kepong Berhad, one of the leading companies operating in the fatty alcohols market, opened a research and development center, along with reactor specialty ester plant, in Klang, Selangor. This R&D facility will enable the company to develop and support its global oleochemical business.
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