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The Fatty Alcohol Market is projected to grow from USD 6.06 Billion in 2023 to USD 7.77 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.68% during the forecast period (2023 – 2030). Foods, plasticizers, cosmetics, personal care items, lubricants, and medications all use fatty alcohols extensively. During the projection period, the fatty alcohol industry is anticipated to grow due to the expanding utilisation of fatty acids in several end-user industries. On the other hand, it is anticipated that the cost of manufacturing and the fluctuating cost of raw materials will restrain market expansion during the review period. It is widely acknowledged as a crucial factor that might propel the market substantially throughout the projected period that the rising demand for surfactants in personal care products, conditioners, lipsticks, shower gel, and antiperspirant. They are naturally biodegradable and cost-effective, which is anticipated to drive the market for natural fatty alcohols during the period under review.
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Regional analysis:
Because of the expanding need for fatty alcohols in the personal care and cosmetics sectors, the APAC region is anticipated to lead the worldwide market. During the review period, it is anticipated that emerging countries like India, China, Japan, and others would contribute most significantly to the expansion of the regional market. The most profitable market for fatty alcohols was identified as Asia-Pacific in 2017, and it is predicted that the area would grow at a CAGR of 7.29% and reach a market value of USD 4,513.9 million by the end of 2023.
The European market is anticipated to grow at a CAGR of 6.07% during the course of the assessment period, gaining the second-largest market share. Due to the severe laws that are now in place prohibiting the use of chemicals in detergents, there will likely be an increase in demand for natural fatty alcohols, which will improve regional commerce. Germany, out of all countries, obtained the largest market share in 2017, accounting for 33%, and the market is anticipated to experience a CAGR of 6.13% during the review period. A CAGR of 6.93% is anticipated for the Middle East and Africa market due to the growth of end-use industries like surfactants, personal care products, and cosmetics.
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Market Segment Analysis
The market for fatty alcohols has been divided into types and applications.
The global market for fatty alcohol is divided into four categories based on type: long chain, higher chain, pure and mid-cut, and short chain. By 2023, it is projected that the pure and mid-cut sector will grow at a CAGR of 6.58% and reach a market value of USD 4,510.3 million. The long-chain, however, is anticipated to develop at the highest rate. Due to the rise in popularity of skin lotions and creams, this class of alcohols is becoming more and more well-known.
The fatty alcohol market is divided into categories for food & nutrition, cosmetics & personal care, detergents & cleaners, lubricants, medicines, plasticizers, and others based on the application. Overall, it is anticipated that the detergents and cleaners segment will grow at a CAGR of 6.13% and reach a market value of USD 3,152.3 million by the end of 2023. However, the category for cosmetics and personal care is expected to see the greatest CAGR of 7.29% over the research period. During the projection period, it is anticipated that the demand for fatty alcohols would increase due to the quick growth of the cosmetics and personal care sector and rising spending on skincare products, particularly by males.
Key Players:
Sasol Limited (Africa), Royal Dutch Shell Plc (The Germany), Berg+ Schmidt GmbH & Co. KG (Europe), Emery Oleochemicals (Malaysia), BASF SE (Germany), P & G Chemicals (United states of america), Wilmar International Ltd (Asia), Arkema SA (Paris), and Godrej Industries Ltd. are among the companies that are represented (India)
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