CHICAGO, July 22, 2020
CHICAGO, July 22, 2020 /PRNewswire/ -- 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", published by MarketsandMarkets™, 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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Pure and Mid Cut to dominate the global fatty alcohols market during the forecast period
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.
Industrial & domestic cleaning segment to lead the global fatty alcohols market 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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APAC is expected to have the largest market size in the global fatty alcohols market during the forecast period
APAC is projected to be the leading fatty alcohols industry globally during the forecast period. The growth in the APAC region can be attributed to the rising demand from personal care and industrial & domestic cleaning application. The presence of a robust industrial base, favorable government policies, and low labor costs along with growing demand for fatty alcohols in the region are further strengthening the market and attracting major players to invest in the region.
The 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), Kao Corporation (Japan), Emery Oleo Chemicals (Malaysia), and Royal Dutch Shell Plc. (Netherlands) among others are the key players operating in the fatty alcohols market.
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