Fatty alcohols refer to oleochemicals. They are drab wax-like solids and are mainly obtained from oils and natural fats. Moreover, fatty alcohols can be produced artificially from petrochemicals, like paraffin and olefins. Fatty alcohols are primarily utilized in the synthesis of surfactants and detergents. Thus, rising demand for surfactants and detergents propel the use of fatty alcohols and push the fatty alcohols market further.
Fatty alcohols also face escalating demand from the sectors of fabrics, personal care products, cultivation, leather, printing and polymer processing. Augmented expansion in these sectors owes to increased use of fatty alcohols. Fatty alcohols are used for different purposes, like floatation, solubilization, emulsification, lubrication and super-fattening.
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Rising demand for fatty alcohols from consumer sectors, like surfactants and personal care products is predicted to steer further demand for the fatty alcohols market. Augmented population worldwide also drives the demand for fatty alcohols during the forecast period. Moreover, additional demand for eco-friendly and unrefined products is also projected to steer the sales of this market.
Conversely, varying raw material costs of petrochemicals and vegetables are anticipated to come in the way of the fatty alcohols market and prevent further expansion. Rising need for sustainable and recyclable products due to decreased reliance on petrochemicals is also likely to positively impact the market. The changing inclination of clients towards bio-ingredient based products is anticipated to drive the demand for personal care products. This in turn, is predicted to drive further demand for the fatty alcohols market.
C11-C14 fatty alcohols surfaced as the dominating fatty alcohols in 2014. They captured nearly 58 percent of the fatty alcohols market. Increased demand for C11-C14 fatty alcohols in Asia Pacific and other regions of the globe is estimated to steer the products market ahead through the forecast period. C15-C22 fatty alcohols are projected to experience maximum growth during the coming seven years. The growing product sector is also predicted to drive the demand for the fatty alcohols market.
Soaps and detergents were the biggest application of the worldwide market in 2013. They made up for more than 50 percent of the market. The boosting population of Asia Pacific is expected to augment the demand for soaps and detergents. This consecutively, causes escalating demand for the fatty alcohols market. Personal care is expected to be the most rapidly expanding application during the forecast period. Increased awareness towards personal care and cleanliness is also projected to steer the sales of the fatty alcohols market in the future.
Asia Pacific was the biggest market in 2014. It made up for more than 30 percent of the entire fatty alcohols market that year. There is growing demand for soaps and detergents owing to huge population and rising disposable incomes in the region. This is estimated to drive the demand for the market in this region. Alongside being the biggest, Asia Pacific is also the most rapidly developing fatty alcohols market of the world. Europe occupied the second place and followed Asia Pacific.
Information Source: Grand View Research