Fatty alcohol market size is anticipated to be valued at over USD 7.5 billion by 2023: Global Market Insights, Inc.
Fatty alcohol market size was estimated at more than 2,400 kilo tons in 2015 and is likely to exceed 3,350 kilo tons by 2023, growing at a CAGR of over 4.2%.
Fatty alcohol market size is anticipated to be valued at over USD 7.5 billion by 2023. Favorable government initiatives accompanied by consumer shift towards natural products is likely to fuel demand over the forecast period.
Major benefits of this oleochemical include controlling unwanted cholesterol in human body and various skin benefits. The global oleochemicals market size is expected to grow to over USD 30 billion in 2023, up from over USD 20 billion in revenue in 2015. Fluctuating fatty alcohol market price trend due to increase in raw material cost is likely to hinder growth.
Increasing consciousness among consumers pertaining to the benefits from bio-based products owing to the toxicities caused by petrochemicals-based alternatives has encouraged consumers to adopt natural products.
Fatty alcohols are a cost-effective petrochemicals substitute as well as biodegradable in nature. Industries are shifting their focus towards chemicals derived from bio-based raw material in order to avoid petrochemicals dependency and reducing carbon footprint. Increasing concerns regarding the effect of petrochemicals on the environment and price volatility is likely to enhance bio-based products demand.
U.S. fatty alcohol market size is expected to be an attractive segment due to increasing natural products demand and stringent environmental regulations. Europe is anticipated to grow at a sluggish rate due to the uncertain economic situation. 1|Page