According to a new report, published by KBV research, The Global Fatty Alcohols Market size is expected to reach $7.5 billion by 2031, rising at a market growth of 5.5% CAGR during the forecast period. In the year 2023, the market attained a volume of 3,352.8 kilo tonnes, experiencing a growth of 22.9% (2020-2023).
The fatty alcohols market has experienced significant expansion driven by diverse factors such as increasing demand in key industries like personal care, cosmetics, pharmaceuticals, and household cleaning products, alongside emerging applications in sectors like renewable energy, agrochemicals, and specialty chemicals. This expansion is further propelled by growing consumer awareness towards sustainability, bio-based ingredients, and eco-friendly products, prompting manufacturers to innovate and develop fatty alcohol derivatives tailored to meet evolving market demands.
The Soaps & Detergents segment is leading the Global Fatty Alcohols Market by Application in 2023; thereby, achieving a market value of $1.8 billion by 2031. Fatty alcohols are crucial ingredients in the manufacturing of soaps and detergents due to their surfactant properties. These substances help to reduce surface tension, allowing for better cleaning and foaming. Increased awareness about personal hygiene and cleanliness, particularly following the COVID-19 pandemic, has driven higher consumption of soaps and detergents globally.
The Pure & Mid Cut segment would register a CAGR of 5.7% during (2024 - 2031). Pure and mid-cut fatty alcohols exhibit versatile properties that make them suitable for various applications across various industries. These fatty alcohols can be used as emollients, emulsifiers, thickeners, solubilizers, and lubricants in personal care products, household cleaners, industrial chemicals, pharmaceuticals, and food additives. Their ability to perform multiple functions in diverse formulations contributes to their high demand in the market.
Full Report: https://www.kbvresearch.com/fatty-alcohols-market/
The Asia Pacific region dominated the Global Fatty Alcohols Market by Region in 2023; thereby, achieving a market value of $3.0 billion by 2031. The North America region is poised to grow at a CAGR of 5% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 5.2% during (2024 - 2031).
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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