The global fatty alcohols market size is projected to reach USD 7.0 billion by 2025, at a CAGR of 5.2% during the forecast period. The demand for fatty alcohol is primarily driven by the growing demand for fatty alcohol in the home and personal care industry. Furthermore, the consumption of fatty alcohol in the emerging clusters of APAC is increasing mainly because of the rising per capita expenditure on personal care products and the abundant availability of raw materials and cheap labor force. Apart from the above trends, the corona outbreak also has an impact on the fatty alcohol market as there is an increase in demand for industrial & domestic cleaning applications.
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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 rising demand for fatty alcohols from different end-use applications such as industrial & domestic cleaning, personal care, plasticizers, and lubricants are propelling the growth of the fatty alcohols market globally. However, factors such as the global economic slowdown and limited receiving terminal infrastructure in APAC could affect market growth.
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), and Kao Corporation (Japan), are some of the key players dealing in fatty alcohols globally. These companies have focused on expansion, joint ventures, and mergers & acquisition as their key business strategies to be competitive in the market.
The Kao Corporation completed a joint venture with Apical Group, one of the largest exporter of palm oil in Indonesia. A new factory, PT Apical Kao Chemical, will increase the production capacity of oleochemicals and strengthen its supply chain in Southeast Asia.
Kuala Lumpur Kepong Berhad, one of the leading companies operating in the fatty alcohols market, opened a research and development center, along with reactor specialty ester plant, in Klang, Selangor. This R&D facility will enable the company to develop and support its global oleochemical business.
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