The fatty alcohols market is expected to grow by USD 484.40 million during 2020-2024, expanding at a CAGR of over 2%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Fatty Alcohols Market 2020-2024 (Graphic: Business Wire)
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get FREE Sample Report within MINUTES
Fatty Alcohols Market: Rising demand for industrial and institutional cleaners to drive growth
The rising awareness about health and hygiene coupled with rapid urbanization has significantly increased the demand for industrial and institutional cleaners in both developed and developing countries. Also, the rising health concerns at workplaces and community places have raised the need for maintaining hygiene and cleanliness. Industrial and institutional cleaners use surfactants as raw materials. Therefore, the rising demand for industrial and institutional cleaners will be one of the key factors driving the growth of the global fatty alcohols market during the forecast period.
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As per Technavio, the growth of the personal care industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Fatty Alcohols Market: Growth of the personal care industry
The market has witnessed significant growth in consumer spending on personal care products such as creams, lotions, and moisturizers across countries such as Canada, the US, Australia, France, China, the UK, India, Saudi Arabia, and Germany. This can be attributed to rising disposable incomes, increasing purchasing power of consumers, and a rise in the number of double-income households. Fatty alcohols are widely used in cosmetic and personal care applications. Therefore, the growth of the personal care industry will have a positive impact on the growth of the global fatty alcohols market during the forecast period.
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Fatty Alcohols Market: Segmentation Analysis
This market research report segments the fatty alcohols market by Application (Cleaning products, Personal care, Lubricants, and Others) and Geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the fatty alcohols market in 2020, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rising urbanization, improving living standards, and the wide availability of products.
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Some of the key topics covered in the report include:
Market positioning of vendors
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