Behenyl Alcohol Market To Witness A CAGR Of 4.5% Between 2021-2031
Dec 02, 2021
Demand for behenyl alcohol in end-use segments such as cosmetics, pharmaceuticals, and various others has been increasing. The personal care and cosmetics industry has been an ever-changing market with new trends surfacing all the time, and has also witnessed rapid growth in the past few. Behenyl alcohol has its largest application in the cosmetics industry, as is used mostly for in sun care products.
Demand for high-quality cosmetic products is expected to drive demand for behenyl alcohol due to its relatively non-sticky property as compared to other ingredients. Demand for behenyl alcohol is also expected to gain traction for use in pharmaceuticals, as it is used extensively in the production of ointments due to its ability to thicken and stabilize formulations. The global behenyl alcohol market is estimated to expand at a CAGR of 4.5% over the forecast period of 2021-2031.
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The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.
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Key Takeaways from Market Study
• Increasing global consumption of emollients have, in turn, raised demand of behenyl alcohol, and account for 25% share.
• Increase in demand for sun care products is expected to boost overall demand for behenyl alcohol.
• High quality cosmetics has seen prominent growth in recent years, which also acts as a driving key factor for increased demand for behenyl alcohol. Cosmetics accounts for 80% of overall demand for behenyl alcohol.
• Increasing demand from the pharmaceutical sector is expected to complement market growth, as it is a key ingredient in the production of various ointments.
• Currently, Asia is the most dominant market for behenyl alcohol, due to high production of rapeseed and behenyl alcohol in countries such as India.
• Players in the Asia are expected to generate high-profit margins due to low presence of Chinese players and reduced price competitiveness among companies based in China, Japan, India, and Europe.
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The global behenyl alcohol market has been identified as a significantly fragmented space, with the organized sector occupying a major section of the overall industry. Tier-1 manufacturers account for maximum share. Some of the leading players included in the report are BASF SE, Kao Corporation, VVF Chemicals Limited, Godrej Industries Ltd., Sasol Ltd., and Nikko Chemicals Co., Ltd. which are anticipated to create a tough competitive environment at the global level.
Increasing use of behenyl alcohol in the pharmaceutical and organic cosmetics sectors is a major factor driving global demand for the chemical. The market is likely to be driven by rising anti-aging and sun care product usage. Availability of low-cost raw materials and labor as well as increase in demand for high-quality cosmetics is likely to fuel demand further.
Furthermore, Japan and India are the biggest exporters of behenyl alcohol in the world, with Asia Pacific leading the market, as behenyl alcohol and rapeseed are produced in large quantities in these countries. The market is led by industry leading players that adopt primary strategies such as joint ventures and partnerships, mergers and acquisitions, product breakthroughs, and expansions, to stay afloat.
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