Oleyl Alcohol Market Size Expanding to Cross USD 1.1 Billion by 2028
oleyl alcohol market size is flourishing as oleyl alcohol is used in a variety of industrial applications as a defoaming agent, cosmetic emollient, plasticizer, rheology modifier, chemical intermediate, and automotive lubricant owing to its performance, quality, eco-friendliness, purity, and effectiveness.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global oleyl alcohol market size at USD 685.1 million in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the size of global oleyl alcohol market to grow at a CAGR of 7.2%, reaching a value of USD 1,104.3 million by 2028. The rising demand for oleyl alcohol from a variety of end-use industries, including industrial applications, cosmetic applications, and others, is propelling market growth. In addition, rising awareness of the benefits of oleyl alcohol is expected to drive demand during the forecast period. Oleyl alcohol is used as a cosmetic emollient and stabilizer in a wide range of topical and dermatological products, including eye makeup, hair shampoos and conditioners, body lotions, creams, and balms. Furthermore, rising pharmaceutical demand is expected to have an impact on oleyl alcohol demand during the forecast period, as it is used to manufacture a variety of medicines and ointments.
Global Oleyl Alcohol Market – Overview
Oleic acid esters undergo catalytic hydrogenation to yield oleyl alcohol. It can also be produced using the Boweault-Blanc reduction reaction of sodium, butyl alcohol, and butyl oleate. It consequently exists in fish oil and the oils of other aquatic mammals by nature. Additionally, it is anticipated that in the upcoming years, increasing product usage in R&D activities for pharmaceutical formulations for drug delivery will offer the global market lucrative growth opportunities. An organic substance called oleyl alcohol can be derived from both plant and animal sources. It has a distinct smell and is a clear liquid. Natural sources include rapeseed oil, soy oil, castor oil, and palm kernel oil. Propylene glycols are synthesized chemically to produce artificial sources.
One of the biggest opportunities for the surfactant market is bio-based surfactants, where increasing consumer awareness of environmentally friendly products has significantly fueled surfactant demand for oleyl alcohol. As foaming agents, emulsifiers, detergents, and wetting agents, surfactants also have a wide range of uses. Some of the essential characteristics of surfactants include conditioning and detergency, which contribute to their broad range of applications. The personal care, textile, pharmaceutical, soap, and detergent industries are just a few examples of where oleyl alcohol-based surfactants are used extensively. Key manufacturers have collaborated and entered into several agreements with other businesses to market new products and increase their market share. Oleyl alcohol also has other uses, such as a fabric plasticizer. Due to shifting lifestyles and the development of the economies of Asia Pacific and Latin America, the market for oleyl alcohol in plasticizers has been growing noticeably. Additionally, the plasticizers market has been boosted by developments in several emerging economies, including Brazil, Russia, China, and India, as well as by rising environmental awareness and legal requirements.
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Opportunity: Growing Demand for Oleyl Alcohol in Personal Care and Cosmetic Products
The rising demand for personal care items like hair care and skin care due to greater awareness of the significance of having healthy hair and skin is anticipated to be another significant factor influencing the demand for oleyl alcohol. Additionally, as oleyl alcohol is used to make a variety of medicines and ointments, rising pharmaceutical demand is anticipated to influence oleyl alcohol demand during the forecast period. Oleyl alcohol's rising use in surfactants due to its accessibility and affordability has also significantly aided in the market's growth.
Challenge: Volatile Raw Material Prices
Fluctuating feedstock prices have been a major source of concern for manufacturers, and they are expected to limit market growth. The emphasis on commercializing and developing cost-effective bio-based surfactants based on oleyl alcohol is expected to open new market opportunities.
Impact of COVID-19 on Global Oleyl Alcohol Market
COVID-19 pandemic significantly affected businesses across the world. The epidemic's spread has disrupted supply chains for businesses, forcing them to update their business models and marketing plans. Additionally, the outbreak affected the product sales and profits. For instance, Pernod Ricard anticipated that the spread of COVID-19 would cause profit margins to decline by almost 20%. Additionally, businesses reported that off-premises sales were growing faster than on-premises sales.
Global Oleyl Alcohol Market – By Industry
The global oleyl alcohol market is segmented based on application into Surfactants, Food & Beverages, Agrochemicals, Textiles, and Cosmetics & Personal Care. With a significant market share in 2021, the cosmetics and personal care segment dominated the market. The growing consumer awareness of personal hygiene and the increased demand for anti-aging products are both responsible for its high market share. Eye creams, foundation, hair conditioners, and skin cleansers are just a few of the products that contain it. Demand for the product is also fueled by its moisturizing and emollient qualities in cosmetic and personal care products. Avon, Revlon, Christian Dior, Estee Lauder, L'Oréal, Burberry, Calvin Klein, Maybelline New York, Bobbi Brown, and Body Shop are just a few of the multinational personal care and cosmetics companies that strictly follow the European Commission's and the US government's environmental protection regulations, which emphasize the use of bio-based materials. As a result, there is now more demand for personal care items like moisturizers, eye shadow, lip gloss, styling gels, lipsticks, and anti-aging creams.
Competitive Landscape
Global oleyl alcohol market is fiercely competitive. Prominent players in global oleyl alcohol market include Akzo Nobel N.V., Ecogreen Oleochemicals, Procter & Gamble, Croda International Plc, Stepan Company, Sasol Limited, Henkel AG & Co. KGaA, Ashland, The Lubrizol Corporation, and FPG Oleochemicals Sdn Bhd. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global oleyl alcohol market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Oleyl Alcohol Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Oleyl Alcohol Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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