The global stearyl alcohol market is projected to witness substantial growth over the next seven years owing to increasing applications in end-use industries such as cosmetics and automotive. Rapid industrialization coupled with increasing number of vehicle ownership is expected to increase demand in the automotive industry and fuel market growth. It is observing increasing demand as an industrial-grade lubricant in the automotive industry. Growing environment-friendly and organic products demand is anticipated to positively influence market growth over the forecast period. It has been accepted & permitted by The Food and Drug Administration (FDA) and Cosmetics Ingredient Review (CIR) Expert Panel as a direct food additive ingredient, to be used in the same way as natural alcohols. It has also been approved as an indirect food additive for food containers and coatings.
It finds application in eye makeup, skin cleansers, resins, foundations, perfumes, and lubricants. Increasing beauty and personal care products demand owing to rising per capita disposable income in emerging economies such as China and India is projected to be a major factor driving stearyl alcohol market growth over the forecast period. It is used as an emulsifier in different cosmetics products in order to improve product texture. It is also used as a thickener in ointments and as hair coating in shampoos. It finds use in swimming pools as a liquid solar blanket in order to slow down the water evaporation rate.
It is derived from fatty acids and classified as fatty alcohol with melting point 60 °C & boiling point 210 °C formed from stearic acid which is found in coconut oil. It enters the metabolic pathway for energy production and is used in lipid biosynthesis. High raw material price volatility for vegetables and oils is expected to impede market growth and pose challenges to industry participants over the forecast period. Price pressures and intensifying market competition makes it tough for manufacturers to maintain profit margin. High dosage creates irritation to human skin and health hazards. Technological upgradation and R&D in order to reduce irritation and mitigate health risks associated with high dosage is projected to create lucrative opportunities to industry participants over the forecast period.
Europe is expected to remain the dominant regional stearyl alcohol market over the forecast period. Plant-based stearyl alcohol is used in cosmetics and personal care products promoted in Europe according to the general provisions specified by the Cosmetics Regulation of the European Union. Animal-based ingredients must comply with European Union animal by-products regulations. Emerging economies such as China and India are expected to witness significant market growth owing to increasing skincare and beauty products demand such as moisturizers. Expanding population and rapid urbanization are expected to remain key factors for market growth in Asia Pacific over the forecast period. Growing GDP coupled with rising disposable income has resulted in an increase in personal care products demand. This is anticipated to drive market growth in the region. Key economies in Asia Pacific include China, India, Japan, Malaysia, Philippines, Indonesia, Thailand, Indonesia and Malaysia reap abundant raw material availability benefit. They are key palm oil producers owing to no raw material transportation cost and offer low-cost products. Latin America and Middle Eastern Africa are still at an infancy stage. Growing automotive and personal care industries across the globe are gaining consumer attention in these regions. The two regions are projected to witness moderate growth rate over the forecast period due to the aforementioned factors. Turkey is expected to be a key market in the Middle Eastern region.
Major players functioning in the global stearyl alcohol market include China Resources, Flora Sawita, Sichuan Lutianhua, SumiAsih, Pan Century, Kao, Cognis, Cisadane Raya, Musim Mas, Acidchem International, Oleon, VVF, Uniqema, Sinar Oleochemicals, Twin River Technologies, Godrej and Procter and Gamble.
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The sudden rise of COVID-19 to a pandemic level has severely impacted the demand patterns of cosmetics and also certain categories of personal care products. Furthermore, policies across the globe restricting the movement of people have also led to disruptions in the supply of personal care products. The availability of e-commerce platforms during these times has, however, offset the disruptions caused in the last-mile supply of customer purchases. From manufacturing stand, production stoppages due to the pandemic shall cast considerable stress on operational costs. The report will account for Covid19 as a key market contributor.