Definition of Market/Industry:
Behenyl alcohol is saturated fatty alcohol that is used as an emollient, emulsifier, and thickener in cosmetics products. It is basically used to regulate the viscosity of the formulations and mainly used in the production of ointment, body lotions, and scrubs. It is mainly produced from vegetable sources and is derived from non-genetically modified plants and can be prepared synthetically by the industrial process of fatty alcohol production. Moreover, it is GMO-free i.e. it does not contain genetically modified DNA. Cosmetics and Pharmaceutical are the major end-user of behenyl alcohol
The global behenyl alcohol market was valued at US$ 142.8 Mn in 2018 and is anticipated to reach US$ 199.8 Mn by the end of 2027, growing at a CAGR of 3.7% during the forecast period (2019 to 2027).
Growing usage of product ‘Abreva’ in North America is projected to propel the market growth. Over the recent few years, the demand for Abreva, a lip balm and cold sore OTC product has increased drastically in the North America region. Abreva contains 10% docosanol as an active ingredient. Behenyl alcohol is gaining acceptance in the pharmaceutical industry due to its antiviral properties. Therefore, increasing usage of Abreva for lip balm is projected to boost the overall demand for behenyl alcohol in the pharmaceutical end-use sector in the region over the forecast period.
The increasing cosmeceutical industry is expected to offer new opportunity growth over the forecast period. The shifting preference of consumers towards healthier lifestyles and growing awareness regarding the side-effects of using synthetic healthcare & personal care products are some of the major factors fueling demand for cosmeceutical healthcare products around the globe. Moreover, rising production of a product with multiple benefits such as anti-aging properties, moisturizing care, and suntan protection is further expected to propel the demand for behenyl alcohol.
Lack of significant presence of behenyl alcohol manufacturers in North America and low cultivation of rapeseed in the U.S. is one of the prime factors behind the low demand of behenyl alcohol in the region. This factor is expected to hamper the market growth over the forecast period. Moreover, key players in cosmetic product import behenyl alcohol from Europe and the Asia Pacific, this increase the production of cost of the cosmetic product. Hence, this factor is also expected to restrict the market growth of behenyl alcohol.
Based on application, behenyl alcohol market is segregated into emollients, emulsifiers, thickeners, and others. Wherein, in 2018, emollients accounted for the largest market share of 38.4% in terms of revenue, followed by emulsifiers and thickeners.
Increasing production of rapeseed and behenyl alcohol around the globe is expected to propel the market growth over the forecast period. In the Asia Pacific region, India is the largest producer of rapeseed and behenyl alcohol. Most of the companies based in the country export rapeseed to North America, Europe and other parts of Asia. For example, VVF Chemicals, and Godrej Chemicals are the major producer of behenyl alcohol in the country. Hence, the rising production of behenyl alcohol is expected to fuel market growth.
The rapidly growing cosmetic industry in the South Korea region is anticipated to benefit the market of behenyl alcohol over the forecast period. According to The International Trade Administration (ITA), in 2017, the market size was estimated to be $8.8 billion; the total local production and total exports increased by approximately 3.6% and 18.3% respectively from the previous year. The market has grown by an annual growth rate of 4.7% for the last 5 years. Hence, expanding the cosmetic industry in South Korea is expected to foster market growth.
Players active in the market are BASF SE, Kao Corporation, Godrej Industries, VVF Chemicals, Sasol Ltd, and Nikko Chemicals, Co. Ltd.
Few Recent Developments
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.