According to Research Report Insights (RRI) report, the global market for guerbet alcohols is set to cross US$ 1316 Million by 2024, expanding at over 5% CAGR. In addition, demand for 2-octyldodecanol is expected to be high during 2016 to 2024.
Higher consciousness about looks and beauty and growing demand for quality cosmetic products is expected to influence the market growth of guerbet alcohols worldwide. Consumers are willing to shell out money for high-end beauty products making them a part of their daily lives. Moreover, arrival of trendy multifunctional cosmetics in the market has been well appreciated by end-use consumers and is anticipated to receive higher popularity in the global market. This, in turn, is expected to support the overall market growth. The new categories of multifunctional cosmetic products are capable of rectifying some of the acutest skin blemishes and scars.
These advanced products have extended functionalities such as anti-aging solutions, UV rays shielding, anti-oxidation, moisturizing and also help in skin cleansing. Guerbet alcohols are safer alternatives for other chemical cosmetic ingredient, therefore, they have gained higher preference amongst various cosmetic manufacturing companies. Essential qualities found in guerbet alcohols are helping them gain an edge over other cosmetic ingredients. Besides that, they possess excellent fragrance and are good flattening agents making them an apparent choice for cosmetic manufacturers across the globe. However, high-cost of guerbet alcohols production and requirement of intensive preparation procedures are two of the major negative factors are likely to inhibit the market growth over the forecast period. PMR indicates that the overall girth of the global market will grow during the projected period. Various positive trends are anticipated to drive the market growth.
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The market is fragmented into various segments that are expected to play a crucial role in the shaping the market over the next few years. By product type, the 2-octyldodecanol segment will continue to grow at a significant rate. In addition, the segment is expected to account for a definitive share of the global market. The report also finds that the 2-octyldodecanol segment is set to represent for over 33% share of the market in terms of value, reflecting 6.7% CAGR over 2024.
On the basis of end users, the personal & cosmetic care is expected to be the dominant segment of the market during the forecast period. In terms of revenues, the segment is projected to account for a significant share of the market between 2016 and 2024. Further, a modest expansion of the cosmetic market is likely to stimulate the production volume of guerbet alcohols. Demand for guerbet alcohols from the cosmetic industry is expected to be the highest. In terms of value, the cosmetic industry is expected to account for over 50% share of the market.
On the basis of region, the market in Europe is anticipated to present lucrative opportunities over the next couple of years. In 2016, the region is expected to account for over 26% share of the market, expanding at 5% CAGR over the forecast period. While North America is estimated to reach up to US$ 372.2 Million in revenues over 2024, witnessing 5.3% CAGR. The markets in the Asia Pacific (APAC) region will also witness a modest growth and present business opportunities cosmetic manufacturing companies over the forecast period.
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Key players operating in the global market for guerbet alcohols include DowPol Corporation, Sasol Ltd, New Japan Chemical Co., Ltd, BASF SE, Kokyu Alcohol Kogyo Co., Ltd, and Kisco Ltd