The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Global Stearyl Alcohol Market: Introduction
Stearyl alcohol comes under the category of long chain saturated or unsaturated fatty alcohol. Stearyl alcohols have a wax-like form rather than a solvent form. The primary use of stearyl alcohol is as an emollient in creams and ointments. It is also used as a moisturizer, emulsifier and thickener in ointments. Stearyl alcohol is hydrophobic in nature and forms a semiocculsive film over the skin, thereby lock skin moisture and making skin soft and smooth to touch. It is also used as a conditioning agent or as a soothing or softening ingredient in hair coating creams and shampoos. It is derived from naturally-occurring sources such as coconut oil, amongst others and therefore, is witnessing high demand from all application areas. Apart from its use in the cosmetics industry, it is also used in surface active agents, lubricants, emulsions, resins and as a substitute for other fatty alcohols in anti-foaming agents.
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Global Stearyl Alcohol Market: Dynamics
Stearyl Alcohol Market Drivers
Significant rise in demand and consumer spending for hair care products such as shampoos and hair creams is projected to surge the demand for stearyl alcohol. There has been a swift rise in the demand for hair cosmetics and other personal care products such as conditioning agents due to the rising pollution and changing lifestyle. Moreover, noteworthy demand is also projected to come from the pharmaceutical industry where stearyl alcohol is used as a rheology modifier.
Stearyl Alcohol Market Restraints
One of the major challenges faced by stearyl alcohol manufacturers is that high dosage of stearyl alcohol can lead to the formation of tumors. It is generally permissible in limits less than 8%. Also, other alternative chemicals such as cetyl alcohol have also witnessed a rise in adoption in hair conditioning and other cosmetics and personal care products.
Another major factor impeding the market growth is the increasing use of chemical-free cosmetics, based on natural sources. There has been an increase in use of chemical free products and hair care products especially in developing countries of Asia Pacific region such as India which is likely to have moderate impact on the market growth. The use of chemical free products is being encouraged due to the increasing side effects of such chemicals. In some cases the chemicals can also be carcinogenic.
Stearyl Alcohol Market Trends
Stearyl alcohol is used as a mixture with cetyl alcohol for a number of applications such as detergents, surfactants, and opacifying agents and also as viscosity increasing agents. Combinations with other fatty alcohols are currently projected to gain traction in the market.
Global Stearyl Alcohol Market: Segmentation
The global stearyl alcohol market can be segmented on the basis of end use industry, application and grade.
On the basis of end use industry, the global stearyl alcohol market can be segmented as:
- Personal Care and Cosmetics
- Pharmaceutical Industry
- Food and Beverage Industry
On the basis of application, the global stearyl alcohol market can be segmented as:
- Emulsion Stabilizer
- Fragrance Ingredient
- Emulsifying Agent
- Foam Booster
- Viscosity Modifier
On the basis of grade, the global stearyl alcohol market can be segmented as:
- Regular Grade
- High Purity Grade
Global Stearyl Alcohol Market: Regional Outlook
From a regional perspective, Europe and North America collectively hold more than 50% of the overall market share. This can be attributed to the flourishing personal care and cosmetics industries in the regions. Also, the per capita expenditure on personal care products is much higher in the developed countries of North America and Europe, which attributes to the major shares of the markets in these regions. However, regions such as Asia Pacific are projected to witness relatively higher growth owing to the increasing investments in pharmaceutical and personal care industries. China is projected to hold a major share in the Asia Pacific stearyl alcohol market. Other regions such as Latin America and Middle East and Africa are projected to hold relatively smaller shares in the overall market in terms of volume consumption. However, these regions are projected to grow significantly in the coming years. Japan is projected to register moderate growth in the demand for stearyl alcohol over the forecast period.
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Global Stearyl Alcohol Market: Market Participants
Some of the market participants identified across the value chain of the global Stearyl Alcohol market include,
- Sinarmas Cepsa Pte. Ltd.
- Berg + Schmidt
- Biesterfeld AG
- P&G Chemicals
- Triveni Chemicals
- Merck KGaA
- VVF Ltd.
- Kao Corporation
- BASF SE
- KLK Oleo
- New Japan Chemical Co., Ltd.
- Kokyu Alcohol Kogyo Co., Ltd.