Press release
Lauryl Myristyl Alcohol Market is on an Upward Growth Curve
According to the latest research by InsightAce Analytic, the Global Lauryl Myristyl Alcohol Market is valued at US$ 7.52 Bn in 2022, and it is expected to reach US$ 10.80 Bn by 2031, with a CAGR of 4.19% during a forecast period of 2023-2031.
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Lauryl myristyl alcohol, a fatty alcohol with a relatively low molecular weight, serves as an effective emulsion stabilizer, thickener, and emollient. It is frequently used as a surfactant, often in combination with other surfactants, in a variety of applications. When incorporated into cosmetic formulations, lauryl myristyl alcohol is considered safe for use. The increasing focus on environmental sustainability, coupled with the rising demand for bio-based products, is expected to drive growth in the market. Additionally, its contribution to extending the shelf life of personal care products and the growing purchasing power of the expanding middle class, particularly in the household and personal care sectors, are key factors supporting market expansion over the forecast period.
Moreover, government investment in the pharmaceutical industry, coupled with population growth and evolving consumer lifestyles, is further bolstering market growth. Policy initiatives aimed at reducing reliance on petrochemical-based products, alongside the consumer shift towards organic personal care items, are expected to fuel the continued expansion of the market in the coming years.
List of Prominent Players in the Lauryl Myristyl Alcohol Market:
• VVF LLC
• Lubrizol Corporation
• Croda International Plc.
• Dow Chemical Company
• Eco Green Oleo chemicals
• MSD OLEO FZC
• Wilmar International Ltd.
• Procter & Gamble
• Wall Chemie GmbH
• The Lubrizol Corporation
• Azelis Americas LLC
• PT. Ecogreen Oleochemicals
• BASF Care Creations
• Godrej Industries Limited (Chemicals)
• Others
Market Dynamics:
Drivers-
The market for lauryl myristyl alcohol is primarily driven by the growing consumer preference for renewable chemicals and advancements in technology. Additionally, rising disposable incomes, increasing literacy rates, urbanization, and shifts in lifestyle are contributing to market expansion. The demand for hygiene products and heightened consumer awareness of product benefits are also expected to drive significant growth in the forecast period.
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Challenges:
Despite positive growth prospects, several factors may inhibit market expansion. Stringent government regulations concerning the production of hazardous chemicals are a key challenge. Additionally, the potential adverse effects of lauryl myristyl alcohol, such as caustic ingestion, skin and eye irritation, respiratory issues, and risks associated with excessive exposure, are expected to limit market growth.
Regional Trends:
The North American market for lauryl myristyl alcohol is anticipated to capture a significant share of the overall market revenue, with projections indicating a high compound annual growth rate (CAGR) in the near future. This growth is fueled by the increasing consumption of lauryl myristyl alcohol for its excellent emulsifying properties in oil-water mixtures, along with rising investment by industry players in research and development. Additionally, the growing trend of mergers and acquisitions among both international and regional companies, along with increasing demand from key end-use sectors such as agrochemicals, cosmetics, and pharmaceuticals, are expected to drive further market growth in North America.
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Segmentation of Lauryl Myristyl Alcohol Market-
By Application-
• Industrial & Domestic Cleaning
• Personal Care
• Lubricants
• Food & Nutrition
• Plasticizers
• Pharmaceutical Formulation
• Others
By Source-
• Petrochemical
• Natural
By Type-
• Long Chain
• Higher Chain
• Short-Chain
• Mid-Cut Chain
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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