1-Octanol Market : Rising Need for Business Agility
Human exposure to this chemical can either be caused through skin contact or inhalation of fumes. Short term exposure can cause irritation to skin, respiratory tract, and eyes. If swallowed in large quantity, it can cause aspiration in the lungs and pneumonitis. 1-octanol is also employed as food preservative in low quantity, so that it does not cause toxicity when consumed by human beings. It is used as synthetic flavoring substance in food, alone or in combination with other flavoring substances. Based on end-use, the market for 1-octanol can be segmented into personal care products, agriculture products, plasticizers, paints & coatings, fuels & fuel additives, and building & construction etc.
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The market for 1-octanol is niche, but is anticipated to witness promising growth during the forecast period owing to its increased usage in end-user industries. Increase in awareness among consumers regarding the therapeutic effect of lotions, creams, and conditioners is primarily driving the personal care market. This, in turn, is augmenting the demand for 1-octanol. The market is also expected to benefit from product innovation and product development of new lotions and creams. Increase in recognition of novel brands and rise in awareness among consumers to use prestige brands instead of common brands are poised to boost the 1-octanol market. The use of 1-octanol as penetration enhancer in transdermal drug delivery in the pharmaceutical industry is estimated to fuel the market during the forecast period. Ability of 1-octanol to permeate skin efficiently and safely without any hazards is the factor driving its demand in the pharmaceutical industry. The fuel & fuel additives segment held promising share of the 1-octanol market in 2015. Its share is projected to increase in the next few years owing to its usage as aluminum rolling lubricant and plastic lubricant, among others.
Implementation of stringent government regulations, especially in mature markets such as North America and Europe, is the only factor limiting the growth of the global 1-ocatnol market. Overall, drivers of the market are anticipated to outperform the restraining factor. Thus, the 1-octanol market is expected to expand significantly during the forecast period.
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Geographically, the market for 1-octanol was dominated by North America in 2015 due to the high demand in end-use industries in the region. This trend is likely to continue during the forecast period. The market in North America was followed by that in Europe and Asia Pacific, respectively, in 2015. Middle East & Africa and Asia Pacific are projected to be rapidly growing regional segments of the 1-octanol market. Expansion in the market in these regions is estimated to be sustained by healthy economic growth, changing lifestyle trends, increasing industrial development, technological advancements, rise in standard of living, growth in investment in prestige and luxury brands, and large base of young affluent population. The market in Latin America is also anticipated to expand at a steady pace during the forecast period due to the improvement in the standard of living of consumers and growth in economy of countries in the region.
Key players operating in the 1-Decanol market are Emery Oleochemicals, Sasol, BASF SE, Thai Fatty Alcohol, Kao Chem, Musin Mas, and P&G Chemicals
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