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Caprylic Alcohol Market Size to Observe Steady Growth by 2021
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The market for caprylic alcohol was driven by chemical and pharmaceutical industry. Huge demand from chemical industry for caprylic alcohol as an intermediate is driving the market in past few years. Caprylic alcohol is used in anti-oxidants, detergents and plasticizers market. Cosmetics industry is another major outlet for caprylic alcohol where it is used as an ingredient in creams and ointments. Increasing demand from end-user industries such as plastics and disinfectants from emerging countries has been one of the major factors for the growth of demand for caprylic alcohol. Another, major factor driving the caprylic alcohol market is increasing demand for synthetic resin lubricants from developing countries. Increasing demand for caprylic alcohol from perfume industry is likely to offer major opportunity for the caprylic alcohol market in next few years. However, environmental regulations related to caprylic alcohol industry are anticipated to hider the growth of the market in next few years.
In terms of demand, Asia Pacific was the leading region in caprylic alcohol market in 2013. Asia Pacific is anticipated to be the fastest growing markets for caprylic alcohol due to increasing demand for detergents and cosmetics in this region. The market for caprylic alcohol in Asia Pacific was led by China. However, other Asian countries such as India, Japan and South Korea are likely to provide better opportunity for caprylic alcohol market owing to increasing consumption from pharmaceutical and chemical end-user industries. Asia Pacific was followed by Europe. Increasing demand for caprylic alcohol from personal care industry coupled with chemical industry has been driving the market for caprylic alcohol in Europe.
Germany is the largest consumer of caprylic alcohol in this region. Other countries such as the UK, France and Italy are likely to exhibit stable demand for caprylic alcohol in next few years. In terms of consumption, North America had the third-largest share in the caprylic alcohol market in 2013. Increasing demand from pharmaceutical industry is driving the demand for caprylic alcohol in this region. The U.S. had the largest demand for caprylic alcohol owing to huge demand from end-user industries such as personal care, chemicals and pharmaceuticals among others. Rest of the World market is anticipated to show positive outlook for the caprylic alcohol market in near future. Latin America is anticipated to show fastest growth for the caprylic alcohol market in this region. The demand is huge owing to increasing applications in personal care and detergent applications.
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Some of the key manufacturers in the caprylic alcohol market are Azelis UK Life Sciences, Charkit Chemical Corp., Creasyn Finechem (Tianjin) Co., Ltd., Kao Corp., Sasol Germany GmbH and TCI (Shanghai) Development Co., Ltd. among others.
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