Myristyl Alcohol Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1513
Global Myristyl Alcohol Market size is likely to witness significant growth, expanding at a moderate CAGR over the forecast period. Myristyl alcohol, chemical name 1- Tetradecanol, is a straight chain saturated fatty alcohol. It is a transparent white solid which is completely soluble in diethyl ether, marginally soluble in ethanol and insoluble in water.
Rising disposable income, growing consumerism and increased health awareness among consumers, have been the prime drivers for cosmetics industry. Any trend in this industry will have a direct impact on the myristyl alcohol market size over the forecast timespan. Moreover, developing countries are heavily investing in pharmaceutical sector to battle out rising number of ailments and health related issues. This inclination towards pharmaceutical industry will further push the product demand in the coming years.
Detergent industry is also witnessing prominent gains due to increasing demand in emerging economies, which can be attributed to improved standard of living coupled with growing concerns for health and hygiene. This is expected to boost the overall myristyl alcohol market size in the years to come. However, growing prevalence of substitutes in industry along with oscillating raw material prices is likely to be the major challenge for myristyl alcohol market share over the forecast timespan.
Based on the process of manufacturing, the global myristyl alcohol market share is classified into ziegler process derived and hydrogenation process derived products. In case of the latter process, the product is synthesized by hydrogenation of myristic acid (its esters), which is primarily present in palm kernel and coconut oil. Majority of the product is produced through this process, whereas, ziegler process of manufacturing involves extracting the product from petrochemical feedstock.
Cosmetics was the major applications of myristyl alcohol market share in 2016. Other uses are in detergent and pharmaceutical industry. The product is extensively used as a chief ingredient in production of cold creams. It is used in cosmetics products in general as a fragrance ingredient. It is employed as an active intermediate in synthesis of sulfated alcohols. The product is also used in synthesis of temperature-controlled drug release systems which are based on phase alteration materials and as excipients in tropical, oral and parenteral pharmaceutical applications.
Other uses of the product include synthesis of theranostic systems which have exclusive characteristics of photoacoustic imaging. The product has a key role in filling of hollow cores of gold nanocages. It is also widely used in foaming agents which are used in surfactants (fatty alcohol sulfates & ethoxy sulfates and ethoxylates) in detergent manufacturing. Moreover, huge quantities of the product are used as special solvents and fillers in insulating materials & plasticizers for the construction industry.
Asia Pacific is expected to be the fastest growing region for the myristyl alcohol market over the forecast period, followed by North America and Europe. India and China were the prominent users of the product in Asia Pacific owing to the growing presence of end-user industries in these countries. Moreover, increase in consumption of edible oils across the globe is expected to drive the myristyl alcohol market in next few years. Japan, Vietnam, Cambodia, Republic of Korea, Malaysia, Indonesia and Australia are Asia Pacific countries offering ample of future opportunities for the industry growth over the forecast period. Due to saturation of myristyl alcohol market size in North American and European countries, these regions are likely to exhibit slow-paced growth by 2024.
Pharmaceutical and chemical manufacturing companies are prime consumers of myristyl alcohol market. The prominent players operating in the business are KLK OLEO, Emery Oleochemicals, Ecogreen Oleochemicals, The Good Scents Company, Sigma-Aldrich, P&G Chemicals and KAO Corporation. Other companies include Triveni Chemicals, Mosselman, Leonardo Biosystems Inc., GB Biosciences Corporation and many other small and medium scale companies. The key myristyl alcohol market share contributors in the industry are primarily focusing on tapping the enormous market potential of developing countries. These myristyl alcohol market share contributors are establishing huge production facilities to fulfil the rapidly increasing local product demand in these developing regions.
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