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.
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.
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According to the latest market report published by Persistence Market Research titled ‘ Global Market Study on Behenyl Alcohol: Asia Pacific to Witness Highest Growth by 2021’, the global behenyl alcohol market to expand at a CAGR of 4.5% during the forecast period, 2015 – 2021.
Behenyl alcohol (CAS: 661-19-8), often referred to as ‘docosanol’, is a saturated fatty alcohol used to thicken and stabilise formulations. It is categorised on the basis of purity level. Behenyl alcohol with the purity level of 70% is most commonly used. However, behenyl alcohol with purity over 80% is very rarely used. Behenyl alcohol accounted for a mere 1.4% share of the overall fatty alcohols market, and for 14% share of the overall C16+ fatty alcohols market in 2014.
Global behenyl alcohol market is projected to account for 54,200.9 metric tons by the end of 2021. In terms of value, the global behenyl alcohol market accounted for US$ 119.4 Mn in 2014. It is projected to witness the increase in volume due to rising demand from end-use segments.
The report analyses the global behenyl alcohol market in terms of market value (US$ Mn) and market volume (metric tons), by end-use segment, region and application; and provides information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.
Globally, Asia-Pacific is expected to dominate the market throughout the forecast period and is projected to witness a 1.4X increase in its volume production by the end of 2021. While Japan and India are two major exporters of behenyl alcohol chemicals globally, South Korea is one of the key importers of behenyl alcohol in Asia Pacific. In Asia Pacific, India is the largest producer of rapeseed and behenyl alcohol. A large number of companies based in the country export rapeseed to North America, Europe and other parts of Asia. Sun care products are widely used in Asia Pacific. It accounted for nearly US$ 2.2 Bn in 2014. The increase in demand for sun care products, in turn, is expected to boost overall demand for behenyl alcohol globally. Though the market is gaining traction in Asia-Pacific, low presence of Chinese players in the behenyl alcohol market has significantly reduced price competitiveness among the companies based in Japan, India and Europe. As a result, manufacturers are expected to generate high-profit margins in the Asia Pacific region. Europe is the next lucrative destination for behenyl alcohol manufacturers.
Among the end-use segments, behenyl alcohol finds the largest application in the cosmetics industry, followed by pharmaceuticals and others. The pharmaceuticals end-use segment is expected to gain traction in the near future due to increasing demand for behenyl alcohol in ointments. Increasing demand for high-quality cosmetic products is influencing manufacturers to opt for high-quality ingredients such as behenyl alcohol, which has a relatively non-sticky property as compared to other ingredients.
Globally, per capita consumption of cosmetics is increasing at a rate of 3.4% per year. Per capita consumption of cosmetics is expected to grow exponentially in the near future due to a significant rise in geriatric population, especially in Japan and China.
Key market participants covered in the report include:
- BASF SE.
- Kao Corporation.
- VVF Chemicals Limited.
- Godrej Industries Ltd.
- Sasol Ltd.
- Nikko Chemicals Co, Ltd.
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