Octyl Alcohol Market Size, Share, Growth, and Industry Growth by Type (Industrial Grade Octyl Alcohol, Food Grade Octyl Alcohol, and Other Grade Octyl Alcohol), By Application (Chemical Intermediates, Cosmetics, Food, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Octyl Alcohol Market REPORT OVERVIEW

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The global octyl alcohol market size was USD 253.1 million in 2021 and is projected to touch USD 407.71 million by 2031, exhibiting a CAGR of 4.9% during the forecast period.

Octyl alcohol is a colorless, fatty alcohol, and oily fluid with the chemical formula of C-C0H. This biological compound fits to the superior class of aliphatic alcohols and it can be established naturally in many plants such as orange peels with trace volumes arising in animal fat or milk. The most mutual forms of octanol are the ones that have one carbon atom less than octyl alcohol but both elements share comparable properties like boiling point, freezing point, and solubility among others.

The increasing demand for octyl alcohol in the chemical industry such as paints and coatings will fuel the progress of this market in the coming years. Furthermore, the rising application of food-grade octyl alcohol in flavor means for ice cream will also drive the octyl alcohol market growth in the coming years.

COVID-19 Impact: Halt on Production to Impede Market Growth. 

Since COVID-19 has come within reach of the lives of the common life, their everyday errands are at a halt with the appearance of new standards and struggles. The octyl alcohol market growth rate is affected by advanced products, increasing demand for the product, raw material affluence, growing disposable incomes, and changing consumption tools. It also covers the effect of the COVID-19 virus on the development and expansion of the market.

LATEST TRENDS

"Increasing Demand from Personal Care Products to Bolster Market Progress"

The increasing use in the end-user sector and rising awareness among customers regarding the valuable outcome of lotions, creams, and conditioners are mainly motivating the personal care industry. Therefore, enhancing the demand for the product during the forecast period. The market is also anticipated to assist from product invention and product expansion of new lotions and creams. Growth in appreciation of innovative products and awareness among users to use esteem brands as a substitute for common brands are composed to enhance the octyl alcohol market. 

Octyl Alcohol Market Segmentation

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• By Type Analysis

By type, the market is segmented into Industrial Grade Octyl Alcohol, Food Grade Octyl Alcohol, and Other Grade Octyl Alcohol.

The industrial grade octyl alcohol is the leading segment. The organic composite belongs to the superior class of aliphatic alcohols and it can be originated naturally in numerous plants such as orange peels with traces quantities arising in animal fat or milk.

• By Application Analysis

Based on the application, the market is classified into Chemical Intermediates, Cosmetics, Food, and Others.

Octyl alcohol discovers numerous applications in the food industry where it is frequently used as a flavor agent for ice cream because of its low freezing point which permits being combined with other elements and stored at room temperature without the risk of becoming solid.

DRIVING FACTORS

"Rising Adoption in Cosmetic Industry to Facilitate Industry Progress"

The increasing adoption of products in the cosmetic industry is motivating the demand for octyl alcohol as an emulsifier, stabilizer, or preservative. Development in the industrial sector as a solvent benefits rapid drying time owing to its inferior molecular weight to most cleaners. The fumes of octanol are fuller than air which causes irritation in the nose, eyes, and respiratory system if breathe in. To upturn the lifespan, it is kept in an aired cool and dry room in firmly closed vessels sheltered from temperature and light. Its physical features make it valuable as a dampening and defoaming agent owing to its slight viscid nature.

"Increasing Demand from Various Applications to Magnify Market Growth"

Increasing demand from end-use industries such as cosmetics, pharmaceuticals, and agrochemicals. Rising awareness about the benefits of 1-octanol among consumers. Growing investment in research and development activities for new applications of 1-octanol. Expansion of distribution channels by key players in the market. The emergence of innovative products with better performance characteristics.

The capability of octyl alcohol to invade skin proficiently and securely without dangers is the aspect motivating its demand in the pharmaceutical sector. The fuel & fuel additives section seized a favorable share of the octyl alcohol market. This is due to increasing usage as aluminum rolling lubricant and plastic lubricant is anticipated to drive the market growth in coming years.

RESTRAINING FACTORS

"Availability of Substitute Products to Impede Market Progress"

The growing accessibility of low-cost alternatives such as ethoxylated soybean oil and polyethylene glycols are a challenge to the growth prospects of this market.

Octyl Alcohol Market REGIONAL INSIGHTS

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"Industrial Development to Bolster Growth in Asia Pacific"

Asia Pacific is expected to dominate the octyl alcohol market share. China's response to Octanol has matured at a rapid pace for manufacturing and demand will likely to mature. The Chinese economy upholds a high-speed development that has been inspired by the successive rise of industrial production, imports & exports, consumer consumption, and capital venture.

Middle East is anticipated to have a sizable market share. Growth in the market in these regions is expected to be constant by healthy financial development, altering routine tendencies, growing manufacturing development, technological advancements, the standard of living, evolution in assets in prestige and extravagance brands, and a huge base of young rich population. 

KEY INDUSTRY PLAYERS

"Companies Adopt Technologically Advanced Production Techniques to Improve Market Position"

The market research report offers a complete valuation of the market and covers considerate visions, details, past data, and statistically maintained and industry-validated market data. It also comprises forecasts using an appropriate set of expectations and procedures. The market research report delivers analysis and evidence according to market segments such as geographies, applications, and industry.

List of Market Players Profiled

• Kao Chem (U.S.)
• KLK Oleo (Malaysia)
• PTTGC (Thailand)
• Basf (Germany)
• Ecogreen Oleo (Singapore)
• Emery (U.S.)
• Liaoninf Huaxing (China)
• Sasol (South Africa)
• P&G Chem (U.S.)
• Musim Mas (Singapore)
• VVF (India)
• Axxence (Germany)
• Auro Chemicals (India)

REPORT COVERAGE

This report covers an analysis of the leading sectors and recent market trends. It systematically covers the impact of COVID-19 and the driving and restraining factors. The report's market estimates are based on secondary and primary research and skilled in-house reviews. The report examines the most recent developments and the most profitable sets. It keeps track of the essential players' strategies and regional trends. It allows readers to learn about the critical methods that promote slush machine market growth.