The global octyl alcohol market size reached US$ 6.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.38 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028. The widespread product utilization across the plasticizers, cosmetic, and construction sectors, the shifting consumer preference for natural and organic products, and ongoing technological advancements in the industry are some of the major factors propelling the market.
|Octyl Alcohol Market Size in 2022
||US$ 6.9 Billion
|Octyl Alcohol Market Forecast in 2028
||US$ 8.38 Billion
|Octyl Alcohol Market Growth Rate (2023-2028)
Octyl alcohol (C8H18O), or capryl alcohol, is an organic compound belonging to the family of alcohols derived from octane hydrocarbon. It is a colorless liquid that possesses a mild, characteristic odor. Octyl alcohol is commonly used as a solvent in manufacturing flavors, fragrances, and personal care products. Its solubility in water and oil makes it a versatile ingredient in cosmetic formulations, pharmaceuticals, dyes, and other specialty chemicals. Apart from this, octyl alcohol serves as a precursor for the synthesis of esters widely utilized in producing plastics, synthetic lubricants, and industrial solvents.
The increasing applications of octyl alcohol in various end-use industries, such as cosmetics, personal care, pharmaceuticals, plastics, and lubricants, are primarily driving the market growth. Besides this, the growing demand for cosmetic and personal care products, such as lotions, creams, hair shampoo, conditioners, and masks, catalyzed by changing lifestyles and the inflating disposable income of consumers, are presenting remunerative growth opportunities for the market. In addition to this, the widespread product adoption across the flourishing pharmaceutical industry as an intermediate in the synthesis of pharmaceutical compounds is aiding in market expansion. Moreover, the significant rise in demand and production of plastic, impelled by the expanding urbanization, industrialization, and infrastructure development, is positively impacting the market growth. Furthermore, the implementation of favorable government regulations promoting the adoption of sustainable and eco-friendly products is contributing to the market growth as octyl alcohol is derived from natural sources.
Octyl Alcohol Market Trends/Drivers
Rising Product Utilization Across the Cosmetics and Personal Care Industry
Octyl alcohol is widely used to produce various cosmetic and personal care products such as lotions, creams, hair care products, and perfumes. It acts as a solvent, emollient, and viscosity-controlling agent in these formulations. As a result, the surging demand for these products is acting as a significant growth-inducing factor. In addition to this, the extensive focus on physical appearance and personal grooming, driven by the expanding influence of various social media platforms, influencers, and evolving beauty trends, is aiding in market expansion. Besides this, the rising disposable income levels and the increasing popularity of natural and organic cosmetic products are positively impacting the market growth as octyl alcohol is derived from natural sources, thus aligning with the consumer preference for sustainable and eco-friendly ingredients.
The bolstering Growth of the Plastic Industry
The flourishing expansion of the plastic industry is another significant growth-inducing driver of the global octyl alcohol market. Octyl alcohol is utilized in the production of plasticizers, which are additives used to improve the flexibility, durability, and processability of plastics. The increasing use of Plasticizers for manufacturing PVC (polyvinyl chloride) products, adhesives, coatings, and films is creating a favorable outlook for the market. In line with this, the expanding need for various plastic products across the construction, automotive, packaging, and electrical industries is presenting remunerative growth opportunities for the market. Furthermore, the surging demand for plastic-based pipes, cables, insulation, flooring, roofing, and other construction materials due to rapid urbanization, industrialization, and infrastructure development are contributing to the market growth.
Increasing Demand from the Pharmaceutical Sector
The growing use of octyl alcohol as an intermediary in the synthesis of pharmaceutical compounds and the production of various active pharmaceutical ingredients (APIs) and excipients represents one of the key factors driving the market growth. In line with this, the rise in the incidences of numerous chronic ailments, such as obesity, diabetes, cardiovascular disorders (CVDs), and respiratory diseases, are propelling the market forward. Moreover, the expanding geriatric population, the increasing demand for personalized medicines, significant advancements in drug delivery systems, and ongoing research and development (R&D) activities are bolstering the growth of the octyl alcohol market.
Octyl Alcohol Industry Segmentation
IMARC Group provides an analysis of the key trends in each segment of the global octyl alcohol market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
- Industrial Grade
- Food Grade
Industrial grade is dominating the octyl alcohol
The report has provided a detailed breakup and analysis of the octyl alcohol market based on the type. This includes industrial grade, food grade, and others. According to the report, industrial grade represented the largest segment.
The rising use of industrial-grade octyl alcohol as a solvent, emollient, and viscosity-controlling agent in the production of cosmetics and personal care products to improve their texture, stability, and performance is impelling the market growth. Besides this, the increasing healthcare spending and advancements in drug development are propelling the demand for industrial-grade product variants. In addition to this, the growing need for plastics in sectors like construction, automotive, packaging, and electrical are aiding in market expansion. Furthermore, the surging demand for food-grade octyl alcohol that meets strict regulatory standards and quality criteria for its use in edible products in the thriving food and beverage (F&B) industry is positively impacting the market growth. Concurrent with this, the expanding consumption of convenience foods and the significant expansion of the processing industry, wherein octyl alcohol is used to improve the texture, stability, and overall quality of food products, is strengthening the market growth.
Breakup by Application:
- Chemical Intermediates
Chemical intermediates hold a larger share in octyl alcohol
A detailed breakup and analysis of the octyl alcohol market based on the application has also been provided in the report. This includes chemical intermediates, cosmetic, food, and others. According to the report, chemical intermediates accounted for the largest market share.
The large-scale product adoption as a solvent in the production of various chemicals and chemical intermediates, such as plasticizers, esters, lubricants, and pharmaceutical compounds, is propelling the market growth. In addition to this, the increasing employment of octyl alcohol as an emollient, fragrant agent, solvent, and carrier for other active ingredients in cosmetic formulations of lotions, creams, and hair care products is aiding in market expansion. Apart from this, octyl alcohol is also employed as a food additive to enhance the product texture, stability, and overall quality in various food manufacturing processes, which is further supporting the market growth. Conclusively, as the demand for chemicals, cosmetics, and food products persists to grow, the market for octyl alcohol is expected to expand accordingly.
Breakup by Region:
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
Asia Pacific exhibits a clear dominance, accounting for the largest octyl alcohol market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
The increasing demand for octyl alcohol from various end-use industries in North America, such as cosmetics and personal care, pharmaceuticals, plastics, and coatings, is contributing to the market growth. The region has a well-established market for these industries, which fuels the demand for octyl alcohol as an essential ingredient in the above mentioned formulations. Apart from this, rapid urbanization, industrialization, the inflating disposable income of consumers, and significant advancements in the healthcare infrastructure in the region are creating a favorable outlook for the market.
Apart from this, many multinational companies are shifting their manufacturing and production bases to the Asia Pacific due to cost advantages and favorable business environments. This, in turn, is generating a surging demand for octyl alcohol in the region. Besides this, the rising consumer spending on cosmetics, personal care items, and household products is further fueling the market growth in emerging economies such as India and China.
The global octyl alcohol market is highly fragmented, with the proliferation of multiple regional and international players. The market is expected to stay competitive during the forecasted period owing to the presence of several players and the increasing demand from flavors and fragrances, pharmaceuticals, plasticizers, and food and beverage industries. The major market players are focusing on expanding their product portfolio and improving their production capacity to meet the growing demand for octyl alcohol from different end-use industries. However, the implementation of stringent government regulations, especially in developed markets, such as North America and Europe, is limiting the market growth. Overall, the market will remain competitive in the coming years due to the expanding product application across numerous sectors.
The report has provided a comprehensive analysis of the competitive landscape in the global octyl alcohol market. Detailed profiles of all major companies have also been provided. Some of the key players in the global octyl alcohol market include:
- Arkema S.A.
- Axxence Aromatic GmbH
- BASF SE
- Bharat Petroleum Corporation Limited
- Kao Corporation
- KLK OLEO (Kuala Lumpur Kepong Berhad)
- Sasol Limited
- Saudi Arabia's Basic Industries Corporation (Aramco Chemicals Company)
- Sisco Research Laboratories Pvt. Ltd.
- The Andhra Petrochemicals Limited
- In May 2023, Kao Corporation released progress reports on its ESG (Environmental, Social, and Governance) strategy, the Kirei Lifestyle Plan. Details of its progress are released in the Kao Sustainability Report 2023.
- In Feb 2023, Sasol Limited, along with Air Liquide, announced a 260-megawatt wind and solar power purchase agreement with TotalEnergies and the South African renewable energy firm Mulilo to cut its emissions by 30% by 2030. The company expects to reap financial as well as environmental benefits from the drive.
- In January 2023, Arkema S.A. finalized the divestment of Febex, a company specialized in phosphorus-based chemistry, to Belgian group Prayon.
Octyl Alcohol Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Industrial Grade, Food Grade, Others
||Chemical Intermediates, Cosmetic, Food, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Arkema S.A., Aurochemicals, Axxence Aromatic GmbH, BASF SE, Bharat Petroleum Corporation Limited, Kao Corporation, KLK OLEO (Kuala Lumpur Kepong Berhad), Sasol Limited, Saudi Arabia's Basic Industries Corporation (Aramco Chemicals Company), Sisco Research Laboratories Pvt. Ltd., The Andhra Petrochemicals Limited, etc.
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Key Questions Answered in This Report:
- How has the global octyl alcohol market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global octyl alcohol market?
- What is the impact of each driver, restraint, and opportunity on the global octyl alcohol market?
- What are the key regional markets?
- Which countries represent the most attractive octyl alcohol market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the octyl alcohol market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the octyl alcohol market?
- What is the competitive structure of the global octyl alcohol market?
- Who are the key players/companies in the global octyl alcohol market?
Key Benefits for Stakeholders
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the octyl alcohol market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global octyl alcohol market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the octyl alcohol industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.