The global behenyl alcohol market is estimated to account for 54,200.9 metric tons by the end of 2015 and is projected to witness an increase in its volume share due to rising demand from end-use segments.
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.
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Sun care products accounted for nearly US$ 2.2 Bn in 2014. The increase in such products 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 companies based in Japan, India and Europe. As a result, manufacturers are expected to generate high-profit margins in the APAC region. Europe is the next lucrative destination for behenyl alcohol manufacturers. It is the leading producer of rapeseed globally.
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In terms of volume, the region accounts for more than 35% of the global rapeseed production. Major companies based in Europe procure raw materials at comparatively lower price than its competitors. Also, the region is home to more than 400+ big and small scale cosmetic manufacturers. The North America behenyl alcohol market is expected to experience a sluggish growth in terms of volume. However, price fluctuations in rapeseed raw materials are expected to create the highest incremental opportunity of US$ 2.0 Mn by the end of 2015 over 2014 in North America. Globally, Asia Pacific is expected to expand at the highest CAGR, followed by Latin America and Europe. The Middle East & Africa is expected to witness insignificant growth owing to low demand for behenyl alcohol in the region.
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Key market participants covered in the report include BASF SE, Kao Corporation, VVF Chemicals Limited, Godrej Industries Ltd., Sasol Ltd. and Nikko Chemicals Co., Ltd.