PUBLISHER: Grand View Research | PRODUCT CODE: 1571504
PUBLISHER: Grand View Research | PRODUCT CODE: 1571504
The global oleyl alcohol market size is anticipated to reach USD 1.35 billion by 2030 and is anticipated to expand at a CAGR of 4.3% during the forecast period, according to a new report by Grand View Research, Inc. The demand for oleyl alcohol is anticipated to be driven by its eco-friendliness, purity, and high effectiveness in terms of performance and quality. It is used as a defoaming agent, cosmetic emollient, plasticizer, rheology modifier, chemical intermediate, and automotive lubricant in numerous industrial applications.
The global personal care and cosmetic industry is growing at a rapid pace, owing to the increasing passion for skincare and cosmetics among Generation Z. The increasing consumer spending and rising disposable income are fueling the demand for skin care, cosmetic, and hair care products, which in turn drives the demand for the market.Several multinational personal care and cosmetics brands, such as Revlon, Bobbi Brown, Maybelline New York, Estee Lauder, Christian Dior, Burberry, L'Oreal, Calvin Klein, Bobbi Brown, and Body Shop, among others, adhere closely to the guidelines established by the U.S. federal government for environmental protection and the European Commission, which emphasize the use of bio-based resources.
For instance, the "BioPreferred Program" managed by the U.S. Department of Agriculture (USDA) is focused on increasing the purchase and use of bio-based products with the objective of reducing the country's reliance on petroleum-based products. This has further led to an increase in the manufacturing of bio-based personal care products, including styling gels, anti-aging creams, hair treatment products, lipsticks, moisturizers, and lip gloss, leading to increasing demand for oleyl alcohol.
Some of the sources of manufacturing oleyl alcohol include fish oil, beef fat oil, olive oil, castor oil, rapeseed oil, soybean oil, and palm kernel oil. The fish oil, beef fat oil, and olive oil are the most commonly used raw material sources. The cost of raw materials affects the profitability and pricing of oleyl alcohol. The fluctuation of raw material prices affects the overall production cost of oleyl alcohol, resulting in an increasing price of oleyl alcohol.
Driven by sustainability concerns, the demand for bio-based oleyl alcohol derived from renewable sources such as vegetable oils is surging. This is in line with increasing consumer preference for green cosmetics and biodegradable cleaning products. For instance, in 2023, Ecogreen Oleochemicals launched ECOROL, a bio-based oleyl alcohol range, attracting partnerships with cosmetics brands seeking sustainable alternatives.