N-hexyl Alcohol Market Size

N-hexyl Alcohol Market Size

Global N-hexyl Alcohol Market size was estimated over USD 1.1 billion in 2016 and will exhibit growth more than 4% up to 2024.
 

Rapidly growing personal care industry in the Asia Pacific will have significant impact on the overall N-hexyl alcohol market size in the coming years. This is mainly due to rising awareness towards personal health, hygiene and care particularly in China, India, Japan, Malaysia and South Korea which has significantly propelled demand for shampoos, soap, hand wash, lotions, perfumes, etc. According to the U.S. Department of Commerce Estimates, the per capita cosmetic spending in China. was USD 24 in 2014, whereas in Singapore, it was USD 90 and in Japan it was USD 174. Product finds widespread applications in producing packaging material, for instance polyvinyl chloride (PVC) which is used for wrapping cosmetic and personal care items including lotions, creams, shampoos, etc. Additionally, it is extensively used for manufacturing fragrance agent, mainly perfumes in the personal care industry. Furthermore, it is also used as an inert ingredient in the preparation of several skin care products. The aforementioned trends will make substantial contribution to the global N-hexanol market size over the forecast timeframe.
 

Strong growth in the pharmaceutical industry mainly in North America is likely to make noteworthy contribution to the N-hexanol market size over the forecast spell. According to The International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), North America constituted approximately 40% of the overall pharmaceutical sales in 2016. Product is broadly used as a chemical intermediate in the formation of several medicines, for instance, actomyosin adenosine triphosphatease. Additionally, it is widely used in the production of hypnotics and antiseptics. Moreover, it is used as an odor agent in the preparation of lotions and ointments. The product also finds wide-ranging applications in the pharmaceutical packaging industry for wrapping material including medicines, capsules, tubes, vials, bottles, etc. which will help make prominent contribution to N-hexanol market size in the coming years.
 

Availability of several product substitutes in the market, for example, N-decanol, N-octanol, N-undecanol, N-nonanol, etc. is likely to obstruct the N-hexyl alcohol market size in the coming years. These products also find application as plasticizer precursor, chemical intermediate, lubricant additive, odor agent, etc. across food & beverage, personal care and pharmaceutical industry. For instance, n-octanol, which is also colorless and a slightly viscous liquid, is used as chemical intermediate, plasticizer, odor agent and fuel additive.