Growing population, especially in Asia-Pacific region, has led to rapid expansion of food & beverage industry which in turn is driving the N-hexyl alcohol market growth. Due to its fruity aroma and colorless liquid form, N-hexyl alcohol is extensively used as a flavoring agent in food and beverages. According to estimates, N-hexyl alcohol market is expected to surpass USD 1.6 billion by the year 2024.
The product is also used as a plasticizer additive which is a pivotal constituent of packaging materials. Packaging plays a vital role in pharmaceutical sector for storing various tablets, medicines, and equipment. Thus, surging investments in pharmaceutical R&D activities has led to development of innovative products such as prefilled syringes, child resistant packs, 2-in-1 prefilled vial design, unit dose vials, plasma impulse chemical vapor deposition, coating technology, blow fill seal vials and drug formulations, which is boosting packaging demand and in turn amplifying revenues for N-hexyl alcohol market.
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N-decyl alcohol and N-octyl alcohol compounds offer similar chemical and physical properties like N-hexyl alcohol. Hence, easy availability of such product alternatives may hinder the market growth. However, growing pharmaceutical, food, and personal care industries in Middle East and Asia-Pacific regions will generate lucrative growth opportunities for the market in the forthcoming years.
Based on the application spectrum, estimates claim that N-hexyl alcohol market valuation from food & beverage applications was worth USD 325 million in the year 2016 and is expected to register continuous growth during the estimated timeframe. Rising adoption of N-hexyl alcohol compounds as a flavoring agent for alcoholic beverages, fruits, and vegetables has bolstered product demand. Additionally, N-hexyl alcohol is utilized to develop additives for lubricants which are further used in food grain machine and spray dryers. The upsurge in demand for processed and packaged food products such as dairy products and frozen foods coupled with flourishing FMCG markets are aiding the market expansion.
It is estimated that N-hexyl alcohol market from pharmaceutical sector will grow with a CAGR of 4% during 2017-2024. N-hexyl alcohol is widely used in developing various medicines such as actomyosin adenosine triphosphatase. Moreover, it is used as an intermediate during antiseptic production. N-hexyl alcohol is also used for conducting chromatography which helps to separate chiral compounds, thereby augmenting the contribution from pharma industry.
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Considering the geographical landscape, Europe N-hexyl alcohol market held 20% share in the year 2016. N-hexyl alcohol is a key element in cosmetic and skin care items. The product is extensively used for preparing various fine cosmetic chemicals and colorants for personal care products. Thus, booming personal care sector in Europe is adding pace to the demand for N-hexyl alcohol across the region. Moreover, escalating investments in R&D activities by key industry players has led to development of innovative products which in turn is propelling the regional market. In 2016 for instance, the major companies operating in cosmetic sector invested approximately USD 1.57 billion in personal care vertical.
The prominent companies operating in the N-hexyl alcohol industry are Penta International, Nanjing Chemical, Haihang, Ecogreen Oleochemicals, Merck, Yancheng Hongtai, Sasol, and Alfa Aesar among others. As per estimates, these key industry players held 25% share in N-hexyl alcohol industry in the year 2016. Moreover, major companies are focusing on R&D activities to develop innovative products in order to gain a competitive advantage in the market. In 2014 for instance, Ecogreen Oleochemicals successfully completed the extension of its fatty alcohol production facility in Indonesia.
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