Fatty Acids Market Size, Industry Downstream Potential Outlook Report, Regional Analysis, Application Development, Price Trend, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI154
Fatty acids market size was estimated at over 21 million tons in 2014. Growing awareness towards consuming sustainable products owing to rising health consciousness is likely to promote naturally derived fatty acids demand for numerous applications. They are also likely to promote steady pricing in the market and counter volatile crude oil prices arising out of supply-demand deficit.
Most of them are derived from hydrolysis of tallow (hard animal fats), soybean, palm kernel, coconut and fractional distillation of crude tall oil. Acids obtained from these sources are comprises of different types such as saturated, monosaturated and polysaturated. Saturated products include stearic acid, palmatic acid and myristic acid. Monosaturated products include palmitoleic acid & oleic acid whereas polysatuared includes linoolenic and linoleic acid.
Growth of personal care industry is likely to support fatty acids market size growth. They are used in cosmetics & toiletries applications. Stearic acid, lauric acid and oleic acid are suitable for cosmetics & toiletries applications. Known for high stability, mild odor and white color, the stearic acid market size was estimated at 5.74 million tons in 2014 and is likely to grow with an estimated CAGR of 4.5% up to 2023. The U.S. oleic acid market has witnessed strong growth in recent times; driven primarily by broader C18s use oilfield and drilling applications and benchmark fatty acid market price trend.
High lauric acid content derived from coconut oils provides excellent foaming characteristics for shampoos and shaving creams. White oleine (multiple distilled oleic acids) also has wide range of uses in cleansing creams and skin protection.
Increasing functional food and dietary supplements demand is likely to drive market growth over the forecast period. Consumers are likely to reduce dependency on high cost medicines and turn towards adopting dietary supplements owing to maintain their health. The market has also witnessed an increasing omega 3 fatty acids market demand comprising of EPA and DHA ingredients preferred for dietary supplements and functional food applications.
Food packaging applications include defoaming agents, emulsifiers, stabalizers, plasticizers and lubricants. In food, they find applications in bakery products, margarine, ice creams, chewing gums and candy.
Increasing application scope in textile industry is likely to drive fatty acids market growth. Its derivative namely fatty acid ethoxylate are used in various textile applications such as wetting agents, emulsifying softeners, dispersants and scouring agents They are also used as spin finishing agents in numerous textile formulations.
Some of the other fatty acid downstream potential market applications include its uses in lubricants & greases, paints & coatings, mining, metal working, rubber manufacturing and leather. Derivatives obtained from various sources are useful in these aforementioned applications.
Asia Pacific fatty acid market size is likely to witness highest gains over the forecast period owing to abundant availability of vegetable sources in countries such as Malaysia and Indonesia. Positive outlook on end-use industries such as rubber, plastics, food & beverages and textiles in countries such as China & India is anticipated to drive demand.
Key regions such as North America and Europe are likely to witness moderate growth rates over the forecast period. European countries such as Germany, France and UK are likely to witness growth owing to growth of cosmetics industry. North American countries such as U.S. and Canada are likely to witness a steady demand owing to growth in dietary supplements and functional foods consumption.
Global fatty acids market share is fragmented and the companies are setting up manufacturing bases in emerging economies such as Asia Pacific to tap the potential market due to rapid industrialization. Key companies operating in this market include Akzo Nobel, BASF SE, Arizona Chemicals, Ashland Inc., Eastman Chemical, Croda and Oleon N.V. Other prominent companies include Godrej Industries, Colgate-Palmolive Ltd, Vantage Oleochemicals, Wujiang Jinyu Lanolin Co., Ltd and Ferro Corporation.
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