Stearic Acid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI809
Stearic Acid Market size was over 5,000 kilo tons in 2015 and it is forecast cross 7000 kilo tons by 2024 with estimated gains of more than 3% CAGR. Stearic acid is extensively used in personal care products including shampoos, soaps and shaving creams. It offers versatility, thickening, binding, stability and enhanced shelf life which makes them preferred in the personal care products usage.
It also offers surfactant and cleansing properties which helps in oil & dirt removal making it desirable raw material in soaps and detergent production Increasing disposable income accompanied with upgrading end user life style will drive industry growth over the forecast timeframe. The global cosmetic market generated revenue more than USD 155 billion in 2006 and marked USD 220 billion in 2015, with 3.5% growth. Furthermore, increasing organic chemicals application across personal care products will further complement industry growth.
Growing application scope in niche sectors such as dietary supplements, candle manufacturing, metal processing and pharmaceutical industry will positively influence stearic acid market size. Increasing awareness amongst consumers towards use of dietary supplements to keep them healthy and hygienic in daily life schedules will boost stearic acid market size over the forecast timeframe.
Stearic acid is saturated fatty acid and waxy solid derived from animal fat or vegetable oils. Supporting government regulations such as nutritional labelling and education act (NLEA), which allows saturated fatty acids in food additives will positively impact on the product demand.
Fluctuating raw material supply for petrochemical and vegetable oils along with toxic hazards of products may negatively impact stearic acid market price trend and challenge industry participants. Excessive concentrated product consumption may cause health issues such as liver toxicity, human & animal skin disease and cancer which may hinder stearic acid market product demand. However, increasing investments towards innovations and development of 100% bio based product may create growth opportunities for the industry participants by 2024.
Soaps & detergents, personal care, intermediates, textiles, rubber processing and lubricants are major application of stearic acid market share. Personal care application segment is estimated to experience the fastest gains more than 5% CAGR owing to rising organic personal care products demand on account to increasing consumer awareness. Soaps and detergents emerged as one of the most significant application and accounted for approximately 25% of the global volume in 2015. Rapid industrialization along with growing end user industry including automotive will drive stearic acid market size for lubricants. Automotive parts and machinery extensively require lubricants for effective and smooth functioning owing to propel industry growth.
Metal processing, plastics, rubber processing, and intermediaries are some of the notable application. It forms a preventive coating in metal powders used in fireworks to store them for long duration. Moreover, it is used in metal polishing to prevent it from corrosion & rust on metal parts.
In 2015 Asia Pacific, led mainly by China, India and Japan, was the prominent regional industry and accounted approximately 40% of the global volume. Rapid industrialization along with high disposable income of consumers in the region will drive stearic acid market size over the forecast timeframe. The regional growth is also favoured by robust growth in automotive industry in Indonesia and Thailand. High detergents and plastics demand in the emerging nations such as Korea and Malaysia will further complement regional growth.
North America and Europe are mature market and it is anticipated to witness strong growth over the forecast period especially in the U.S, Germany and France. Furthermore, France is one of the largest contributor for cosmetic industry. Latin America is expected to experience substantial gains mainly driven by rapid industrialization, consequently driving industry growth for lubricants, rubber and metal processing
Global stearic acid market size is moderately consolidated with industry players involved in strategic developments via acquisitions and mergers. Key industry participants are the U.S chemical company, P&G, AkzoNobel, BASF, Godrej, and Wilmar international. Other industry participants are Oleon, VVF, Pacific Oleochemicals, Kuala Lumpur Kepong Berhad (KLK), and Kao Chemicals.
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