Stearic acid market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Stearic Acid Market
Stearic acid is also called octadecanoic acid, which is basically one of the most common long-chain fatty acids. Stearic acid has extensive applications in many fields, for instance, cosmetic industry, rubber industry, food industry, pharmaceutical industry and biomedical science industry. Although, stearic is generally derived from palm oil, it is also derived from others sources such as corn, which is a waxy solid that is almost insoluble in water. Since, stearic acid occurs in many animal and vegetable fats and oils. However, animal fat is richer than vegetable fat by 15%. One of the most popular uses of stearic acid is in the production of candles to harden the wax and strengthen the candle. Stearic acid is also commonly used in the production of soap. It give shampoos a pearly color and also helps to make harden soaps. Furthermore, preventing oxidization is another key use of stearic acid. It is also used to coat metal powders such as iron and aluminum, used in fireworks that allow them to be stored for longer period of time. It is also used in some metal polishes to prevent the oxidation, to produce magnesium stearate and rust that can occur on metal parts of tools.
Market Dynamics: Stearic Acid Market
The steady growth in the industries such as construction, automotive, cleaners and personal care it is expected to drive the demand for stearic acid in the production worldwide. Personal care segment is the major growth driver sine it is the fastest growing segment where stearic acid plays an important role. Moreover, the overall fatty acid market is growing which is another growing factor for stearic acid market. The only restraining factor for stearic acid is having low water solubility, which can result in a residual film on bathtubs and skin. Hence, it is usually used as additives rather than as a primary ingredients. However, the dynamic use of stearic acid has a very good growth prospect. Metal cleaning and candle manufacturing are also expected to grow in the near future. Moreover geographically, China, India and ASEAN countries hold good opportunity.
Market Scope: Global Pain Management Devices Market
Global pain management devices market is segmented based on product type, application, and end user
Based on application type, market is segmented into the following:
- Personal Care Industry
- Food Industry
- Pharmaceutical & Biomedical Science Industry
- Industrial Uses
Based on the end user, market is segmented into the following:
- Personal Care
- Food and Beverages
- Healthcare, Textile
Regional Analysis: Stearic Acid Market
Geographically, stearic acid market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific, led mainly by China, India and Japan, was the prominent regional industry and accounted approximately XX% 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.
Competition Assessment: Stearic Acid Market
Some of the players in the Stearic Acid market include:
- S chemical company
- Wilmar international
- Oleon, VVF
- Pacific Oleochemicals
- Kuala Lumpur Kepong Berhad (KLK)
- Kao Chemicals
Notable Market Developments: Stearic Acid Market
- On June 9, 2016, Kao Chemicals Europe, S.L. concluded an asset acquisition agreement of Chimigraf Holding, S.L.