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.
Global Stearic Acid Market:
The global stearic acid market estimated to be valued US$ XX Mn in 2019 and poised to grow at significant CAGR over 2020-2026. Market for global stearic acid projected to reach US$ XX Mn by 2026 due to increased application of stearic acid in various industries.
Development and Launch of Stearic Acid
Development and launch of innovative products of stearic acid by the market players enables surge
in the global stearic acid market demand over the forecast years. For instance, in 1997 VVF LLC launched Doy Care soap for kids to utilize excess capacity in India and earn higher margin.
Personal Care Segment Expected to Dominate the Market
Based on application, the global stearic acid market is segmented into personal care industry, food industry, pharmaceutical industry and others. Personal care segment is expected to dominate the market 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 XX% of the global volume in 2015.
Asia Pacific Accounts for Larger Market Revenue Share in Global Stearic Acid Market
Asia Pacific accounted for major revenue share due to rapid industrialization along with high disposable income of consumers. The regional growth is also favored 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.
Key players profiled in the global stearic acid market include:
- US chemical company
- Wilmar international
- Oleon, VVF
- Pacific Oleochemicals
- Kuala Lumpur Kepong Berhad (KLK)
- Kao Chemicals
Global stearic acid market is consolidating as large players complementing each other’s businesses by means of collaborations and acquisitions. For instance, on June 9, 2016, Kao Chemicals Europe, S.L. concluded an asset acquisition agreement of Chimigraf Holding, S.L.
Key Findings of the Report:
Global stearic acid market expanding at significant CAGR over 2020 to 2026 to reach market value of US$ XX Mn by 2026 owing to increased application in food industry cosmetic industry and pharmaceutical industry.
- Based on application, personal care industry accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on mergers and acquisitions strategies to retain market position in global stearic acid market
- Personal Care Industry
- Food Industry
- Pharmaceutical & Biomedical Science Industry
- Industrial Uses
By End Users
- Personal Care
- Food and Beverages
- Healthcare, Textile
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East And Africa
- South Africa
- Gulf Cooperation Council Countries(GCC)
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.
Key Features of the Report:
- The report provides granular level information about the market size, country market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market