Newark, June 08, 2023 (GLOBE NEWSWIRE) -- The global stearic acid market is expected to grow from USD 7.41 billion in 2020 to USD 13.89 billion by 2028, at a CAGR of 7.06% during the forecast period 2021-2028. The high demand in personal care and soaps and detergents is one of the factors affecting the demand of the market.
The stearic acid industry encompasses all aspects of the production, supply, and utilization of stearic acid. Stearic acid, a saturated fatty acid, is a vital component in various industries due to its versatile properties. The stearic acid market refers to the global industry involved in the production, distribution, and consumption of stearic acid. Stearic acid is a saturated fatty acid with a long carbon chain (usually 18 carbons) and is solid at room temperature. It is derived from various sources, such as animal fats and vegetable oils. Stearic acid finds widespread applications in numerous industries due to its versatile properties.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.06% |
| 2028 Value Projection | USD 13.89 Billion |
| Base Year | 2020 |
| Historical Data for | 2018 to 2019 |
| No. of Pages | 243 |
| Segments covered | Feedstock, End User, Region |
| Regional Segmentation Analysis | The Asia-Pacific region emerged as the largest market for the Stearic Acid market, with a 41.35% share of the market revenue in 2020. |
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The vegetable-based raw materials segment held the highest market share of 57.69% in 2020
The feedstock segment is divided into animal-based raw materials and vegetable-based raw materials. The vegetable-based raw materials segment held the highest market share of around 57.69% in 2020 owing to palm oil and different types of sunflower oil, which provides high stearic, and oleic acids content. More spending on R&D for better extraction from vegetable-based raw materials is also one of the factor and product derived from animal fats has led to rising protests by various animal rights activists.
The Personal Care segment accounted for market value USD 2.32 Billion in 2020
The End User segment includes personal care, food & beverages, healthcare, textile, automotive, agriculture and others. The Personal Care segment accounts for a market value of USD 2.32 Billion in 2020. Stearic acids are widely used in the personal care and cosmetics industry as a surfactant and emulsifying agent. Stearic acid is generally used for the making of stearates, like sodium stearate, etc. which is the main component of personal care products, used in skin care and hair care products. Its primary role in soap is as a thickener and a hardener, which helps the soap bar to retain its shape. Also, the growing awareness for personal health and hygiene, along with increasing beauty consciousness, is expected to drive the demand for stearic acid.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Asia-Pacific region emerged as the largest market for the Stearic Acid market, with a 41.35% share of the market revenue in 2020. Asia-Pacific is having the highest market share as this region is the leading consumer of cosmetics and personal care products, this owes to growing urbanization and increasing younger generation population in countries like India and other developing nations. The developing countries like India, China is the biggest consumer market. Also the increase in per capita income and the country like India which is having the maximum number of younger population are the main reason for the biggest market for cosmetics and personal care market, driving the stearic acid market in the region. On the top of this, Malaysia and Indonesia have become the manufacturing hubs for oleochemicals like Stearic Acid. All these factors are contributing to the highest market share for steric acid market of this region.North America and Europe are developed market, and they would see the growth in the market in the forecasting period, especially in the U.S, Germany and France.
Competitive Analysis:
The major players ofmarketincludeThe Chemical Company, VVF LLC, Cayman Chemical, U.S. Chemicals LLC, Deeno Group, Parchem, Pacific OleochemicalsSdn, Bhd, Kao Chemicals, Emery Oleochemicals, BASF, AkzoNobel, Wilmar International, Godrej industries, Oleon, Kuala Lumpur Kepong(KLK), Merck KGaA, Procter & Gamble and IOI Oleochemicals among others.
About the report:
The global stearic acid market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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