Global Tall Oil Fatty Acid Market to Exhibit 4.2% 2014-2022, Thanks to Increased Demand from Crude Oil Production Sector
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Some of the leading companies in the market are Harima Chemicals Group, Inc., Forchem Oy, Georgia Pacific LLC, MeadWestvaco Corporation, and Arizona Chemical Company, LLC.
According to the report, the global tall oil fatty acid market will rise to a valuation of US$1,050.0 mn in 2022. To achieve this, the market would have registered a CAGR of 4.2% from 2014 to 2022.
North America and Europe Markets to Remain Lucrative
In terms of the key product varieties in the market, including linoleic acid, oleic acid, stearic acid, and maleic acid, the segments of linoleic and oleic acid collectively account for a lion’s share in the overall market. In terms of applications, the segment of alkyd resins is presently the most lucrative.
From a geographical standpoint, the markets in North America and Europe are presently the leading revenue contributors to the overall market, accounting collectively for over 70% of the market. This can be attributed to the easy and high availability of raw materials and rise in crude oil and shale gas production activities. The market in Asia Pacific is expected to exhibit promising growth opportunities over the forecast period owing to increased demand from countries such as India, China, and Japan.
Steady Rise in Crude Oil Production Activities Globally to Help Market Gain Pace
One of the key factors working in favor of the global tall oil fatty acids market is the increased usage of these fatty acids across a number of applications in the crude oil production sector. Owing to the rising production of crude oil across a number of regions across the globe, the uptake of tall oil fatty acids has also increased substantially. The trend is expected to remain strong over the next few years as well, with the steady rise in exploration and production activities in North America, Europe, and the Middle East providing steady growth prospects.
The market is also expected to benefit from the rising uptake of tall oil fatty acids from the detergents and soaps industries. However, the market is negatively affected due to the low penetration rate of tall oil fatty acid in a number of developing countries, especially across regions such as Asia Pacific. While this could curtail the growth prospects of the market to an extent, the increased usage of tall oil fatty acids for the production of biodiesel could present healthy growth opportunities before the market.
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This analysis of the global tall oil fatty acid market is based on a detailed market research report by Transparency Market Research, titled “Tall Oil Fatty Acid Market (Product Type - Oleic Acid, Linoleic acid, Maleic Acid, and Stearic Acid; Applications - Dimer Acids, Alkyd Resins, Fatty Acid Esters, Dimer Acid, and Fatty Acid Soaps; End Use - Soaps and Detergents, Coatings, Lubricants, Plastics, Fuel Additives, Metal Working Fluids, Adhesives, Asphalt Additives, and Biofuels) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2022.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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