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Tall Oil Fatty Acid Market to hit 1 bn mark by 2024 | Top Key players are Eastman Chemical, Arizona, Forchem Oy, BASF, Kraton
Tall Oil Fatty Acid Market
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Fatty acid esters are ideal for the production of personal care products. Increasing disposable incomes along with growing focus of millennial population on health, hygiene and aesthetics has resulted in massive consumption of personal care products. Fatty acid esters are estimated to hold a quarter of tall oil fatty acid industry share up to 2024, at a growth at rate of more than 4% over the analysis period.
Linoleic acid is ideal for a wide application range including manufacturing of adhesives & sealants, and paints & coatings. Linoleic acid segment will witness growth rate of 4.5% over the coming years on account of growing end-user demand from building and construction industry. Global tall oil fatty acid market size is estimated to cross the USD 1 billion mark by 2024.
Europe is a major hub of several paper and pulp mills, which massively produce crude tall oil as by-products during kraft pulping process. Europe is likely to dominate tall oil fatty acid market share due to no availability of other natural fatty acid products.
Hygiene practices in medical settings
Rise in the numbers of healthcare facilities across emerging economies and strict regulatory mandates regarding cleanliness and hygiene practices in medical settings has significantly increased the demand for cleaning products.
A large number of cleaning products are manufactured using tall oil fatty acids. Cleaning products industry is anticipated to record revenues of over USD 100 billion by 2024, offering major growth opportunities for tall oil fatty acid businesses.
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Shifting trends towards bio-based fuels
In a bid to protect the environment, several developed nations are encouraging the utilization of bio-based fuels. In addition, growing concerns to conserve, sustainably use the fossil fuel reserves and mitigate greenhouse emissions may lead to a gradual acceptance of biofuels across the globe.
Increasing inclination towards naturally sourced fatty acid based biofuel is likely to create substantial prospects for tall oil fatty acid industry in the coming years.
Availability of some cheaper alternatives
Easy availability of cheap product substitutes in several countries may negatively impact tall oil fatty acid market forecast as the product is majorly derived from coniferous trees. Most of the countries already use palm kernel, coconut oil or palm oil based products as oleochemicals for the manufacturing of soaps and other products.
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