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Tall Oil Fatty Acid Market 2024-2033: Size, Industry Share, and Forecast Insights
Tall Oil Fatty Acid Global Market Report 2024
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According to The Business Research Company's, The tall oil fatty acid market size has grown strongly in recent years. It will grow from $1.05 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to pulp and paper industry, soap and detergent manufacturing, chemical industry growth, industrial lubricants, renewable and bio-based products..
The tall oil fatty acid market size is expected to see strong growth in the next few years. It will grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to sustainable sourcing, green chemistry initiatives, bio-based products growth, recycling and circular economy, biodegradable and eco-friendly products. Major trends in the forecast period include green chemistry adoption, specialty chemicals innovations, advancements in tall oil extraction, expanding applications in personal care and cosmetics, industry collaboration and partnerships.
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Market Drivers and Trends:
The increase in demand for tall oil-based biofuel is expected to drive the growth of the tall oil fatty acid market in the coming years. Tall oil is a byproduct of the pulp and paper industry that is often used to produce biofuels. The tall oil-based biofuel is used in various products such as pharmaceuticals, paints and coatings, lubricants, soaps, detergents, and additives and helps in reducing greenhouse gas emissions and increasing the reusability of used materials. For instance, according to a report by Lubes and Greases, the demand for transportation-grade crude oil-based biofuels is anticipated to rise from 320,000 tonnes per year in 2019 to 880,000 tonnes per year in 2030. Therefore, the increase in tall oil-based biofuel is expected to boost the growth of the tall oil fatty acid market.
The growing technological advancements are shaping the tall oil fatty acid market. Major companies operating in the tall oil fatty acid sector are focused on developing technological solutions for tall oil fatty acids. For instance, in March 2021, according to a study published by MDPI, a Switzerland-based publishing company for open-access journals in science, on developing a homogeneous and heterogeneous catalytic method for the synthesis of biodiesel from tall oil fatty acids, The progress of biodiesel synthesis from tall oil fatty acids using a homogeneous catalyst (sulfuric acid) and a heterogeneous catalyst was observed using FTIR spectroscopy. The methanol:oil molar ratio of 15:1 at a temperature of 55 oC, the catalyst concentration of 0.5%, and a reaction time of 60 min were the ideal conditions for homogeneous catalysis. 96.76% of the yield was achieved.
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Major Key Players of the Market:
Forchem Oy, Harima Chemicals Group Inc., Georgia-Pacific LLC, Eastman Chemical Company, Lascaray S.A., Chemical Associates Inc., Univar Solutions Inc., Claremont Chemical Company Limited, Pasand Speciality Chemicals Limited, Pine Chemical Group Oy, Shaxian Lixin Resin Co. Ltd., Aditya Birla Chemicals (Thailand) Limited, DIC Corporation, Allnex Belgium SA, WestRock Company, Lintec of America Inc., Segezha Pulp and Paper Mill, BASF SE, Reichhold LLC, Sika AG, Sinopec Baling Company Limited, Eternal Materials Co. Ltd., Chang Chun Plastics Co. Ltd., Kukdo Chemical Co. Ltd., Kyocera Chemical Corporation, Ingevity Corporation, Arizona Chemical Ltd., Ataman Kimya AS, Foreverest Resources Ltd., G.C. Rutteman & Co. B.V., Imperial Industrial Minerals Company, Kraton Corporation
Tall Oil Fatty Acid Market 2024 Key Insights:
• The tall oil fatty acid market size is expected to see strong growth in the next few years. It will grow to $1.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Biofuel's Drives Tall Oil Fatty Acid Market
• Technological Advancements Redefine The Tall Oil Fatty Acid Market
• North America was the largest region in the tall oil fatty acid market in 2023
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