Stearic Acid Market Research Report and Industry Forecast To 2024
The global cosmetic market generated revenue more than USD 155 billion in 2006 and marked USD 220 billion in 2015, with 3.5% growth. Furthermore, increasing organic chemicals application across personal care products will further complement industry growth.
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Growing application scope in niche sectors such as dietary supplements, candle manufacturing, metal processing and pharmaceutical industry will positively influence stearic acid market size. Increasing awareness amongst consumers towards use of dietary supplements to keep them healthy and hygienic in daily life schedules will boost stearic acid market size over the forecast timeframe.
Fluctuating raw material supply for petrochemical and vegetable oils along with toxic hazards of products may negatively impact stearic acid market price trend and challenge industry participants. Excessive concentrated product consumption may cause health issues such as liver toxicity, human & animal skin disease and cancer which may hinder stearic acid market product demand. However, increasing investments towards innovations and development of 100% bio based product may create growth opportunities for the industry participants by 2024.
Personal care application segment is estimated to experience the fastest gains more than 5% CAGR 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 25% of the global volume in 2015. Rapid industrialization along with growing end user industry including automotive will drive stearic acid market size for lubricants. Automotive parts and machinery extensively require lubricants for effective and smooth functioning owing to propel industry 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. Furthermore, France is one of the largest contributor for cosmetic industry. Latin America is expected to experience substantial gains mainly driven by rapid industrialization, consequently driving industry growth for lubricants, rubber and metal processing.
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Global stearic acid market size is moderately consolidated with industry players involved in strategic developments via acquisitions and mergers. Key industry participants are the U.S chemical company, P&G, AkzoNobel, BASF, Godrej, and Wilmar international. Other industry participants are Oleon, VVF, Pacific Oleochemicals, Kuala Lumpur Kepong Berhad (KLK), and Kao Chemicals.
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