Fatty Acids Market report for 2016-2023 – companies, applications, products and more
Acids obtained from these sources are comprises of different types such as saturated, monosaturated and polysaturated. Saturated products include stearic acid, palmatic acid and myristic acid. Monosaturated products include palmitoleic acid & oleic acid whereas polysatuared includes linoolenic and linoleic acid.
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They are used in cosmetics & toiletries applications. Stearic acid, lauric acid and oleic acid are suitable for cosmetics & toiletries applications. Known for high stability, mild odor and white color, the stearic acid market size was estimated at 5.74 million tons in 2014 and is likely to grow with an estimated CAGR of 4.5% up to 2023. The U.S. oleic acid market has witnessed strong growth in recent times; driven primarily by broader C18s use oilfield and drilling applications and benchmark fatty acid market price trend.
Consumers are likely to reduce dependency on high cost medicines and turn towards adopting dietary supplements owing to maintain their health. The market has also witnessed an increasing omega 3 fatty acids market demand comprising of EPA and DHA ingredients preferred for dietary supplements and functional food applications.
Increasing application scope in textile industry is likely to drive fatty acids market growth. Its derivative namely fatty acid ethoxylate are used in various textile applications such as wetting agents, emulsifying softeners, dispersants and scouring agents They are also used as spin finishing agents in numerous textile formulations.
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Key regions such as North America and Europe are likely to witness moderate growth rates over the forecast period. European countries such as Germany, France and UK are likely to witness growth owing to growth of cosmetics industry. North American countries such as U.S. and Canada are likely to witness a steady demand owing to growth in dietary supplements and functional foods consumption.
Global fatty acids market share is fragmented and the companies are setting up manufacturing bases in emerging economies such as Asia Pacific to tap the potential market due to rapid industrialization. Key companies operating in this market include Akzo Nobel, BASF SE, Arizona Chemicals, Ashland Inc., Eastman Chemical, Croda and Oleon N.V. Other prominent companies include Godrej Industries, Colgate-Palmolive Ltd, Vantage Oleochemicals, Wujiang Jinyu Lanolin Co., Ltd and Ferro Corporation.
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