The market for stearic acid is expected to grow at a CAGR of more than 5% during the forecast period of 2019 – 2024. Major factors driving the market studied are the increasing need for personal care products and the rising application in lead-acid batteries. However, fluctuating prices of raw materials is expected to hinder the growth of the market studied.
- Personal care industry dominated the market in 2018 and is expected to grow during the forecast period owing to the increasing oil and gas activities across the world.
- Advancement in sunflower oil varieties containing high stearic and oleic acids is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand from Personal Care Industry
- Stearic acids are fatty acids that are derived from animal or vegetable fat oils after hydrogenation. It is widely used in the personal care and cosmetics industry as a surfactant and emulsifying agent.
- Stearic acid is generally used for the production of stearates, such as sodium stearate, magnesium stearate or calcium stearate, which is a component of personal care products. It is used in more than 3200 skincare and hair care products in recent times.
- Stearic acid has large number of applications in the soaps & detergent. It primarily fulfils the role of a thickener and a hardener, which helps the soap bar to retain its shape. It is because of stearic acid that soap particles are able to attach to dirt particles, loosening them so that they can be washed away with water.
- Furthermore, the growing awareness for personal health and hygiene along with increasing beauty consciousness is expected to drive the demand for stearic acid over the forecast period.
Asia-Pacific Region to Dominate the Market
- The detergent and cosmetics industry is expected to contribute majorly in the use of stearic acid in the region.
- The market is supported by the leading global giants situated in the region, such as L’Oreal, Procter & Gamble, Henkel, Unilever, and more.
- These companies are likely to expand production with growing needs and demand for cosmetics and detergents. The strong and robust cosmetics industry is driven by cutting edge in innovation and creativity.
- With the various R&D, expansions and investments in cosmetic products, the market for stearic acid is expected to grow at a significant rate in the region, during the forecast period.
The global stearic acid market is highly fragmented with top 5 players accounting for less than 15% of the market. The major companies include IOI Oleochemicals, Pacific Oleochemicals Sdn Bhd, Emery Oleochemicals, Procter & Gamble, and Merck KGaA.
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