Stearic Acid Market to Reach USD 13.89 Billion by 2028; Huge Demand for Stearic Acid in Manufacturing of Personal Care Products and Detergents to Propel Market Growth, says The Brainy Insights
NEWARK, N.J., March 23, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global stearic acid market is expected to grow from USD 7.41 Billion in 2020 to USD 13.89 Billion by 2028 at a CAGR of 7.06% during the forecast period 2021-2028.
High demand in personal care, soaps, detergents, and growing demand for sustainable and biodegradable products, along with rising application in lead-acid batteries, are the factors that are driving the stearic acid market.
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Stearic acid is a colourless and waxy solid that has a mild odour. It is soluble in oil but very little dissolves in water. Stearic acid helps the soap form a rich lather that feels smooth and silky. The exact property makes it a perfect model for use in shaving foams. Stearic acid supports in hardening of products such as soap bars and candles. The occlusive properties of stearic acid help the skin stay hydrated by stopping or slowing moisture loss from the skin. Stearic acid acts as an effective stabilizer, thickener, and softener in emulsions. It is also utilized for a pearly finish to the lubricants. The commercial product is a combination of palmitic, stearic acid, and oleic acid. Stearic acid benefits the product by enhancing shelf-life stability as a base for cosmetics. Powerful cleansing and surfactant nature that help remove oil and dirt from the skin would strengthen the demand for stearic acid in cosmetic and detergent applications. Stearic acid is used so that emulsions do not get separated into isolated layers of water and oil. It helps in enhancing a product's effectiveness as well as its shelf life. Stearic acid helps to eliminate excess oil, sweat, and grime from skin and hair. This cleansing property makes it beneficial to add in the formulations for soap bars, face & body washes, shampoos, and detergents.
Hazards related to consumption of higher product concentration are hampering market growth. The consumption of higher product concentrations leads to liver toxicity, cancer, and skin damage in humans and animals. Pregnant women and those with sensitive skin are advised not to use stearic acid raw material without a physician's consultation. Magnesium stearate in large doses causes liver toxicity and damage to the skin. Such factors are going to hamper the market.
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Key players for the global stearic acid market include The Chemical Company, VVF LLC, Cayman Chemical, U.S. Chemicals LLC, Deeno Group, Parchem, Pacific OleochemicalsSdn, Bhd, Kao Chemicals, Emery Oleochemicals, BASF, AkzoNobel, Wilmar International, Godrej industries, Oleon, Kuala Lumpur Kepong(KLK), Merck KGaA, Procter & Gamble, and IOI Oleochemicals, etc. Developing and developed countries are facilitating more significant opportunities, and major players are continuously concentrating on new developments, strategic partnerships, acquisitions, and mergers to obtain high market growth.
- For instance, in November 2017, AkzoNobel has completed the €4.8 million expansion project at its Surface Chemistry facility in Boxing, China. This expansion helped them significantly increase the company's regional product portfolio and reconfirm its commitment to the Asian market.
- In August 2018, Wilmar International planned to expand in many regions and offer better market positioning by acquiring smaller and inefficient players selling their assets and leaving the industry amidst depressed soft commodity prices. For instance, acquisition of Renuka Sugar and Renuka Soya.
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The vegetable-based raw materials segment held the highest market value of USD 4.28 Billion in 2020.
The feedstock segment is divided into animal-based raw materials and vegetable-based raw materials. The vegetable-based raw materials segment held the highest market value of USD 4.28 Billion in 2020. This was due to the rising protests by various animal rights activists for the utilization of animal fats. Also, the advancement in sunflower oil varieties containing high stearic and oleic acids.
The personal care segment accounted for a market value of USD 2.32 Billion in 2020.
The end user segment includes personal care, food & beverages, healthcare, textile, automotive, agriculture, etc. The personal care segment accounts for a market value of USD 2.32 Billion in 2020. Stearic acids are widely used in personal care and cosmetics products as surfactants and emulsifying agents. Stearic acid is generally used to make stearates, like sodium stearate. It is the main component of personal care products used in skincare and hair care products. Its primary role in soap is as a thickener and a hardener, which helps the soap bar retain its shape. Also, the growing awareness for personal health and hygiene and increasing beauty consciousness are expected to drive the demand for stearic acid.
Regional Segment Analysis of the Stearic Acid Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the stearic acid market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia-Pacific region emerged as the largest market with a value of USD 3.07 Billion in 2020. Asia-Pacific was the leading consumer of cosmetics and personal care products owing to the growing urbanization and increase in the population of the younger generation in countries such as India and other developing nations. There is an increasing demand for personal care products in emerging countries like China and India due to increasing disposable income and changing lifestyles. North America and Europe are developed markets, and they are anticipated to have strong growth over the forecast period, especially in the U.S, Germany, and France.
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About the report:
The global stearic acid market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons), and exports (Kilotons). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report analyses driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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