Stearic Acid Market size was over 5,000 kilo tons in 2015 and it is forecast cross 7000 kilo tons by 2024 with estimated gains of more than 3% CAGR. Stearic acid is extensively used in personal care products including shampoos, soaps and shaving creams. It offers versatility, thickening, binding, stability and enhanced shelf life which makes them preferred in the personal care products usage.
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It also offers surfactant and cleansing properties which helps in oil & dirt removal making it desirable raw material in soaps and detergent production Increasing disposable income accompanied with upgrading end user life style will drive industry growth over the forecast timeframe. 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.
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.
Soaps & detergents, personal care, intermediates, textiles, rubber processing and lubricants are major application of stearic acid market share. 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.
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Metal processing, plastics, rubber processing, and intermediaries are some of the notable application. It forms a preventive coating in metal powders used in fireworks to store them for long duration. Moreover, it is used in metal polishing to prevent it from corrosion & rust on metal parts.
This latest Stearic Acid Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Stearic Acid industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Stearic Acid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024.” in detail along with the table of contents.
Key Insights in this Report
- Global Stearic Acid Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Stearic Acid Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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