Global tallow fatty acids market has been carving a rather steady growth chart in the recent years, with plastic and rubber applications playing significant roles. It is, therefore, no surprise that the escalating growth of rubber industry will leave a direct influence on tallow fatty acids market dynamics as well. A strong statistic bearing a testimony to the fact- the overall industrial rubber products market is forecast to record a valuation of over USD 150 billion by 2022. In the rubber industry, this animal derived fatty acid is used as anti-tacking and vulcanization agent, on account of enhancing some of the functional characteristics of rubber such as lubricating, anti-caking, stabilizing, and gelling properties. In fact, as per estimates, tallow fatty acids market from rubber applications is slated to witness a y-o-y growth of 2% over 2016-2024.
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As per a recent market forecast report put forward by Global Market Insights, Inc., tallow fatty acids market will surpass a valuation of USD 3 billion by the end of 2024, with 2.5% CAGR over 2017-2024. The overall industry share is perpetually dependant on the cleaning product demand, which seems to be surging day by day. Superior conditioning properties and creamy leather make tallow acid a good fit to be used in soaps & detergents and other cleaning products. Global cleaning product market which is already a multi-billion business space is forecast to exceed USD 100 billion by 2024. This itself is quite a proof enough of the anticipated growth prospect of tallow fatty acids market in the coming years. In addition to this, the significant regulatory landscape pertaining to hygiene maintenance in food and beverage sector is also favoring tallow fatty acids industry proliferation. In this regard, it is prudent to note that hydrogenated tallow fatty acids have been granted GRAS certification by the Food and Drug Administration for its safe use in food packaging applications.
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Worldwide, the industry demonstrated a highly fragmented landscape in 2016 with leading companies covering less than 30% of the overall share. Some of the prominent names involved in the tallow fatty acids market include Emery Oleochemicals, FerroMac International, Godrej Industries, Colgate Palmolive, H Foster & Co Ltd., Baerlocher GmbH, AkzoNobel, Vantage Oleochemicals, and BASF SE. Presence of several small to medium scale product manufacturers make the business landscape much more competitive.
Despite the fact that North America stood out to be one of the leading regions in the global tallow fatty acids industry in 2016, the road map carved by APAC is also appreciable. Escalating automotive sales, especially in China and India, is the prime factor driving the regional market outlook. Having said that, it is also worth noting that the trend of preferring vegetable oil over tallow fatty acids has been turning out to be a formidable obstacle for the market growth. Nonetheless, boasting a diversified application landscape, it is no more a supposition that tallow fatty acids industry will witness a rather profitable path in the years ahead.
Browse key industry insights spread across 130 pages with 152 market data tables & 13 figures & charts from the report, “Tallow Fatty Acids Market Forecast, 2017 – 2024” in detail along with the table of contents:
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