Stearic Acid Market Research, Growth Opportunities, Analysis and Forecasts to 2023

Market Overview:

Stearic Acid is also known as octadecanoic acid, is a colorless, waxy solid. It is found in the fats and oils of plants and animals. It is widely used in the production of personal care, soaps & detergents, agrochemicals, food products, pharmaceuticals, and textile sizing.

Increasing use of Stearic Acid in the manufacturing of cosmetics products and soaps & detergents due to its function of lowering the surface tension is fuelling the product demand. Growing personal care industry as a result of increased spending on the cosmetics and skin & hair care products is the major factor driving the Global Stearic Acid Market. Rising demand for different detergents for a variety of clothes is propelling the market growth. For instance, in 2017, Unilever introduced new laundry detergent under the brand name “Persil Powergems” for removing stains while maintaining the freshness of clothes. The product consumption in the food industry is increasing for the dietary supplement in food products. Rising health concerns among the consumers are impelling the growth of Stearic Acid. Growing pharmaceutical industry is augmenting the market growth due to its increasing use as an emulsifying agent, solubilizing agent, and capsule lubricant. Stearic Acid use is rising in the automotive industry owing to its softener and dispersing properties. Burgeoning textile industry due to rising aspiration based purchasing and high per capita disposable income of the consumers is stimulating the product demand globally. Although, according to the Food and Drug Association (FDA), the product is safe to use, however, some skin sensitive people may not be able to tolerate the use of stearic acid in cosmetic products.

Key Players:

Some of the key players in the Global Stearic Acid Market are Akzo Nobel N.V. (Netherlands), Wilmar International Ltd (Singapore), Croda International Plc (UK), Deeno Group (China), Emery Oleochemicals (Malaysia), Godrej Industries (India), Oleon (Belgium), Pacific Oleochemicals Sdn Bhd (Malaysia), Kaula Lumpur Kepong Berhad (Malaysia), kao Corporation (Japan), Cayman Chemical (U.S.), Procter and Gamble (U.S.).

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Segmentation:

The Global Stearic Acid Market is segmented into Applications, End-Use Industry and Region.

On the basis of Application, the Global Stearic Acid Market is divided into cosmetics & personal care, detergents & soaps, food products, pharmaceuticals, textile sizing, rubber processing, agrochemicals, and others.

Based on the End Use Industry, the Global Stearic Acid Market is segmented into personal care, food and beverages, healthcare, textile, automotive, agriculture, and others.

Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Regional Analysis:

Asia Pacific is the fastest growing market for Stearic Acid across the globe owing to the increasing demand for personal care products coupled with rising consumer disposable income. The use of Stearic Acid is rising in cosmetics as a result of increasing consciousness about personal appearance. Rising preference towards organic, herbal, and ayurvedic products is stimulating the product demand in India. For instance, the Indian beauty and personal care market rose by approximately 70% in the past five years. The product consumption in the healthcare industry is growing with respect to the rising health concern among the consumers. The demand for Stearic Acid is escalating from the textile industry in India and China coupled with changing fashion trends and purchasing decision of the consumers. The flourishing automotive industry is another significant user of the Stearic Acid Market. Moreover, the surface chemistry plant established by Akzo Nobel N.V. in China for expanding the business in Asia Pacific is likely to bolster the market growth in this region.

North America and Europe are expected to grow at a staggering rate due to growing beauty and cosmetics industry together with rising skin-benefiting and beautifying aspects of new cosmetic products. Growing healthcare industry in these regions as a result of rising geriatric population and high per capita income is stimulating the product demand.

Latin America and the Middle East and Africa are likely to propel the market with increasing spending on the cosmetics products for personal grooming. Furthermore, steps taken by the government in Latin America to promote the innovation in ingredients and new technologies are expected to augment the market growth.

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