Rapidly growing personal care product sector is the primary driving factor of the stearic acid market. Stearic acid mainly used in the personal care products such as shampoo, soaps and others as they have enhanced the shelf life of the product as well as it offers binding, stability, versatility and thickening properties. The stearic acid has surfactant & cleansing properties because of that they are vastly used as the raw materials in the soap and detergent production. In addition, the growing use of stearic acid in the various industries including, automotive, personal care, construction, cleaners and others are likely to boost the growth of the stearic acid market over the forecast period. However, the low solubility of stearic acid in the water creates the residual film on bathtubs and skin which can cause damage to skin. This is anticipated to hamper the market growth.
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Moreover, growing cosmetic industry coupled with cutting edge innovation and creativity can create huge opportunities in the stearic acid market. Also, The increasing use of stearic acid for the metal cleaning and manufacturing of candles are projected contribute in the growth of steric acid market in upcoming years.
Asia Pacific accounts for the largest share in the market of stearic acid owing to the rising demand of personal care products
Asia Pacific accounts for the largest market share in the market of stearic acid. Rapidly growing industrialization, rising demand for personal care products are escalating the growth of the steric acid market in the Asia Pacific region. North America and the Europe region is growing at the significant rate in the stearic acid market. Steady growth of personal care products such as shampoo, soaps and others in these region drives the market of stearic acid in North America and Europe region.
Organic and inorganic growth strategies to remain key strategies of the leading players
New product launches, mergers & acquisitions, and partnerships and expansions are the key strategies adopted by market players to ensure their growth in the stearic acid market. Companies such as The Chemical Company, U.S. Chemicals LLC, BASF, AkzoNobel, Godrej Industries, Oleon, Emery Oleochemicals, Kao Chemicals, acific Oleochemicals Sdn, Bhd, VVF LLC, Cayman Chemical, are some of the prominent companies in the stearic acid market, comprising 60% of the total market share.