Stearic Acid Market Growth, Massive Development in Set to Witness Huge Development by 2030
The Global Stearic Acid Market is estimated to be USD 33.8 Bn in 2021 and is expected to reach USD 50.80 Bn by 2028, growing at a CAGR of 8.70%.
Market Overview
Global Stearic acid Market is a saturated fatty acid found in various animal and plant fats. It is used in various applications such as skin & hair care products, detergents & soaps, pharmaceuticals, food products, textile sizing, agrochemicals, and rubber processing. It is widely used in the cosmetics products owing to its ability to lower the surface tensions of oils and keep the products potent if stored for longer period. Due to its emulsifying property, it is vastly preferred in the personal care products. The product use in the detergents and soaps is increasing owing to strong surfactants and cleansing properties. Rising demand for the stearic acid in the textile industry for softening the fabric is driving the market growth. Growing healthcare industry is fuelling the product demand for nutritional supplements and reducing visceral fat & inflammation. It is increasingly used in the pharmaceuticals in the tablets, ointments, and suppositories. Stearic acid finds application in the candles in place of paraffin as hardener substance when mixed with sugar and corn syrup. The product consumption in agrochemicals as fungicides, reactive intermediaries, and to enhance viscosity is propelling the market growth.
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Market Segmentation
The global stearic acid market is segmented into applications, and 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 in cosmetics 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 leading the global stearic acid market owing to expanding consumer base and rising demand for the cosmetics. Increasing spending by the young population on the cosmetics products for personal appearance is propelling the market growth. Additionally, growing demand for the nutritious supplement as a result of rising health concerns among the consumers is stimulating the product demand in this region.
North America and Europe are another prominent regions in the market with growing personal care and healthcare industry coupled with the high purchasing power of the consumers.
Competitive Analysis
Some of the prominent players in the global stearic acid market are Wilmar International Ltd (Singapore), Croda International Plc (UK), Akzo Nobel N.V. (Netherlands), 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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