Global Stearic Acid Market, By Type (Animal Based, Vegetable Based), By End Use (Soaps & Detergents, Personal Care, Textiles, Lubricants, Rubber Processing and Others), By Region, Competition, Forecast & Opportunities, 2018-2028F

October 2023 | 182 pages | ID: G838D282D448EN
TechSci Research

Abstracts

The Global Stearic Acid Market was valued at 8.78 million tonnes in 2022 and is expected to experience strong growth in the forecast period, with a Compound Annual Growth Rate (CAGR) of 6.33% through 2028 and is expected to reach at 11.60 million tonnes by 2028. Stearic acid, also known as octadecanoic acid, is applied across various industries, including food, cosmetics, rubber, and pharmaceuticals. It is sourced from materials such as palm oil and corn and is insoluble in water. Furthermore, stearic acid is used in soap, shampoo, and candle production. It also functions as a coating for metal powders, like aluminum and iron, extending their shelf life. The increasing demand for intermediates and additives across industries globally is a key driver for the expected growth of the market in the forecast period. Moreover, the automotive sector's growing adoption of stearic acid is projected to further propel market expansion. Additionally, rising consumer awareness regarding personal health and hygiene is anticipated to contribute to market growth. Furthermore, the increased use of stearic acid in metal cleaning and candle manufacturing is set to drive the market's growth in the near future.

Key Market Drivers

Surge in Demand from the Automotive Industry

Stearic acid is gaining prominence in the automotive sector, driving market growth. As the automotive industry focuses on enhancing interior comfort and aesthetics, stearic acid plays a crucial role. It is used in producing materials for car seats, dashboards, and other interior components, contributing to visually appealing and comfortable interiors. Additionally, stearic acid finds application in tire manufacturing, improving tire performance and durability. The growing automotive market results in increased demand for high-quality tires, fueling stearic acid demand. Moreover, stearic acid is vital in producing rubber components like seals, gaskets, and hoses, essential for vehicle functionality and safety. The rising vehicle production drives demand for stearic acid in these applications. Stearic acid's lubricating properties are valuable for automotive lubricants and coatings, enhancing efficiency and performance. As the automotive industry adopts advanced materials, stearic acid usage increases. Moreover, stearic acid sourced sustainably aligns with the industry's environmental goals.

Growing Use of Stearic Acid in Metal Processing Industry

Stearic acid's versatility is evident in the metal processing industry. It acts as a lubricant, release agent, and anti-corrosion agent, enhancing metalworking processes. In die casting, stearic acid reduces friction, resulting in smoother mold release and improved surface finish. It also forms a protective layer on metal surfaces, preventing corrosion. Stearic acid's lubricating properties minimize friction in wire drawing and metal forming, improving tool wear and surface finish. It serves as a binding agent for metal powders in powder metallurgy, enhancing uniformity and controlled shrinkage during sintering. Stearic acid is used in extrusion and forging, reducing energy required for metal deformation. Its application extends to automotive lubricants and coatings, enhancing performance. Additionally, stearic acid aids in anti-corrosion treatments for automotive components.

Increase in Usage of Stearic Acid in Candle Production

Stearic acid's role in candle production is growing. It improves candle hardness, reduces melting and dripping tendencies, and enhances burn time. It minimizes soot formation and ensures candles burn uniformly. Stearic acid's customization options appeal to artisanal candle makers. It is crucial for scented candles, ensuring even fragrance dispersion. As artisanal and craft candle making gains traction, demand for stearic acid rises.

Key Market Challenges

Raw Material Availability and Cost Fluctuations

Stearic acid production depends on raw materials like vegetable oils and animal fats. Supply disruptions or increased demand from other industries can lead to shortages and cost fluctuations. Fluctuations in raw material prices affect production costs, impacting profit margins. Supply chain disruptions can lead to delays and increased costs.

Environmental Concerns and Sustainability

Stearic acid production and sourcing raise environmental concerns, including carbon footprint, deforestation, and habitat loss. Sustainable sourcing and production are crucial to address these issues. Manufacturing processes can generate waste and pollutants, affecting local ecosystems.

Key Market Trends

Growing Popularity of Organic Products

The trend toward organic products is influencing stearic acid sourcing and utilization. Organic stearic acid aligns with consumer preferences for natural and sustainable ingredients. Organic farming practices promote sustainability and reduce environmental impact.

Segmental Insights

Type Insights

In 2022, the vegetable-based segment dominated the Stearic Acid market and is predicted to continue expanding. Vegetable-based stearic acid appeals to environmentally conscious consumers.

Application Insights

In 2022, the personal care segment dominated the market and is predicted to continue expanding. Stearic acid is essential for controlling viscosity and stability in personal care products.

Regional Insights

The Asia Pacific region leads the Global Stearic Acid Market due to rising middle class and increased consumer spending, especially in cosmetics, personal care, and food industries.

Key Market Players

• Akzo Nobel Oleochemicals Limited
• Emery Oleochemicals
• Proctor & Gamble Chemicals
• PMC Biogenix
• VVF Limited
• Twin Rivers
• Wilmar International
• Oleon NV
• Kao Chemicals
• Pacific Oleochemicals Sdn Bhd

Report Scope:

In this report, the Global Stearic Acid Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Stearic Acid Market, By Type:
• Animal Based
• Vegetable Based
• Stearic Acid Market, By End Use:
• Soaps & Detergents
• Personal Care
• Textiles
• Lubricants
• Rubber Processing
• Others
• Stearic Acid Market, By Region:
• Asia Pacific
• North America
• Europe
• Middle East & Africa
• South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Stearic Acid Market.

Available Customizations:

Global Stearic Acid Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Contents

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
  1.2.1. Markets Covered
  1.2.2. Years Considered for Study
  1.2.3. Key Market Segmentations

2. RESEARCH METHODOLOGY

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. EXECUTIVE SUMMARY

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. VOICE OF CUSTOMERS


5. GLOBAL STEARIC ACID MARKET OUTLOOK

5.1. Market Size & Forecast
  5.1.1. By Value & Volume
5.2. Market Share & Forecast
  5.2.1. By Type (Animal Based, Vegetable Based)
  5.2.2. By End Use (Soaps & Detergents, Personal Care, Textiles, Lubricants, Rubber Processing and Others)
  5.2.3. By Region
  5.2.4. By Company (2022)
5.3. Market Map

6. NORTH AMERICA STEARIC ACID MARKET OUTLOOK

6.1. Market Size & Forecast
  6.1.1. By Value & Volume
6.2. Market Share & Forecast
  6.2.1. By Type
  6.2.2. By End Use
  6.2.3. By Country
6.3. North America: Country Analysis
  6.3.1. United States Stearic Acid Market Outlook
    6.3.1.1. Market Size & Forecast
      6.3.1.1.1. By Value & Volume
    6.3.1.2. Market Share & Forecast
      6.3.1.2.1. By Type
      6.3.1.2.2. By End Use
  6.3.2. Mexico Stearic Acid Market Outlook
    6.3.2.1. Market Size & Forecast
      6.3.2.1.1. By Value & Volume
    6.3.2.2. Market Share & Forecast
      6.3.2.2.1. By Type
      6.3.2.2.2. By End Use
  6.3.3. Canada Stearic Acid Market Outlook
    6.3.3.1. Market Size & Forecast
      6.3.3.1.1. By Value & Volume
    6.3.3.2. Market Share & Forecast
      6.3.3.2.1. By Type
      6.3.3.2.2. By End Use

7. EUROPE STEARIC ACID MARKET OUTLOOK

7.1. Market Size & Forecast
  7.1.1. By Value & Volume
7.2. Market Share & Forecast
  7.2.1. By Type
  7.2.2. By End Use
  7.2.3. By Country
7.3 Europe: Country Analysis
  7.3.1. France Stearic Acid Market Outlook
    7.3.1.1. Market Size & Forecast
      7.3.1.1.1. By Value & Volume
    7.3.1.2. Market Share & Forecast
      7.3.1.2.1. By Type
      7.3.1.2.2. By End Use
  7.3.2. Germany Stearic Acid Market Outlook
    7.3.2.1. Market Size & Forecast
      7.3.2.1.1. By Value & Volume
    7.3.2.2. Market Share & Forecast
      7.3.2.2.1. By Type
      7.3.2.2.2. By End Use
  7.3.3. United Kingdom Stearic Acid Market Outlook
    7.3.3.1. Market Size & Forecast
      7.3.3.1.1. By Value & Volume
    7.3.3.2. Market Share & Forecast
      7.3.3.2.1. By Type
      7.3.3.2.2. By End Use
  7.3.4. Italy Stearic Acid Market Outlook
    7.3.4.1. Market Size & Forecast
      7.3.4.1.1. By Value & Volume
    7.3.4.2. Market Share & Forecast
      7.3.4.2.1. By Type
      7.3.4.2.2. By End Use
  7.3.5. Spain Stearic Acid Market Outlook
    7.3.5.1. Market Size & Forecast
      7.3.5.1.1. By Value & Volume
    7.3.5.2. Market Share & Forecast
      7.3.5.2.1. By Type
      7.3.5.2.2. By End Use

8. ASIA-PACIFIC STEARIC ACID MARKET OUTLOOK

8.1. Market Size & Forecast
  8.1.1. By Value & Volume
8.2. Market Share & Forecast
  8.2.1. By Type
  8.2.2. By End Use
  8.2.3. By Country
8.3. Asia-Pacific: Country Analysis
  8.3.1. China Stearic Acid Market Outlook
    8.3.1.1. Market Size & Forecast
      8.3.1.1.1. By Value & Volume
    8.3.1.2. Market Share & Forecast
      8.3.1.2.1. By Type
      8.3.1.2.2. By End Use
  8.3.2. India Stearic Acid Market Outlook
    8.3.2.1. Market Size & Forecast
      8.3.2.1.1. By Value & Volume
    8.3.2.2. Market Share & Forecast
      8.3.2.2.1. By Type
      8.3.2.2.2. By End Use
  8.3.3. South Korea Stearic Acid Market Outlook
    8.3.3.1. Market Size & Forecast
      8.3.3.1.1. By Value & Volume
    8.3.3.2. Market Share & Forecast
      8.3.3.2.1. By Type
      8.3.3.2.2. By End Use
  8.3.4. Japan Stearic Acid Market Outlook
    8.3.4.1. Market Size & Forecast
      8.3.4.1.1. By Value & Volume
    8.3.4.2. Market Share & Forecast
      8.3.4.2.1. By Type
      8.3.4.2.2. By End Use
  8.3.5. Australia Stearic Acid Market Outlook
    8.3.5.1. Market Size & Forecast
      8.3.5.1.1. By Value & Volume
    8.3.5.2. Market Share & Forecast
      8.3.5.2.1. By Type
      8.3.5.2.2. By End Use

9. SOUTH AMERICA STEARIC ACID MARKET OUTLOOK

9.1. Market Size & Forecast
  9.1.1. By Value & Volume
9.2. Market Share & Forecast
  9.2.1. By Type
  9.2.2. By End Use
  9.2.3. By Country
9.3. South America: Country Analysis
  9.3.1. Brazil Stearic Acid Market Outlook
    9.3.1.1. Market Size & Forecast
      9.3.1.1.1. By Value & Volume
    9.3.1.2. Market Share & Forecast
      9.3.1.2.1. By Type
      9.3.1.2.2. By End Use
  9.3.2. Argentina Stearic Acid Market Outlook
    9.3.2.1. Market Size & Forecast
      9.3.2.1.1. By Value & Volume
    9.3.2.2. Market Share & Forecast
      9.3.2.2.1. By Type
      9.3.2.2.2. By End Use
  9.3.3. Colombia Stearic Acid Market Outlook
    9.3.3.1. Market Size & Forecast
      9.3.3.1.1. By Value & Volume
    9.3.3.2. Market Share & Forecast
      9.3.3.2.1. By Type
      9.3.3.2.2. By End Use

10. MIDDLE EAST AND AFRICA STEARIC ACID MARKET OUTLOOK

10.1. Market Size & Forecast
  10.1.1. By Value & Volume
10.2. Market Share & Forecast
  10.2.1. By Type
  10.2.2. By End Use
  10.2.3. By Country
10.3. MEA: Country Analysis
  10.3.1. South Africa Stearic Acid Market Outlook
    10.3.1.1. Market Size & Forecast
      10.3.1.1.1. By Value & Volume
    10.3.1.2. Market Share & Forecast
      10.3.1.2.1. By Type
      10.3.1.2.2. By End Use
  10.3.2. Saudi Arabia Stearic Acid Market Outlook
    10.3.2.1. Market Size & Forecast
      10.3.2.1.1. By Value & Volume
    10.3.2.2. Market Share & Forecast
      10.3.2.2.1. By Type
      10.3.2.2.2. By End Use
  10.3.3. UAE Stearic Acid Market Outlook
    10.3.3.1. Market Size & Forecast
      10.3.3.1.1. By Value & Volume
    10.3.3.2. Market Share & Forecast
      10.3.3.2.1. By Type
      10.3.3.2.2. By End Use

11. MARKET DYNAMICS

11.1. Drivers
11.2. Challenges

12. MARKET TRENDS & DEVELOPMENTS


13. PESTLE ANALYSIS


14. PORTER’S FIVE FORCES ANALYSIS

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Product

15. COMPETITIVE LANDSCAPE

15.1. Business Overview
15.2. Company Snapshot
15.3. Products & Services
15.4. Financials (In case of listed companies)
15.5. Recent Developments
15.6. SWOT Analysis
  15.6.1. Akzo Nobel Oleochemicals Limited
  15.6.2. Emery Oleochemicals
  15.6.3. Proctor & Gamble Chemicals
  15.6.4. PMC Biogenix
  15.6.5. VVF Limited
  15.6.6. Twin Rivers
  15.6.7. Wilmar International
  15.6.8. Oleon NV
  15.6.9. Kao Chemicals
  15.6.10. Pacific Oleochemicals Sdn Bhd

16. STRATEGIC RECOMMENDATIONS