Stearic Acids Market - Forecast(2024 - 2030)

Report Code: CMR 92842 Report Format: PDF + Excel

Stearic Acids Market Overview

Stearic Acids Market size is forecast to grow at a CAGR of 3.5% during the forecast period 2021-2026. Globally, the increasing demand for stearic acid derived from plant based and animal based products in numerous applications such as personal care, rubber processing, paints and coatings, and others is driving the growth of the market. Furthermore, the rising growth of stearic acids in the pharmaceutical industry for the production of tablets and in the production of lead-acid batteries, as a negative plate additive is also estimated to drive the market growth. Increasing usage of stearic acids owing to the essential properties such as inherent lubricity, shelf-life, and stability in a wide range of stearic acid applications have raised the market growth. Moreover, the market for stearic acid in cosmetic and detergent applications is expected to grow due to its powerful cleaning and surfactant properties, which make it easier to remove oil and dirt from the surface.

Impact of Covid-19

Covid-19 pandemic created disruptions in the growth of the stearic acid market in the year 2020 due to the halt in several manufacturing industries. Huge declination was seen in the production of automotive which reflected the demand for tyres and henceforth devasted the growth of stearic acids. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of motor vehicles in Europe, America, Asia, and Africa declined by -21.6%, -22.1%, -10.2%, and -35.3% respectively from the year 2019 to 2020.  Also, due to the pandemic the import and export trade disruptions affected the demand of the stearic acids which overall affected the growth of the market in the year 2020.

Report Coverage

The report: “Stearic Acids Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the stearic acids market.
By Form: Liquid, Granule, Flakes, and Others 
By Material Type: Plant-Based (Palm Oil, Coconut Oil, Soyabean Oil, Sunflower Oil, and Others) and Animal-Based 
By Application: Personal Care (Hair Care, Oral Care, Skin Care, Body Care, Decorative Cosmetics, and Others), Cleaners, Automotive, Textile, Lubricants, Pharmaceutical, and Others 
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), APAC(China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America(Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Takeaways

  • Asia-Pacific region dominates the stearic acids market owing to the rising usage of stearic acids in the personal care as well as in the automotive sector in emerging economies such as India, China, South Korea, and Japan.
  • The rising consumer awareness about the use of dietary supplements to keep them safe and hygienic in their everyday lives would boost the demand for stearic acids over the forecast period.
  • Increasing adoption of stearic acids in lead-acid batteries, rubber processing, and as a lubricant in injection moulding applications, in the end use sector has drived the market growth.
  • Moreover, increasing health affects during the production of stearic acids is anticipated to create hurdles in the growth of the market.

Figure: Asia Pacific Stearic Acids Market Revenue, 2020-2026 (US$ Billion)

Stearic Acids Market

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Stearic Acids Market Segment Analysis- By Material Type

Plant-Based segment held the largest share in the stearic acids market in 2020. Stearic acids derived from plants are part of the fatty acid category, which includes products derived mainly from natural fats and oils. Stearic acids contain triglycerides which are glycerin molecules attached to long hydrocarbon chains. Cotton, coconut, palm kernel, castor beans, rapeseed, soybeans, and sunflowers are common sources of plant oils. In various countries, almost all stearic acid is made from tallow and coconut oil, although lesser amounts are made from palm oil. Furthermore, various other plants based raw materials such as sunflower oil and soyabean oil is used in the production of stearic acids. Thus, the growing production of plant based stearic acids is estimated to rise in the forecast period.

Stearic Acids Market Segment Analysis- By Application

Personal care sector held the largest share in the stearic acids market in 2020 and is projected to grow at a CAGR of 4.1% during the forecast period 2021-2026. While inexpensive commodity products will continue to account for the majority of demand in terms of volume, consumer demand for stearic acids in personal care products would increase. As well as manufacturers' efforts to increase the use of multifunctional, environmental friendly products, will drive the demand for stearic acids over the forecast period. With the rising growth in the personal care sector the market for stearic acids is also anticipated to upsurge in recent years. For instance, According to Assocham, India's beauty, cosmetics, and grooming market will expand from US$ 6.5 billion to US$ 20 billion by 2025, owing to the middle-class disposable income and the aspirations of people to live a good life and look nice. The upsurge in the personal care industry is thus driving the demand for stearic acids, which is estimated to drive the market growth.

Stearic Acids Market Segment Analysis- Geography

Asia-Pacific region held the largest share of more than 39% in the stearic acids market in 2020. The rising usage and demand of personal care products and cleaning detergents in the Asia-Pacific countries are driving up the demand for stearic acids. These end use industries account for the majority of the demand for stearic acids products. Furthermore, increasing demand for stearic acids in the Southeast Asian countries such as Indonesia, Malaysia, Thailand, and others, in applications such as rubber processing, soap and detergents, and personal care, has raised the market growth. According to the International Trade Administration, from 2019 to 2022, Thailand's beauty and personal care market is expected to expand at a steady rate by 7.3% per year. With the rising personal care sector the market for stearic acids is estimated to increase. Thus, the demand for stearic acids is therefore anticipated to increase in the Asia-Pacific region over the forecast period.

Stearic Acids Market Drivers

Rising Usage of Stearic Acids in Rubber

Stearic acid in rubber applications provides lubrication, increased viscosity, and a smoother finished product texture. The final thickness of the rubber is determined by the amount of stearic acid used. Increasing usage of rubber for the production of tyres has uplifted the market growth. Furthermore, the majority of car tyre manufacturers use stearic acid as an additive to help make the rubber strong enough to retain its shape even under constant pressure while being flexible enough to provide road grip. Furthermore, the rising production of automotive is estimated to uplift the demand for tyres which will further raise the growth of the stearic acid market. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), in France, the passenger car production increased by 0.5% in the year 2018 whereas the percentage change in the production of light commercial vehicles was increased by 6.5% in the year 2019. Thus, increasing automotive industry would further raise the growth of the market.

Increasing Usage of Stearic Acids in the Pharmaceutical Industry

In the pharmaceutical industry stearic acids are commonly used in the production of pharmaceutical tablets and capsules. In the oral pharmaceutical formulations, stearic acid is commonly used. Increasing use of stearic acid as a tablet lubricant in oral formulations has raised the demand for the market. Furthermore, stearic acid has been used as a dispersion medium for drugs in the form of microspheres made of fats and waxes for managed release. Rising investments in the pharmaceutical industry would also raise the demand for stearic acids in the upcoming years. Therefore, the increasing usage of stearic acids in the pharmaceutical industry is driving the stearic acids market growth.

Stearic Acids Market Challenges

Rising Health Effects will Hamper the Growth of the Market

Excessive concentrated product intake can lead to health problems including liver toxicity, human and animal skin disease, and cancer, all of which can stifle demand for stearic acid. In addition, the possibility of neurotoxicity and organ damage is likely to limit use of cosmetic products in the future. Also, stearic acid can cause potential health effects such as chemical conjunctives, skin irritation, and ingestion problems such as gastrointestinal irritation with vomiting, nausea, and diarrhea. Thus, these rising health effects are one of the biggest roadblocks to the stearic acids market expansion.

Stearic Acids Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the stearic acids market. Major players in the stearic acids market are BASF SE, The U.S. Chemicals LLC., Emery Oleochemicals, AkzoNobel, Godrej Industries, Wilmar International, Pacific Oleo Chemicals Sdn Bhd, Oleon, Kuala Lumpur Kepong (KLK), and Kao Chemicals, among others. 

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1. Stearic Acids Market - Market Overview
    1.1 Definitions and Scope
2. Stearic Acids Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Form
    2.3 Key Trends by Material Type
    2.4 Key Trends by Application
    2.5 Key Trends by Geography
3. Stearic Acids Market - Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Stearic Acids Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Stearic Acids Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Stearic Acids Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Stearic Acids Market -Strategic analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Stearic Acids Market – By Form (Market Size - US$ Million)
    8.1 Liquid
    8.2 Granule
    8.3 Flakes
    8.4 Others
9. Stearic Acids Market - By Material Type (Market Size - US$ Million)
    9.1 Plant-Based
        9.1.1 Palm Oil
        9.1.2 Coconut Oil
        9.1.3 Soyabean Oil
        9.1.4 Sunflower Oil
        9.1.5 Others
    9.2 Animal-Based
10. Stearic Acids Market – By Application (Market Size - US$ Million)
    10.1 Personal Care
        10.1.1 Hair care
            10.1.1.1 Shampoos
            10.1.1.2 Conditioner
            10.1.1.3 Hair Colorants
            10.1.1.4 Others
        10.1.2 Oral Care
            10.1.2.1 Mouth washes
            10.1.2.2 Toothpastes
            10.1.2.3 Others
        10.1.3 Skin Care
            10.1.3.1 Cleansing lotions
            10.1.3.2 Moisturizers
            10.1.3.3 Shaving Creams/Foam
            10.1.3.4 Others
        10.1.4 Body Care
            10.1.4.1 Soaps
            10.1.4.2 Body Washes
            10.1.4.3 Body Lotions
            10.1.4.4 Others
        10.1.5 Decorative Cosmetics
        10.1.6 Others
    10.2 Cleaners
        10.2.1 Household Cleaning Products
            10.2.1.1 Laundry Detergents
            10.2.1.2 Dishwashing Detergents
            10.2.1.3 Others
    10.3 Automotive
    10.4 Textile
    10.5 Lubricants
    10.6 Pharmaceutical
    10.7 Others
11. Stearic Acids Market - By Geography (Market Size - US$ Million)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of South Africa
12. Stearic Acids Market - Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Stearic Acids Market - Industry/Segment Competition Landscape Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category- Major companies
    13.6 Company Benchmarking Matrix - Major companies 
14. Stearic Acids Market - Key Company List by Country Premium Premium 
15. Stearic Acids Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"