This research report titled ‘Global Stearic Acid Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The emerging countries in APAC, MEA, and Latin America are expected to contribute to the growth in the global stearic acid market. This can be attributed to the following factors: the rise in the disposable income, demographic changes, industrialization, rapid urbanization, and changing beauty habits. Also, the demand for stearic acid from applications, such as lead-acid batteries, candles, and metal processing, is also contributing toward the adoption of stearic acid in the market.
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Technavio’s analysts categorize the global stearic acid market into seven major segments by application. They are:
- Soaps and detergents
- Rubber processing
- Personal care
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The top three segments based on application for the global stearic acid market are discussed below:
Global stearic acid market by soaps and detergents
Owing to the rising demand from households, consumers shifting toward organic products, growing demand from emerging countries, rapid industrialization, changing beauty habits, demand from automotive, growing textile exports are the major factors generating demand for stearic acid. Also, development of new applications will further boost the demand for stearic acid.
According to Mohd Shakeel Iqbal, a lead specialty chemicals research analyst from Technavio, “The increasing online channel penetration, advances in technology, promotion of the use of soaps from various regulatory bodies and government agencies, rising health awareness, demand from emerging countries, increase in urbanization, increasing disposable income, increase in demand for industrial and household detergent, are the factors driving demand for stearic acid.”
Global stearic acid market by intermediates
Stearic acid is extensively used in intermediates. In 2016, the intermediates segment accounted for the second largest market share in terms of consumption of stearic acid. It is used as intermediates in emulsifier, pharmaceutical, chemicals, and food supplements.
“Stearic acid is used in small quantity in food additives. It is commonly mixed with magnesium to form magnesium stearate. Also, it is used as a lubricant in pills when an ingredient mix is uncooperative and pose a challenge to mass, adhesiveness, and flow. It is also used as an ingredient that facilitates binding and unbinding of tablets properly,” says Shakeel.
Global stearic acid market by rubber processing
The rubber processing segment is expected to account for 18.49% of the market share by the end of forecast period. Stearic acid is majorly used as activator, lubricant and dispersing agent for rubber compound processing. Also, it is also used as an external lubricant and viscosity depressant in Polyvinyl chloride (PVC) processing. Also, it works as a dispersing agent in plasticizer and anti-sticking mold and rolls.
APAC is the highest consumer of stearic acid in the rubber processing industry as rubber is widely used for manufacturing tires. The significant growth in the automotive industry is in-turn surging the increased consumption of stearic acid in APAC. Emerging countries such as China, Indonesia, India, and other ASEAN countries are fostering the growth in the stearic acid market in a positive direction.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Akzo Nobel
- Godrej Industries
- Procter & Gamble
- Wilmar International
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