LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global isostearic acid market to grow at a CAGR of almost 8% during the forecast period, 2018-2022, in their latest market research report.
A major trend being witnessed in the market is the increased consumption of cosmetics and daily-use products. Isostearic acid is usually used in products, which are used for daily purposes such as lipsticks, eye makeup, foundations, and shaving creams. Additionally, isostearic acid is used to manufacture bike tires. Plastic bags that are used commonly and contain animal fat are also produced using isostearic acid. A small portion of isostearic acid is used in the texture and smell of crayons that are used for coloring. The use of these products is increasing with the financial and commercial growth of the global economy. During the forecast period, the global isostearic acid market will be driven by the multiple uses and advantages of isostearic acid in cost-effective daily-use products and cosmetics.
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In this report, Technavio research analysts highlight the growth of the FMCG sector in APAC as a key factor contributing to the growth of the global isostearic acid market:
Growth of the FMCG sector in APAC
Isostearic acid is mainly used in the production of detergents, soaps, and cosmetics such as shampoos and shaving creams. The increase in the consumption and demand for these products in APAC has driven the growth of the isostearic acid market in the region. Additionally, the growth of the fast-moving consumer goods (FMCG) sector in APAC has proven to be one of the biggest factors contributing to the growth of the isostearic acid market in the region. The FMCG sector is expected to witness rapid growth in countries such as India because of the constant rise in the economy, rising share of organized retail, and increasing consumer awareness.
According to a senior analyst at Technavio for specialty chemicals, “The increased expenditure on personal care products by consumers to enhance their lifestyles has opened new opportunities for retailers and manufacturers. This has evidently increased the sales volume of products manufactured using isostearic acid. Thus, the growth of the FMCG sector in the region has resulted in the increase in demand for isostearic acid.”
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Global isostearic acid market segmentation
This market research report segments the global isostearic acid market into the following applications (personal care, chemical esters, and lubricants) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The personal care application segment held the largest market share in 2017, contributing to over 32% of the market. This application segment is expected to grow steadily over the forecast period.
EMEA led the global isostearic acid market in 2017, accounting for a market share of more than 40. This region will demonstrate steady growth and the market share contributed by this region will increase by nearly 1% during the forecast period.
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