The global stearic acid market revenue is expected to expand at a lucrative CAGR over the forecast period. Stearic acid is derived from animals and vegetable fats that contains carbon and methyl chains. It can be also derived from saponification method. Stearic acid is mostly used as additives in food industries and also in cosmetics, pharmaceuticals, chemicals, adhesives, lubricants, paints, coatings, etc.
The global stearic acid market report has been segmented on the basis of application and region. On the basis of application, the target market is segmented into soaps & detergents, intermediates, personal care, rubber processing, textile, and lubricants. The personal care application segment is expected to account for highest CAGR over the forecast period, owing to increasing consumer preference towards organic personal care products across the globe. The soaps & detergents application segment is expected to account for second-highest share in the target market, owing to factors such as innovative technology, rising online distribution channel, and increasing usage of soap for various industrial and residential purposes.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register highest share in the target market in terms of revenue, owing to rising demand for stearic acid in various industrial applications and increasing beauty consciousness among consumers in various countries in the region. The market in North America is estimated to be second-highest share in terms of revenue over the forecast period, owing to advanced products development and increasing demand for organic cosmetic products, especially in the US.
Key players operating in the global stearic acid market include P&G Chemicals, the Chemical Company, BASF SE, Kao Corporation, VVF Limited, Godrej Industries Limited, IOI Oleochemical Industries Sdn Bhd, Kuala Lumpur Kepong Berhad, Pt Sumi Asih, and Pacific Oleochemicals Sdn Bhd.