Shibuya-ku, Tokyo, Japan, Japan, Jul 27, 2022, 08:59 /Comserve / -- Stearic Acid Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Global Stearic Acid Market is projected to register a CAGR of over 5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Stearic acid is used in rubber processing for internal lubrication and adhesion. Several countries were forced to go in lockdown owing to the pandemic scenario, which led the automotive industry to minimize the consumption of materials like rubber, thus creating a negative impact on the demand for the stearic acid market. However, the consciousness regarding personal hygiene and clean surrounding has increased in the current situation, which has stimulated the demand for stearic acid-based personal care and household cleaning products, thus enhancing the market demand for stearic acid.
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Key Market Trends
Increasing Demand from Personal Care Industry
- Stearic acids are fatty acids that are derived from animal or vegetable fat oils after hydrogenation. It is widely used in the personal care and cosmetics industry as a surfactant and emulsifying agent.
- Stearic acid is generally used for the production of stearates, such as sodium stearate, magnesium stearate, or calcium stearate, which is a component of personal care products. It is used in more than 3,200 skincare and hair care products in recent times.
- Furthermore, the growing awareness for personal health and hygiene, along with increasing beauty consciousness, is expected to drive the demand for stearic acid.
- As per Cosmetics Europe, the European Cosmetics and personal care industry was valued at about USD 95.32 billion in 2019, with a growth rate of about 1.5% compared to the previous year.
- According to the Brazilian Association of the Personal Hygiene, Perfumery and Cosmetics Industry, the Brazil hygiene, perfumery and cosmetics industry accounted a 5.8% growth in revenue (ex-factory sales) during January to September 2020, when compared to the same period in 2019. During the same period, the personal care segment accumulated a 4.3% growth and the cosmetics segment remained stable with growth of 0.1%. Furthermore, the face skin care products category grew by 28.7% during Janurary to September 2020, when compared to the same period in 2019, which in turn stimulates the market demand for stearic acid.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific was the leading consumer of cosmetics and personal care products owing to the growing urbanization and increase in the population of the younger generation in countries such as India and other developing nations.
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- Stearic acid has a large number of applications in soaps and detergents. It primarily fulfills the role of a thickener and a hardener, which helps the soap bar to retain its shape. It is because of stearic acid that soap particles are able to attach to dirt particles, loosening them to be washed away with water. The detergent and cosmetics industry is expected to contribute majorly to the consumption of stearic acid in the region.
- The market is supported by the leading global giants situated in the region, such as L’Oreal, Procter & Gamble, Unilever, and more.
- These companies are likely to expand production with growing needs and demand for cosmetics and detergents. The strong and robust cosmetics industry is driven by cutting-edge innovation and creativity.
- With the various research and developments, expansions, and investments in cosmetic products, the market for stearic acid is expected to grow at a significant rate in the region, during the forecast period.
- China is one of the major consumers of cosmetics. In March 2019, the retail trade revenue of cosmetics in China was amounted to about USD 4.33 billion and reached about USD 3.85 billion in March 2020, with a decline rate of about 11% mainly due to the COVID-19 impact.
Competitive Landscape
The global stearic acid market is highly fragmented in nature. The major companies include IOI Oleo GmbH, Pacific Oleochemicals Sdn Bhd, Emery Oleochemicals, Procter & Gamble, and Merck KGaA, among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Need for Personal Care Products
4.1.2 Rapid Growth of the Cleaners and Detergents Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Fluctuating Prices of Raw Materials
4.2.2 Carcinogen Effect in High Concentrations
4.2.3 Unfavorable Conditions Arising due to the Impact of COVID-19
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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