Global Distilled Fatty Acids Market Highlights over 2022 – 2031
The global distilled fatty acids market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Distilled fatty acids are manufactured artificially though the fractional distillation of natural or synthetic fats. The growth of the market can be attributed to the growing use of distilled fatty acids as an alternative for palm oil amongst various industries, including the food and beverages, and the cosmetic industry. Along with this, the various desirable features of distilled fatty acids, including low odor, absence of color, and higher purity are expected to surge their demand in the market. Moreover, the highly stable nature of distilled fatty acids, is further bound to encourage the market growth. In addition to this, the demand for high-end cosmetics and skin-care products is increasing, backed by the increasing personal disposable income, combined with the rising skin care consciousness, across the world. As a result, the cosmetics industry is growing rapidly, and its growth is projected to play a crucial role in the growth of the global distilled fatty acids market. For instance, cosmetics is a USD 90 billion industry, as of 2020, which is estimated to generate a revenue of roughly USD 175 billion by the end of 2025.
The market is segmented by application, into PVC stabilizer, lubricant, food additives, cosmetics, animal feed, and others, out of which, the cosmetics segment is anticipated to hold a substantial share in the global distilled fatty acids market over the forecast period on account of increasing use of distilled fatty acids for manufacturing soaps, lotions, and other cosmetic products, backed by its excellent emollient properties. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Distilled Fatty Acids Market Regional Synopsis
On the basis of geographical analysis, the global distilled fatty acids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of presence of a sizeable cosmetic industry in the countries, such as, South Korea, and Japan, along with the presence of major market players in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high import and export of chemicals in the region. Furthermore, the growing cosmetic industry in the U.S. is also anticipated to boost the market growth. For instance, nearly USD 90 billion revenue was generated in 2018 by the U.S. cosmetic industry.
The global distilled fatty acids market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global distilled fatty acids market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Growing demand in the cosmetic industry is estimated to boost the market growth
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Agarwal Industries Private Limited, ExcelVite Sdn. Bhd., KLK OLEO, Wilmar International Limited, Oleon NV, Timur Oleochemical, Lascaray S.A., Kraton Performance Polymers, and Inc, Chemol Company Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, source, application, and by region.
The cosmetic segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The high production cost of distilled fatty acids is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period on the back of the growing cosmetic industry in the region.
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