Overview and Scope
The stearic acid market consists of sales of natural stearic acid, synthetic stearic acid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The stearic acid market size has grown strongly in recent years. It will grow from $32.80 billion in 2023 to $35.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to growing demand in personal care products, increasing use in food industry, growing construction industry, rise in automotive industry, and growing demand in metal cleaning.
The stearic acid market size is expected to see strong growth in the next few years. It will grow to $49.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing use in candle manufacturing, growing demand in pharmaceuticals, increasing use in cosmetics, growing demand in food packaging, and increasing use in textile industry. Major trends in the forecast period include shift towards sustainable and bio-based products, rising popularity of natural and organic personal care products, development of stearic acid-based biodegradable plastics, and enhanced focus on eco-friendly packaging materials.
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Segmentation & Regional Insights
The stearic acid market covered in this report is segmented –
1) By Feedstock: Animal-Based Raw Materials, Vegetable-Based Raw Materials
2) By Sales Channel: Direct Sales, Indirect Sales
3) By End-Use Industry: Agriculture, Automotive, Textiles, Healthcare, Food And Beverages, Personal Care, Other End-Use Industries
Asia-Pacific was the largest region in the stearic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stearic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing need for personal care products is expected to propel the growth of the stearic acid market going forward. Personal care products encompass items used for hygiene, grooming, and beautification, including skincare, haircare, oral care, and cosmetics. The increasing need for personal care products is attributed to rising consumer awareness about personal hygiene and grooming, growing disposable incomes, urbanization, and the influence of social media and beauty trends. Stearic acid plays a crucial role in cosmetics by enhancing product stability, texture, and performance. Its emulsifying, thickening, and conditioning properties make it valuable in various skincare, haircare, and personal care products. For instance, in September 2023, according to the Bureau of Labor Statistics, a US-based government agency, personal care products and services increased by 12.3% in 2022 from 19.3% in 2021. Therefore, the increasing need for personal care products drives the stearic acid market.
Key Industry Players
Major companies operating in the stearic acid market are Cargill Incorporated, BASF SE, Procter & Gamble, Wilmar International Ltd., Evonik Industries AG , kao Corporation , Musim Mas Group, Stepan Company, Croda International Plc, KLK Oleo, Sinarmas Cepsa Pte. Ltd., Vantage Specialty Chemicals, Godrej Industries Limited, New Japan Chemical Co. Ltd., Oleon NV, Emery Oleochemicals, Spectrum Chemical, Cayman Chemical, Stearinerie Dubois, The Chemical Company, Lascaray S.A., IOI Oleochemical, Acme Synthetic Chemicals, ATAMAN KİMYA, Zanyu Technology Group Co. Ltd.
The stearic acid market report table of contents includes:
1. Executive Summary
2. Stearic Acid Market Characteristics
3. Stearic Acid Market Trends And Strategies
4. Stearic Acid Market – Macro Economic Scenario
5. Global Stearic Acid Market Size and Growth
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32. Global Stearic Acid Market Competitive Benchmarking
33. Global Stearic Acid Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Stearic Acid Market
35. Stearic Acid Market Future Outlook and Potential Analysis
36. Appendix
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