Tall Oil Fatty Acid Market to cross the billion-dollar benchmark by 2024, North America & Europe to witness major demand
Tall Oil Fatty Acid Market has generated a substantial momentum over the years on grounds of its wide application spectrum across end-use industries as a source of naturally derived fatty acid. Owing to its extensive usage as bio renewable feedstock, tall oil fatty acid has become a major by-product of pulp production. Tall crude oil generated from tall oil fatty acids are widely being used as additives in the fossil diesel, which has further created renewed avenues for tall oil fatty acid industry. A report compiled by Global Market Insights. Inc., foresees tall oil fatty acid market to register a CAGR of more than 4% over the period of 2017-2024 and seize a revenue of more than USD 1 billion by 2024.
U.S. Tall Oil Fatty Acid Market size, by end-user, 2013 – 2024 (USD Million)
Tall oil fatty acid is the by-product derived from the manufacturing of paper & pulp. Pine trees and other coniferous trees are the prime raw materials used for obtaining tall oil fatty acid. In a Kraft mill, tall oil is the third largest chemical by-product after lignin and hemicellulose.
Tall oil fatty acid is mainly used in the manufacturing of alkyd resins, dimer acid and fatty acid esters. Dimer is a significant intermediate chemical used as fuel additives in oilfields and lubricants. Alkyd resins is also a prominent segment holding a major share in the worldwide tall oil fatty acid industry. Finding extensive usage in the paint and coatings industry, the alkyd resins accounted for over one third of the overall industry share and is projected to grow at an annual rate of 4% over 2017-2024.
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The growing popularity of tall oil fatty acid as oilfield chemicals over tallow oil products derived from animals in the lubricants and fuel additive sectors has significantly favored the industry trends. As per the estimates, tall oil fatty acid industry size from lubricants and fuel additives is projected to record a CAGR of 4.5% over the period of 2017-2024, having collected revenue over USD 150 million in 2016. Accounting for more than a quarter of the overall tall oil fatty acid industry share in 2016, soap & detergents end-use industry is likely to witness a moderate growth over the coming years.
Constant research and development to develop new tall oil products have further scaled the demand for tall oil fatty acid industry. Furthermore, ever-increasing consignments of biodiesel have provided tall oil fatty acid industry players with major opportunities to expand their business, particularly in North America and Europe. Absence of any other substitute and easy availability of raw materials in these regions have favored the regional growth. Europe tall oil market is anticipated to contribute to more than one third of the total tall oil fatty acid market share by 2024. North America on the other hand accounted for more than 40% of tall oil fatty acid industry share in 2016 and is expected to show remarkable gains. Extensive demand for oleochemical and oilfield chemical in North America will lead to a profitable roadmap for the product landscape. As per the estimates, oleic acids market in this region will register a CAGR of 4.5% over 2017-2024.
Segezha Pulp and Paper Mill, Harima Chemicals, Georgia Pacific, Shaxian Lixin Resin Co. Ltd, Arizona Chemical Company, Kraton Corporation, BASF SE, Forchem, Pasand Speciality Chemical, and Eastman Chemical Company are some of the prominent names in global tall oil fatty acid market.
Author Name : Ojaswita Kutepatil