Tallow Fatty Acids Market Growth
Tallow Fatty Acids Market to accrue huge gains via rubber & plastic applications over 2017-2024, APAC to impel the regional demand
Tallow Fatty Acids Market is projected to witness an escalating growth over the span of the next few years, driven by the wide range of product applications in personal care items, soaps & detergents, rubber, and plastics. Global cleaning product business revenue, worth over USD 60 billion in 2013, is predicted to surpass USD 100 billion by 2024. It is expected to record a CAGR of over 7% during the period from 2017 to 2024, subject to strict government policies promoting clean & hygiene environment across the manufacturing and food & beverages sector. This will offer lucrative prospects for the industry players to expand their business across the globe. Global Market Insights, Inc., state that tallow fatty acids industry revenue, which is estimated to cross the USD 3 billion by 2024, will grow at a rate of more than 2.5% over 2017 to 2024.
U.S. tallow fatty acids market size, by end-user, 2013 – 2024 (USD Million)
The rapidly developing electronics, automotive, and construction sectors are expected to impel the growth of tallow fatty acids industry in Asia Pacific. India, Indonesia, China, and Japan are more likely to augment the regional growth as a result of large-scale vehicle production & sales across these regions.
North America tallow fatty acids market, worth USD 950 million in 2016, is estimated to register a massive growth over the coming years. Rising demand for plastics along with strict enforcement of regulations for maintaining sanitation across the medical and food & beverages sectors will impel the growth. The U.S. industry is expected to majorly influence the regional revenue.
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Tallow fatty acids industry size in soaps & detergents sector, which was evaluated at over USD 500 million in 2016, is anticipated to experience an enormous expansion in the near future. The growth can be ascribed to rising use of the product in the manufacture of soaps & detergents as a result of its outstanding moisturizing & conditioning characteristics.
Rubber applications are expected to expand at the rate of more than 2% over the coming seven years, subject to the growing use of the product as vulcanizing and anti-tacking agent in the rubber processing sector. It is worth mentioning that the use of the product to enhance the adhesion property of rubber used for manufacturing tires will boost its popularity in the automotive sector.
Polyunsaturated, saturated, and monounsaturated are the key tallow fatty acid products. Saturated tallow fatty acids industry is projected to record a CAGR of more than 2% over the years to come, owing to its effective use in the manufacture of pharmaceuticals, rubber & plastics, and oilfield chemicals.
Monounsaturated tallow fatty acids market, which dominated the overall industry share in 2016, is anticipated to experience a lucrative growth over the years ahead. Escalating product popularity across cosmetics, personal care items, and soaps will favorably influence the growth of tallow fatty acids industry.
Global tallow fatty acids industry share was highly fragmented in 2016, with top industry participants accounting for lesser than 30% of the industry size. AkzoNobel N.V., Emery Oleochemicals LLC, BASF SE, Vantage Oleochemicals Incorporation, Chemol Company Incorporation, Baerlocher GmbH, Acme-Hardesty Company Incorporation, Ferromac International NV, H Foster & Company Limited, and The Colgate-Palmolive Company are the major players of tallow fatty acids market.
Author Name : Dhananjay Punekar