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The stearic acid market is projected to grow by USD 553.66 million with a CAGR of 5.57% during the forecast period 2021 to 2026.
This stearic acid market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the stearic acid market segmentation by application (personal care, food and beverages, healthcare, textile, and others) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The stearic acid market report also offers information on several market vendors, including 3F Industries Ltd., BASF SE, Cayman Chemical Co., ChemCeed LLC, Croda International Plc, Emery Oleochemicals LLC, Godrej Industries Ltd., IOI Corp. Berhad, Jarchem Industries Inc., Kao Corp, KLK Oleo, NIMIR INDUSTRIAL CHEMICALS LTD., Nissan Chemical America Corp., Oleon NV, Pacific Oleochemicals Sdn Bhd, Stepan Co., TAIKO KIKAI INDUSTRIES Co. Ltd, The Procter & Gamble Co., VVF Group, and Wilmar International Ltd. among others.
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Increasing industrial growth in APAC, North America, and MEA is notably driving the stearic acid market growth, although factors such as volatility in raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the stearic acid industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Stearic Acid Market Driver
Increasing industrial growth in APAC, North America, and MEA is one of the factors driving the stearic acid market growth. The stearic acid market in APAC, North America, and MEA is growing due to rapid industrialization. The increased spending capacity of the middle-class populations, the availability of abundant labor, and other factors in these regions are the key reasons that encourage vendors to expand and establish new industries in these regions. Factors responsible for rapid industrialization in these regions include the initiatives undertaken by governments for industrialization, rapid globalization, and others. Rapid industrialization is fostering the demand for stearic acid in applications such as cosmetics and rubber processing, among others. Such factors will drive market growth during the forecast period.
Key Stearic Acid Market Trend
The use of stearic acid in metal processing and candle manufacturing is one of the key stearic acid market trends fueling the stearic acid market growth. Stearic acid is popularly used in the manufacturing of candles. The major factors driving the market are the high demand for decorative candles, ease of purchase, increasing penetration of online channels, and rise in demand from emerging economies. However, the use of stearic acid is not extensively commercialized in the candle manufacturing segment. This can be attributed to the availability of many other substitutes and health and environmental concerns related to the use of stearic acid. Manufacturers mostly prefer to use bio-products in candle-making, such as stearic acid, which is used as a hardener in the candle-making process. Owing to these factors, the market is expected to grow significantly during the forecast period.
Key Stearic Acid Market Challenge
Volatility in raw material prices is one of the key factors challenging the stearic acid market growth. Various end-users require a specific color of stearic acid as per the application. The variations in the color of the acid indicate the level of impurity, and the cost of producing stearic acid with a high level of purity is high. Biosynthetic methods, such as the seeding and pressing methods of extraction of stearic acid from fat, are expensive. This makes the manufacturing cost of stearic acid quite high. Moreover, global fluctuations are seen in crude oil prices from which stearic acid is produced via synthetic routes. Such factors are challenging market growth.
This stearic acid market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global stearic acid market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the stearic acid market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the stearic acid market encompasses successful business strategies deployed by the key vendors. The stearic acid market is fragmented, and the vendors are deploying growth strategies such as features, price, services, and performance to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report stearic acid market contains comprehensive market knowledge and an in-depth vendor landscape added on to an analysis of the key vendors.
Our In-house experts produce extensive information on the value chain and parent market of the stearic acid market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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40% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the stearic acid market in APAC. Market growth in this region will be slower than the growth of the market in South America.
Rising health concerns will facilitate the stearic acid market's growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 and 2021 negatively affected the regional market. However, the initiation of vaccination drives led to the lifting of lockdowns in many countries in the region. This resulted in the reopening of production units and operations in distribution channels, which increased the demand for stearic acid in the region. Such factors are likely to drive the growth of the market in the region during the forecast period.
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The stearic acid market share growth in the personal care segment will be significant during the forecast period. APAC is expected to account for the highest market share in the personal care market owing to the presence of an expanding population, an increase in the male consumer base, and others during the forecast period. Such key factors are fueling the growth in the personal care segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the stearic acid market size and actionable market insights on the post-COVID-19 impact on each segment.
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Stearic Acid Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.57% |
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Market growth 2022-2026 |
$553.66 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.45 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key consumer countries |
US, China, Japan, Germany, and The Netherlands |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
3F Industries Ltd., BASF SE, Cayman Chemical Co., ChemCeed LLC, Croda International Plc, Emery Oleochemicals LLC, Godrej Industries Ltd., IOI Corp. Berhad, Jarchem Industries Inc., Kao Corp, KLK Oleo, NIMIR INDUSTRIAL CHEMICALS LTD., Nissan Chemical America Corp., Oleon NV, Pacific Oleochemicals Sdn Bhd, Stepan Co., TAIKO KIKAI INDUSTRIES Co. Ltd, The Procter and Gamble Co., VVF Group, and Wilmar International Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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