The Tall Oil Fatty Acid Market is set to grow from its current market value of more than $800 million to over $1 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Tall oil fatty acid market will be chiefly driven by products application as a corrosion inhibitor, lubricant and viscosity modifier in the oilfield sector. Growing petroleum demand in various industries such as aviation, automobile, etc. has led to a sharp increase in petroleum production in North America and Middle East. For instance, petroleum production per day increased by 3 million barrels from 2011 to 2015 in the U.S. Middle Eastern countries are also estimated to increase their petroleum production rates during the forecast years.
The product is employed in the manufacturing of cleaners & detergents. Rapid increase in demand for cleaning products will augment the tall oil fatty acid market during the forecast years. Cleaning products industry is anticipated to grow by 5% CAGR till 2024 and its value is anticipated to cross USD 100 billion in that period. Industrial development coupled with awareness towards workplace and household cleanliness are the major factors driving the cleaning products industry and will in turn augment the tall oil fatty acid market.
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Availability of substitute products in Asia Pacific along with low awareness about the product in the region may pose challenges to the industry growth. Absence of standard quality raw materials in Asia Pacific may hinder the regional markets growth and will negatively impact the global tall oil fatty acid market.
Tall oil fatty acids market is segmented into three products namely oleic acid, linoleic acid, and other types including stearic acids, unsaponifiables, palmitic acids, and others. Oleic acid is anticipated to occupy a considerable share and this share will likely increase at a healthy rate during the forecast period due to its use in soaps, oil rigs and fuels. Linoleic acid segment is anticipated to grow by a CAGR of about 4.5%. This segment has a substantial share of global tall oil fatty acid market due to its usage in adhesives, paints, coatings, etc.
Tall oil fatty acid market application segmentation consists of dimer acids, alkyd resins, fatty acid esters, and other applications. Fatty acid esters application is anticipated to grow by about 4% CAGR in the forecast years. This segment will occupy about one fourth of the total market by 2024. Fatty acid esters find wide applications in personal care product manufacturing.
Soap & detergents, coatings, lubricants, plastics, fuel additives, metal working fluid are the major end-user segments of tall oil fatty acid market. Metal working fluids, fuel additives and lubricants are the most lucrative end-use industries. All these segments will likely grow with a CAGR above 4%. Coatings and plastics end-user segments are anticipated to register a combined revenue of around USD 350 million by the end of the forecast period.
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Europe is anticipated to be a prominent tall oil fatty acid market as other organic fatty acids are not commonly found there. Europe is expected to occupy about one third of total market by 2024. North America had around 40% share of the total tall oil fatty acid market in 2015 and will continue to be an important region for the industry growth.
Global tall oil fatty acid market is extremely consolidated with Arizona Chemical Company, Lintech International, Forchem, Georgia Pacific, and Harima Chemicals occupying more than 70% of the total share. Other important players are Eastman Chemical, Florachem Corporation, Chemical Associates, Segezha Pulp and Paper Mill, Kraton Corporation, OOO Torgoviy Dom Lesokhimik, BASF SE, Shaxian Lixin Resin, Industrial Oleochemical Products, Pasand Speciality Chemical, and others.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.