Tall Oil Fatty Acid Market size will exceed USD 1 billion by 2024; according to a new research report.
Global cleaning products market will likely grow beyond USD 100 billion by the end of 2024 with a CAGR over 5% in the forecast span. Increasing numbers of healthcare facilities in the emerging countries and strict government mandates pertaining to cleanliness of the medical institutions will further boost the tall oil fatty acid market growth.
Increasing demand for naturally derived fatty acid based biofuel may create new market avenues for overall tall oil fatty acid market in coming years. Several developed nations promote the usage of bio-based fuels in order to mitigate greenhouse emissions as well as to conserve the fossil fuel reserves. Acceptance of biofuel in all countries may take a few decades owing to varying economic conditions.
Substitute products in the topical countries may create a negative impact on the global tall oil fatty acid market as the product is principally derived from coniferous trees. Palm kernel, palm, and coconut oil based products are commonly used oleochemicals used in soap manufacturing in these countries.
Tall oil fatty acid market segmentation on the basis of products is done into oleic acids, linoleic acids, and other carboxylic acids such as palmitic acids, stearic acids, etc. Oleic acids will hold sway in the coming years owing to extensive usage in manufacturing soaps as well as in fuel additives and corrosion inhibitors in oil rigs.
Linoleic acid will also account for a significant share of the global tall oil fatty acid market in 2024 owing to its wide application range in paints & coatings, and adhesive & sealant manufacturing. This segment will witness a healthy growth with a CAGR close to 4.5% in the forecast span.
Product usage in manufacturing intermediate chemicals including fatty acid esters, dimer acids, alkyd resins, and others including monomer and trimer acids, ethoxylates, and amines characterizes the tall oil fatty acid market application segment.
Fatty acid esters will record over a quarter of the overall tall oil fatty acid market in 2024, exhibiting growth at CAGR more than 4% in the given forecast spell. It finds a wide range of application in manufacturing personal care products and developments in the commercialization and acceptance of biodiesel will further enhance the segment.
Rising product significance in oilfields makes lubricants, fuel additives, and metal working fluids highly developing end-use sectors with CAGR close to 5% in the forecast span. Plastics and coatings end-use segments together will record above USD 350 million for the global tall oil fatty acid market in 2024.
Europe tall oil fatty acid market will account for above a third of the global share by 2024 owing to the absence of other natural fatty acid products. The region will also exhibit a significant growth owing to prevalence of several paper and pulp mills, which provide crude tall oil as by-products of kraft pulping process.
Tall oil fatty acid market is highly consolidated with the top five companies, Lintech International, Arizona Chemical Company, Georgia Pacific, Harima Chemicals, and Forchem, accounting to more than 75% of the overall share.
Tall oil fatty acid market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Tall Oil Fatty Acid Market by Product
Tall Oil Fatty Acid Market by Application
Fatty acid esters
Tall Oil Fatty Acid Market by End-use
Soap & detergents
Metal working fluid
The above information is provided on a regional and country basis for the following: