Global Isostearic Acid Market Report, published by Variant Market Research, forecast that the global market is expected to reach $630 million by 2024 from $330 million in 2016; growing at a CAGR of 8.4% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 9.4% and 8.5%, respectively, during the forecast period.
Isostearic AcidMarket (By End-Use Industries: Chemical Esters, Personal Care, Lubricant & Greases, and Other End-use Industries; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024
Isostearic acid is a liquid fatty acid formed by the reaction of oleic-acid with a natural mineral catalyst. Increasing consumer awareness about bio-ingredient based products and growing health concern are also expected to boost isostearic acid market during the forecast period. Growing natural products demand due to potential harm caused by use of toxic agents have driven the usage of isostearic acid.
Growing demand for bio-lubricants boost the global isostearic acid market
The major factors to drive the growth of global isostearic acid market are growing demand of bio-lubricants, increasing demand for personal care products, and increasing end use industries. Though, high cost of isostearic acid is the major hindrance for the growth of the market. Moreover, growing beauty products market coupled with cosmetics worldwide is expected to generate numerous growth opportunities for the market in the coming years.
The global isostearic acid market is mainly classified on the basis of end-use industries and geography. On the basis of end-use industries, the classification are chemical esters, personal care, lubricant and greases, and other end-use industries. Furthermore, by geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Chemical Esters dominated the end-use industry segment
Global Isostearic Acid Market, by End-User Industries
Chemical esters accounted for majority of the market share in end-use industry segment, in 2016. The high growth is attributed due to its application in preparation of cosmetics and perfumes. It is also used as artificial flavours for processed foods, and several other usages in end-use industries.
GLOBAL ISOSTEARIC ACID MARKET SHARE BY GEOGRAPHY, 2016 (%)
Europe occupied the major market share in the global isostearic acid market
In 2016, Europe generated the highest revenue in global isostearic acid market accounting for 33.4% of the total market share. In terms of growth, Asia-Pacific is likely to achieve the fastest CAGR during the forecast period i.e. 2016 – 2024.
In April 2017, Oleon NV and The University of Malaya (UM) signed an agreement on lubricant additives. This agreement validates that they have joined each other in research to develop a new generation of environmentally friendly additives for lubricants. The key players profiled in the report include Arizona Chemical Company, LLC, Nissan Chemical Industries Ltd., Croda International Plc, Oleon NV, Emery Oleochemicals, and Jarchem Industries, Inc., among others.