Tall Oil Fatty Acid (TOFA) Market Trends, Size - Analysis, Growth and Forecast 2024
Tall Oil Fatty Acid (TOFA) Market Summary
The global tall oil fatty acid market is expected to register a CAGR of over ~4.3% during the forecast period. In terms of value and volume, the demand in North America was the largest in 2018, and the regional market is poised to exhibit a significant CAGR during the forecast period. However, the Asia-Pacific market is expected to witness the highest CAGR of 5.1% during the forecast period due to the increase in construction activities in South-East Asian countries coupled with the growth of the detergents and textile market.
Tall Oil Fatty Acid (TOFA) Market Regional Analysis
The global tall oil fatty acid market analysis, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The Asia-Pacific market is expected to witness significant growth at over 5.1% CAGR owing to the increasing awareness and government initiatives regarding cleanliness and hygiene, coupled with the growth of the detergents market in the region. The growth of the regional market may decline due to high competition from its plant-based fatty acid substitutes such as coconut oil and palm oil based fatty acids, however, the growing preference for plant-based and eco products is expected to boost the growth of the tall oil fatty acid market in the region. The increasing application in the construction industry is expected to boost the growth of the market. Furthermore, increasing investments in construction industries in countries such as India, China, and South-East Asian countries is also projected to augment the growth of the regional market.
North America is expected to be the largest market for tall oil fatty acid in terms of value and volume, the demand in the region is attributed to the increasing crude oil production in the Gulf of Mexico, less availability of substitutes, and easy availability of raw materials to produce TOFA. For instance, the US is expected to hold a share of more than 40% of the overall tall oil fatty acid market. The increasing production of crude oil along with shale gas exploration activities, will further enhance the regional market growth during the forecast period.
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Tall Oil Fatty Acid (TOFA) Market Segmentation
The global tall oil fatty acid market share has been segmented based on product type, application, end-use industry, and region.
By product type, the global market has been classified into oleic acid, linoleic acid, and others
Based on application, the global market has been divided into asphalt emulsions, ester solvents, fuel additives, lubricants, rubbers and tires, oilfield chemicals, resins, liquid cleaners and soaps, and others.
On the basis of end-use industry, the global market has been segregated into construction, oil & gas, textile, paints & coatings, and others.
Tall Oil Fatty Acid (TOFA) Market Key Players
Univar Solutions (US), Ilim Group JSC (Russia), Forchem Oyj (Finland), DRT (Derives Resiniques ET Terpeniqes) (UK), Harima Chemicals, Inc. (Japan), Eastman Chemical Company (US), OOO Torgoviy Dom Lesokhimik (Russia), Lascaray S.A. (Spain), Kraton Corporation (US), Georgia-Pacific Chemicals LLC (US), Industrial Oleochemical Products (South Africa), and PineChemical Group Oy (Finland).