Tallow Fatty Acids Market Growth Rate Analysis:
Tallow Fatty Acids Market size is expected to grow at 2.50% CAGR from 2018 to 2023 and it is estimated that the global market was valued at USD 2.61 billion in 2018 and is relied upon to reach USD 2.95 billion by 2023.
Tallow is a condensed form of beef or mutton fat. It is a solid at room temperature. Unlike suet, tallow can be stored for prolonged periods without the need for refrigeration to prevent its decomposition, provided it is kept in an airtight container to prevent oxidation. Tallow Fatty Acid is derived from animal sources such as concentrated beef fat or mutton.
Tallow Fatty Acids Market Demand:
Growing demand for soaps and detergents worldwide is expected to be a key driving factor for the market growth. Fatty acids such as stearic acid, palmitic acid and oleic acid are widely used in manufacturing of soaps and detergents, thus increasing the business for soaps and detergent which in turn will boost the growth of overall industry.
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Tallow Fatty Acids Market Detailed Segmentation:
The global market for Tallow Fatty Acids is segmented by Product and End User. On the basis of Product, it is segmented into Saturated, Monounsaturated and Polyunsaturated. The Saturated sub segment is further segmented into Myristic Acid, Stearic Acid and Palmitic Acid. Saturated tallow fatty acids have long chains of carboxylic acid with 12 to 24 carbon atoms, which are saturated with hydrogen and is primarily used in the manufacturing of soaps and detergents, rubber and plastics, oilfield chemicals and pharmaceuticals. Thus, strong demand for these products will subsequently boost business growth.
Monounsaturated tallow fatty acids market accounts for the largest share in this market segment due to its extensive use in manufacturing soaps and cosmetics. Increasing consumer focus towards personal wellbeing has led to the rapid growth of the cosmetic industry, which in turn will aid the market. On the basis of End User, it is segmented into Soaps & Detergents, Rubber, Plastics, Personal Care Products.
The product owing to its high conditioning and moisturizing properties is mainly used in manufacturing soaps. Rapid growth in the cleaning and detergents industry due to the improving consumer lifestyle dynamics is further expected to boost the market growth. The product primarily used as stabilizing agents and are effective lubricants which reduce adhesion between vulcanized rubber layers. It also helps in reducing the rubber-metal adhesion, which is an essential requirement in the manufacturing of tires. An increase in automobile manufacturing and sales will increase the product demand for tire manufacturing, which will subsequently drive the global tallow fatty acids market.
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Geographical Classification of the Tallow Fatty Acids Market:
On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific and Africa and Middle East.
North America accounts for the largest share of the market followed by Europe and Asia Pacific. Furthermore, increasing demand for plastic in this region due to rising prevalence of substantial end-user industries such as automotive, electronics, etc. will complement regional growth. Asia Pacific is expected to register the highest growth rate in the coming years due to the growing automotive manufacturing and sales in India, China, Japan and Indonesia is one amongst the major factor propelling the regional growth. Positive growth indicators in the regional FMCG sector is the chief factor driving the overall industry growth in the region, as soaps and detergents are one of the important consumer goods. Moreover, growth in the regional end-user businesses such as electronics and construction has substantially stimulated the overall rubber and plastic demand in the region, which in turn boosts the market size in this region.
Some of the companies dominating the Tallow Fatty Acids Market are:
Godrej Industries, Vantage Oleochemicals Inc., BASF SE, AkzoNobel, Twin Rivers Technologies, VVF L.LC, FerroMac International, LG Household and Healthcare, Limited, Emery Oleochemicals, Chemol Company Inc., Colgate Palmolive, Baerlocher GmbH, Chemithon Enterprises, Acme-Hardesty Co. and H Foster & Co. Ltd.
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