The stearic acid market has shown strong growth, expanding from $32.80 billion in 2023 to $35.52 billion in 2024, at a CAGR of 8.3%. This growth is largely attributed to rising demand across various sectors, including personal care and automotive. By 2028, the market is projected to reach $49.46 billion, with a CAGR of 8.6%. Key drivers include the increasing use of stearic acid in biodegradable plastics and eco-friendly packaging solutions. Major trends include a shift towards sustainable products and innovations in formulations.
Major Driver In The Stearic Acid Market
The growing demand for personal care products is expected to bolster the stearic acid market. Personal care products encompass a wide range of items for hygiene, grooming, and beautification. This increased demand stems from rising consumer awareness about personal care, coupled with urbanization and social media influence. Stearic acid plays a vital role in cosmetics, enhancing stability and texture. The Bureau of Labor Statistics reported a 12.3% increase in personal care products and services in 2022, up from 19.3% in 2021. Therefore, the rising demand for personal care products is fueling the stearic acid market.
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Stearic Acid Market Competitive Landscape
Cargill Incorporated, BASF SE, Procter & Gamble, Wilmar International Ltd., Evonik Industries AG, kao Corporation, Musim Mas Group, Stepan Company, Croda International Plc, KLK Oleo, Sinarmas Cepsa Pte. Ltd., Vantage Specialty Chemicals, Godrej Industries Limited, New Japan Chemical Co. Ltd., Oleon NV, Emery Oleochemicals, Spectrum Chemical, Cayman Chemical, Stearinerie Dubois, The Chemical Company, Lascaray S.A., IOI Oleochemical, Acme Synthetic Chemicals, ATAMAN KIMYA, Zanyu Technology Group Co. Ltd.
Key Stearic Acid Market Trend
Major companies in the stearic acid market are developing innovative products, such as non-ionic surfactants, to improve personal care formulations. Ataman Kimya introduced PEG-20 Stearate in January 2024, a versatile emulsifier used in cosmetics for its excellent texture and stability-enhancing properties. This non-ionic surfactant finds applications in various skincare products, including lotions and creams, making it an essential component in modern cosmetic formulations.
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Stearic Acid Market Segmentation
The stearic acid market covered in this report is segmented –
1) By Feedstock: Animal-Based Raw Materials, Vegetable-Based Raw Materials
2) By Sales Channel: Direct Sales, Indirect Sales
3) By End-Use Industry: Agriculture, Automotive, Textiles, Healthcare, Food And Beverages, Personal Care, Other End-Use Industries
By Geography:The regions covered in the stearic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the stearic acid market in 2023.
The Stearic Acid Global Market Report 2024 furnishes information about the global stearic acid market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
