Isostearic Acid Market Overview
Global market for isostearic acid value is expected to reach $442.4 million by 2020, and is projected to witness a promising growth rate at CAGR of 7.3%, in forecast period. This significant market value is ascribed to the several driving factors such as growing cosmetics products market and increase in greases and lubricant consumption.
On the basis of end users of isostearic acid, the market is categorized into lubricants and greases, personal care, chemical esters, and others, which comprises of rubber and polymer, oil extraction, textiles, and industrial and institutional cleaning. Among these, chemical esters demand accounted for the largest market share throughout historical period, and by 2020, this market category is expected to hold above 35% market share in the global isostearic acid market. This high demand is ascribed to such multifunctional properties, including adhesion and dispersion, and water repellent and emollient nature. In addition, chemical esters are used as effective solvents, solubilizer, pigment promoters, and plasticizers.
Based on the geography, North America region was the second largest market for isostearic acid in 2014. The region’s market is expected to hold more than 25% in the by 2020, in the global market. The growing consumer preference for multifunctional personal care products, is the major factor that boosts the growth of the region’s isostearic acid market. Further, changing consumers’ lifestyles and rise in per capita incomes, are fueling the growth in the personal care products demand, which in turn, is generating the demand for these chemical esters.
Isostearic Acid Market Dynamics
The key factor that drives the growth in the market for isostearic acid, is the rise in cosmetic products consumption. Isostearic acid is the major product to be used in the production of personal care products and cosmetics including toiletries products, lip gloss and sunscreen creams, and lipsticks. The global market for cosmetic products is projected to reach $678.9 billion by 2020. In addition, the beauty products market is grown by increase in aging population, and growth in disposable income. Further, the major cosmetic companies such as The Estée Lauder Companies Inc. (the U.S.), Avon Products Inc. (the U.S.), L’Oreal Group (France), and Oriflame Cosmetics (Luxembourg) are introducing new variants continuously, which are expected to increase the market penetration of the cosmetics industry. This is expected to drive the demand of the isostearic acid globally in the coming years as well.
The major end user of isostearic acid are chemical esters and personal care. Also, isostearic acid has its usage in the manfacturing of industrial & institutional cleaning chemicals, including liquid cleaners and soaps. Currently, the industrial & institutional cleaning chemicals held a significantly small share in the global market. However, the rapid growth is expected in the coming years. The up-surge in the regulations on environmental safety and growing medical awareness, drives the growth of the industrial & institutional chemical positively, majorly in the developing countries. Which in turn, is creating ample amount of growth opportunities in the isostearic acid market.
High competency from substitutes for the isostearic acid is a key restraint in the global isostearic acid market. Its high price is limiting its preference in the end-use industries. The substitutes include behenic acid, erucic acid, oleic acid, palmitic acid, myristic acid, lauric acid, ricinoleic acid, coconut fatty acid, and stearic acid which are available in at lesser prices.
The major market players operating in the global isostearic acid market are Arizona Chemical Company LLC, Croda International Plc, Oleon NV, Nissan Chemical America Corporation, Emery Oleochemicals (M) Sdn Bhd, and Jarchem Industries Inc.
Key Questions Answered:
What is the current and future scenario of the global isostearic acid market?
What are the major factors driving the global isostearic acid market?
What are the upcoming opportunities for the players in the global isostearic acid market?
Which major type of end user application of isostearic acid is expected to dominate the market during the forecast period?
Which region is expected to witness the fastest growth during the study period?
Who are the major players in the global isostearic acid market?
What are the key strategies adopted by major players in the global isostearic acid market?