Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Palmitic Acid Market Size, Share & Trends Analysis Report and Segment Forecasts, 2023 - 2030" has been added to ResearchAndMarkets.com's offering.
As the global palmitic acid market expands at an unprecedented pace, reaching a projected value of USD 519 million by 2030, the study highlights the crucial role of the product in diverse end-use segments. With soaring demand in personal care & cosmetics, soaps & detergents, greases & lubricants, and other industries, palmitic acid emerges as a key ingredient in various consumer and industrial products.
Driven by the rising popularity of natural and organic alternatives, palmitic acid derived from palm oil and coconut oil is now a favored ingredient in personal care and household products like shampoos, soaps, and laundry detergents. Consumers are increasingly embracing safer and healthier alternatives to synthetic ingredients, fuelling the demand for palmitic acid.
An essential component in surfactant and soap manufacturing, palmitic acid not only imparts smoothness and moisturization to the skin but also enhances soap hardness when saponified. Its unique properties make it an ideal choice for cosmetics and make-up products, aiding in blemish concealment.
Furthermore, palmitic acid is a key ingredient in the production of grease and lubricants, widely used in the automotive and industrial sectors. With the automotive industry booming and industrial activities increasing worldwide, the demand for palmitic acid in grease and lubricant formulations is projected to surge.
North America emerges as a prominent palmitic acid consumer, driven by a plethora of end-use players in the region. The personal care industry is experiencing robust growth in North America, bolstered by rising disposable income and a growing emphasis on personal grooming and appearance. Additionally, the region's focus on product innovation and development is set to drive further market demand.
Palmitic Acid Market Report Highlights
- Soaps & Detergents is the largest end-use segment which accounts for 48.7% by value in 2022, on the account of its excellent cleansing and foaming properties
- Personal care & cosmetics is the fastest growing end-use segment with a CAGR of 4.4%, as it is widely used in the production of personal care and household products such as soaps, shampoos, and laundry detergents. The growing demand for these products, driven by the rising population and changing lifestyles
- The use of bio-based lubricants and greases is a growing trend in the market, driven by the need for sustainable and eco-friendly products. Palmitic acid is a key ingredient in the production of these products, and its use is expected to grow during the forecast period
- North America is the fastest-growing region with a CAGR of 3.7%. As the region is home to many cosmetics & personal care manufacturers and has thriving opportunities for manufacturers as the demand for bio-based products is growing
- Kao Corporation has developed a new palmitic acid-based emulsifier called "Lamellobio EG-2". This emulsifier is derived from palm oil and is designed to improve the stability and texture of cosmetic formulations
- Cargill has developed a new bio-based plastic called "DuraGreen" that uses palmitic acid as a key building block. This plastic is designed to be biodegradable and compostable, making it a more sustainable alternative to traditional plastics.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $399.7 Million |
| Forecasted Market Value (USD) by 2030 | $519 Million |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
Companies Profiled:
- Akzo Nobel N.V.
- BASF SE
- Emery Oleochemicals
- Vantage Specialty Chemicals
- KLK OLEO
- IOI Oleochemicals
- Acme Synthetic Chemicals
- Godrej Industries Chemicals
For more information about this report visit https://www.researchandmarkets.com/r/ukpx5q
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