New York, May 10, 2023 (GLOBE NEWSWIRE) -- According to projections by Persistence Market Research, global Stearate Market consumption is expected to be 790,748 tons in 2023 and is predicted to reach 1,273,902 tons by the end of 2033, expanding at a CAGR of 4.9%.
The global stearate market is valued at US$ 1.36 billion in 2023 and Worldwide demand for stearates is estimated to reach US$ 2.26 billion by 2033, is projected to increase at 5.2% CAGR from 2023 to 2033.
Stearates are primarily obtained from stearic acid and have been used widely in the food industry due to their emulsifying, binding & thickening, anti-caking, and lubricating properties. Additionally, the compound has other properties as a release and anti-foaming agent. The presence of stearates can be observed in numerous confectioneries, food supplements, baking ingredients, chewing gums, and herbs & spices.
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Magnesium stearate is widely used in the pharmaceutical industry as an inactive ingredient to manufacture tablets, capsules, and powders. It is known as a 'flow agent' because of its ability to prevent ingredients from clumping together, and it has anti-adhesive properties. These properties enhance the quality and consistency of the medication produced in capsules.
Magnesium is classified as an essential mineral serving as a co-factor for numerous enzymatic reactions and essential for the synthesis of carbohydrates, nucleic acids, proteins, and lipids along with neuromuscular and cardiovascular functions. These properties facilitate the increasing utility of magnesium stearate in various industries.
The versatility of stearates is expected to drive their demand over the coming years with increasing consumer focus on supplements and other value-added products in the food and beverages sector. One of the significant reasons for the expanding stearate market is the attainment of maximum yield through optimized inputs.
Key Takeaways from Market Study
- The global stearate market is valued at US$ 1.36 billion in 2023 and is forecasted to expand at 5.2% CAGR through 2033.
- Demand for stearates in Europe is expected to increase at a CAGR of 4.8% during the forecast period (2023 to 2033).
- France and Russia currently account for 12.9% and 7.4% share of the European market, respectively.
- Utilization of industrial-grade stearates stands at US$ 216.1 million in 2023.
- Based on type, sales of magnesium stearate are expected to increase at a CAGR of 6% through 2033. This segment is estimated to hold a market share of 24% by 2033.
- Consumption of stearates by the plastic & rubber industry stands at 93,975 tons in 2023.
“Utilization of calcium and zinc stearates in industries like plastics, rubber, personal care, and cosmetics, and magnesium stearate in the pharmaceutical industry, is expected to increase. Demand for stearates is expected to be influenced by the growth of technological capabilities and expansion of pharmaceutical industries in developing regions. As a result, manufacturers need to be ready for changes in the market and upgrade their production capabilities accordingly,” says a Persistence Market Research analyst.
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Competitive Landscape
Companies manufacturing stearates are constantly trying to optimize their processes and incorporate the latest technologies to gain an advantage in a highly competitive industry. This involves being abreast of the advancements in the field of chemicals and materials to have an edge over their counterparts. Providing high-quality products to consumers requires constant effort, which can be seen in the capital investments made by the market leaders in the segment.
- FACI SPA’s subsidiary FACI Asia Pacific Pte Ltd. has invested around US$ 25 million in the Jurong Island Plant in Singapore with a target production capacity of 50,000 tons. The company uses advanced methods of production, and its state-of-the-art production facilities adhere to quality control and food safety standards.
- PMC Group focuses on expanding its production capacity to support the growing consumer demand for its products and serve the expanding polyolefins market. PMC Biogenix expanded its distribution relationship with ChemPoint, Inc., a wholly-owned subsidiary of Univar, to expand its metallic stearate portfolio offerings across Mexico.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global stearate market, presenting historical data for 2018 to 2022 and estimation statistics for 2023 to 2033.
The study offers compelling insights based on type (calcium stearate, magnesium stearate, zinc stearate), grade (food grade, pharmaceutical grade, technical [industrial] grade), and end use (plastic & rubber industry, personal care & cosmetics industry, pharmaceutical industry, food & beverages industry), across six major regions of the world.
For additional insights on how the growth of the stearate market will shape up over the decade, write to media@persistencemarketresearch.com
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