Market Overview
The Global Fatty Acid Market is projected to grow at a significant rate of 5.25% from 2019 to 2024 to reach a market value of USD 21.5 billion by the end of 2024. Extensive growth is expected in the developing nations due to the increase in construction activities and the growing adoption of lubricants. Additionally, the growing demand for oilfield chemicals in end-use industries such as automotive, adhesives manufacturing, and paints and coatings is expected to propel the demand for tall oil fatty acid (TOFA) during the review period.
Market Analysis
Global Fatty Acid Global Market are a carboxylic acid combination of a hydrocarbon chain and a carboxyl acid group, especially any of those occurring as esters in fats and oils. Fatty Acid play a key role in metabolism: as a metabolic fuel, as a necessary component of all membranes, and as a gene regulator.
The major driving factors of fatty acid market are growing demand from personal and home care products and emerging economies in the Central and South America. In addition, the increasing demand from the soap, cosmetic, medicines industry is expected to fuel market growth of Fatty Acid in near future. Biological effects due to deficiency of Fatty Acid are expected to hamper the growth of Fatty Acid. Potential effects include blood pressure, stroke, coronary artery disease, inflammation among others.
Segmental Analysis
The global tall oil fatty acid (TOFA) market has been segmented by product type into linoleic acid, oleic acid, and others. The linoleic acid segment accounted for over 40% share of the global market and is expected to follow the same trend during the forecast period. In 2017, the oleic acid segment accounted for US$ 430 million due to its increasing application in oilfield chemicals and oleochemicals. The others segment includes palmitic acids, stearic acids, and maleic acid, which hold less than one-fourth of the global market share.
Tall oil fatty acid is regarded as an anti-corrosion, low-odor substance, which is hard and has faster dry time that makes it suitable for use in clear coat varnish and high gloss alkyd paints. The anti-corrosion property of TOFA is expected to boost the growth of the market. The coating segment is expected to register a CAGR of 4.4% during the forecast period. Tall oil fatty acid is an intermediate chemical that is widely used in oilfields and lubricants as a fuel additive.
Based on end-use industry, the global market has been segmented into construction, oil & gas, textiles, paints & coatings, and others. The construction segment accounted for the largest market share and is expected to maintain its dominance throughout the forecast period.
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