by The global Stearates Market is estimated to be valued at US$ 6.15 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Stearates are fatty acid salts that have a balancing effect between hydrophilic and hydrophobic properties. They are commonly used as lubricants, emulsifiers, binders, and release agents in various applications like rubber processing, cosmetics, and others. Stearates aid in improving properties like rigidity, hardness, and water resistance of materials.
Market key trends
One of the key trends in the stearates market is the rising demand from plastic processing applications. Stearates are used as lubricants, softening agents, and releasing agents in plastics processing. They aid in smooth extrusion and molding during plastic manufacturing. The growing plastic industry globally driven by packaging, construction and automotive sectors is driving significant demand for stearates. Additionally, stearates find major usage as acid scavengers in wire and cable applications. The increasing miles of wire and cables being installed worldwide for power transmission and telecommunication is augmenting market growth.
Market key trends:
One of the key trends in the stearates market is the growing demand for biobased and environment-friendly stearates. With increasing consumer awareness about sustainability and environmental protection, manufacturers are investing in developing bio-based stearates that are produced from renewable plant oils and fats. Bio-based stearates have lower carbon footprint and are biodegradable, which is driving their popularity across various end-use industries such as plastics, rubber, paints & coatings etc.
SWOT Analysis
Strength: Stearates have multi-functional properties which make them suitable for a wide range of applications. They act as acid scavengers, lubricants, release agents and anti-caking agents.
Weakness: Volatility in raw material prices impacts the overall production cost of stearates.
Opportunity: Growing demand for bio-based and green chemicals from end-use industries presents an opportunity for stearate manufacturers.
Threats: Stringent environmental regulations regarding the use of certain chemicals pose a threat.
Key Takeaways
The global stearates market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing demand from various end-use industries such as plastics, rubber, paints & coatings, construction etc. The market size for stearates is projected to reach US$ 6.15 Bn by 2023.
Regionally, Asia Pacific accounts for the largest and fastest growing market for stearates driven by robust economic growth, rising construction activities and expanding manufacturing sector in countries such as China, India. North America and Europe are also significant markets owing to large presence of end-use industries.
Key players operating in the stearates market are American eChem Inc., Baerlocher GmbH, Corporation Sierra Madre S.A. de C.V., Dover Chemical Corporation, FACI S.p.A., Ferro Corporation, Hummel Croton, Inc., Mallinckrodt Pharmaceuticals, Mexichem S.A.B. de C.V. and Nitika Pharmaceutical Specialties Private Limited (Nikita Chemicals). The market is fragmented in nature with top 5 players accounting for over 30% share.
