Jul 27, 2023   SOURCE: BusinessWire

Palmitic Acid Market to Soar to USD 519 Million by 2030, Fueled by Growing Demand in Personal Care & Grease Production - ResearchAndMarkets.com

The "Palmitic Acid Market Size, Share & Trends Analysis Report 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global palmitic acid market is projected to reach an impressive USD 519 million by 2030, driven by its expanding use in personal care and household products like soaps, shampoos, and laundry detergents.

With consumers increasingly embracing natural and organic options, palmitic acid sourced from palm oil and coconut oil is gaining traction as a safer and healthier alternative to synthetic ingredients in personal care and household items.

Surfactant and soap manufacturing heavily rely on palmitic acid for its ability to keep the skin smooth and moisturized, making it an essential ingredient in soap and detergent production. Additionally, its contribution to the formation of grease and lubricants used in the automotive and industrial sectors further boosts market demand.

North America leads the palmitic acid consumption due to a plethora of end-use players in the region. The personal care industry is thriving in North America, driven by rising disposable income and a growing emphasis on personal grooming and appearance. The region's focus on product innovation and development will further propel market growth.

The palmitic acid market is witnessing substantial growth as consumers gravitate towards natural and eco-friendly products. The versatility of palmitic acid in various end-use industries, including cosmetics, detergents, and lubricants, is fueling its widespread adoption worldwide.

The report highlights the flourishing demand for palmitic acid in the soap & detergent, personal care & cosmetics, and grease & lubricants sectors, making it an essential ingredient in numerous products. North America is the fastest-growing region, with a CAGR of 3.7%, as it houses a thriving cosmetics & personal care market with a growing appetite for bio-based products.

As the global market for palmitic acid continues to grow, major industry players are driving innovation to meet evolving consumer needs. Companies like Kao Corporation and Cargill have introduced groundbreaking products, like "Lamellobio EG-2" and "DuraGreen," respectively, revolutionizing the cosmetics and plastics industries.

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/szdj9j

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.