Transparency Market Research Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market for Detergents, Personal Care, Plastics, Rubber, and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023 Published Date 2016-01-18
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Global Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market to Reach US$7.98 bn by 2023 Transparency Market Research State Tower, 90, State Street, Suite 700. Albany, NY 12207 United States www.transparencymarketresearch.com sales@transparencymarketresearch.com
Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market
REPORT DESCRIPTION Global Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market: Overview
Natural fatty acids obtained from coconut oil and palm kernel oil are saturated, medium-chain oleochemicals which include myristic acid, capric acid, lauric acid, and caprylic acid. Non-toxic and possessing a long shelf life, these substances are expected to witness high demand across numerous applications on a global scale. The easy availability of palm kernel and coconut oil across several regions of the world has made the product a cost-efficient solution.
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Moreover, natural fatty acids obtained from coconut oil and palm kernel oil are not only biodegradable but also renewable. Consequently, the global market for natural fatty acids is likely to soar. However, presence of pricing issues and fluctuations in the prices of raw materials can restrict market growth. Some of the most widely used types of fatty acids are distilled fatty acids, fractionated fatty acids, stearic acids, and polyunsaturated acids.
According to Transparency Market Research (TMR), the global market for natural fatty acids was valued at US$5.32 bn in 2014. Steadily advancing at a CAGR of 4.6%, the global natural fatty acids market is expected to reach US$7.97 bn by the end of 2023.
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Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market
Impelled by Growing Demand for Personal Care Products, Asia Pacific to Command Largest Share
Asia Pacific held the largest share in the global market for natural fatty acids in 2014. It is expected to register the fastest growth over the forthcoming period. The increasing purchasing power of people, increasing awareness pertaining to personal care and well-being, and rising inclination towards natural ingredients across several industries have catapulted the region to the forefront of the global market. The easy availability of coconut and palm kernel oil across Southeast Asia is a key growth driver of the market. China, Malaysia, and India are likely to emerge as key contributors.
While North America displays moderate growth, Europe ranked second in the global market for natural fatty acids in terms of revenue in 2014. The countries in the Middle East and Africa are slated to exhibit attractive opportunities thanks to the availability of raw materials, vast consumer pool, and widespread consumption of natural fatty acids. Nigeria and Turkey might surface as key contributors of the market in the Middle East and Africa.
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By End user, Detergents Expected to Gain a Place in the Sun
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Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market
The global market for natural fatty acids can be segmented into personal care, rubber, detergents, plastics, oil and gas, pharmaceutical, and textile. In 2014, detergents emerged as the dominant end-use industry segment of the global market for natural fatty acids. The notable growth of this segment can be attributed to the extensive use of natural fatty acids in households, fabric care, and institutional and industrial detergents as a surfactant.
The personal care industry worldwide is another segment bearing vast potential for growth. It is likely to emerge as the fastest growing end-use segment in the forthcoming years. Numerous hair care and skin care product manufacturers are switching to nature-based solutions. As a result, to ensure superior biosafety and biocompatibility, a number of beauty product brands are adopting natural fatty acids.
Natural fatty acids are also being increasingly used in the plastics industry as a lubricant and plasticizer. These acids also play a key role in the process of rubber vulcanization. Also, the pharmaceutical industry is acknowledging the potential of natural fatty acids as antimicrobial agents. Spurred by these factors the demand for palm kernel oil and coconut oil-based natural fatty acids will continue rising through the forecast period.
Kuala Lumpur Kepong Berhad, Wilmar International Ltd, Emery Oleochemicals, OLEON NV, and Kao Corporation are some of the leading companies operating in the global market for natural fatty acids market.
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Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market
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