The tall oil fatty acid market is estimated to observe good growth prospects during the forecast period of 2019-2027 on the back of the growing applications in a large number of sectors and applications. The increasing use of tall oil fatty acids in end-user industries such as lubricants, coatings, fuel additives, biofuels, asphalt additives, plastics, metal working fluids, and others will bring promising growth for the tall oil fatty acid market.
Tall oil fatty acid is a pure form of fatty acid with a low level of rosin acids and unsaponifiables. It mainly comprises linoleic acid and oleic acid. It is a perfect raw material for numerous chemical reactions and intermediates. These fatty acids are used in raw form. They are also utilized as precursors to synthesize a plethora of products. The versatility of tall oil fatty acids among many applications will bring immense growth opportunities for the global market during the forecast period.
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The expanding demand for crude oil across numerous regions will serve as a profitable growth generator for the tall oil fatty acid market. It is prominently used in the production of crude oil. Tall oil fatty acids are derived from crude tall oil, a by-product of the Kraft paper pulping process. Therefore, the rising use of crude oil will subsequently increase the growth rate of the tall oil fatty acid market.
Transparency Market Research’s (TMR’s) research report on the tall oil fatty acid market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on tall oil fatty acid by TMR suggests a stable growth period.
According to the TMR experts, the market for tall oil fatty acid is prognosticated to expand at 4.2 percent CAGR during the forecast period of 2019-2027. In the context of valuation, the tall oil fatty acid market is estimated to reach a valuation of US$ 1213.12 mn by 2027, the end year of the forecast period, and was valued at US$ 882.15 mn in 2018.
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Swelling Popularity for Renewable Fuels to Accelerate the Growth Opportunities across Tall Oil Fatty Acid Market
With the depleting resources of fossil fuels, the demand for biofuels is rising at a rapid rate. Many countries are focusing on developing renewable fuels. For instance, the Indian Government introduced a Biofuel Policy with the objective to reach 20 percent ethanol-blending and 5 percent biodiesel-blending with fossil-based fuels by 2030. Such initiatives bode well for the growth of the tall oil fatty acid market.
Expanding Demand for Soaps and Detergents Deemed to Bring Exponential Growth for the Tall Oil Fatty Acid Market
Use of oleic acid in the production of soaps and detergents will help in boosting the growth prospects of the tall oil fatty acid market to a considerable extent. The growing disposable income of many individuals, especially in densely populated countries like India and China, has led to an increase in the sales of consumer electronics like washing machines. The growing sales of washing machines are directly proportional to the heightening demand for detergents, which, in turn, intensifies the growth prospects of the tall oil fatty acid market.
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Tall Oil Fatty Acid Market: Key Restraints
- The lack of quality raw materials restrains the market from developing the quality required for tall oil fatty acid production. This factor hinders the growth of the tall oil fatty acid market to a considerable extent.
- The penetration of tall oil fatty acids is low in countries having massive population numbers, such as India and China. These aspects will hamper the growth of the tall oil fatty acid market substantially.
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