San Francisco, California, March 5, 2015 (GLOBE NEWSWIRE) -- Global isostearic acid market is expected to reach USD 447.9 million by 2020, according to a new study by Grand View Research, Inc,. Increasing personal care products demand particularly in Asia Pacific and Latin America is expected to drive the global isostearic acid market. Increasing demand for bio-ingredient based products on account of growing consumer awareness regarding hazardous nature of petrochemicals derived products is also expected to have a positive influence on the market growth. High price of isostearic acid owing to its limited supply is expected to hinder the market growth.
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Chemical esters emerged as the leading application segment and accounted for 39.8% of the total market volume in 2013. Cosmetics and personal care industry uses isostearic acid derived chemical esters for applications such as skin care, deodorants, lipsticks and hair care products. Lubricant & grease is expected to witness the highest growth of 5.6% from 2014 to 2020. Growth of bio-lubricants industry particularly in developed economies of Europe and North America is expected drive this segment over the next six years.
Further key findings from the study suggest:
- Global isostearic acid demand was 48.2 kilo tons in 2013 and is expected to reach 67.5 kilo tons by 2020, growing at a CAGR of 4.9% from 2014 to 2020.
- Europe was the leading regional market and accounted for 32.0% of total consumption in 2013. Europe is expected to continue its dominance over the forecast period. The region however is expected to witness intense competition from rapidly growing Asia Pacific. U.S. is the leading nation consuming isostearic acid in North America and accounts for a major share in the regional market. North America is expected to grow at a CAGR of 3.8% from 2014 to 2020.
- Asia Pacific is expected to witness the highest growth of 6.0% from 2014 to 2020. Rapid expansion of personal care industry in China, India and Indonesia is expected to drive the regional isostearic acid demand over the next six years. Growth of oleochemicals industry on account of availability of key raw materials in abundance is also expected to fuel the regional market.
- Global isostearic acid industry is highly consolidated with top two manufactures accounting for over three fourth of the global market. Key industry participants operating in the global market includes Arizona chemicals, Croda International, Oleon NV, Nissan Chemicals, Jarchem Industries, Inc. and Emery Oleochemicals.
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For the purpose of this study, Grand View Research has segmented the isostearic acid market on the basis of application and region:
Global Isostearic Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Personal Care
• Chemical Esters
• Lubricant and Greases
Global Isostearic Acid Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
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