The palmitic acid market is expected to record a CAGR of 2.5% through 2032, with a current value of US$ 227.15 Mn in 2022. The market is likely to reach a valuation of US$ 290.77 Mn by 2032.
In recent years, palmitic acid market growth has been driven by the rising demands of end-use industries such as personal care, surfactants, soaps, detergents, food additives, and many more. Moreover, the global palmitic acid market is expected to be boosted by growth in end-user industries in the near future. According to the World Health Organization (WHO), palmitic acid increases the level of LDL cholesterol more than other saturated fats, such as stearic acid. In their view, there is convincing evidence to suggest that high consumption of palmitic acid can increase a person's risk of developing cardiovascular disease.
| Attributes | Details |
|---|---|
| Palmitic Acid Market CAGR | 2.5% |
| Palmitic Acid Market (2022) | US$ 227.15 Million |
| Palmitic Acid Market (2032) | US$ 290.77 Million |
Palmitic acid benefits the skin by helping to restore the skin's natural barrier function. The lipid barrier of the skin is made up of fatty acids, including palmitic acid, as well as ceramides and cholesterol. As a result of the absence of these essential lipids, the barrier becomes weak. A reduction in the usage of harsh soaps and detergents is restraining the expansion of the global palmitic acid market.
Further, the shifting inclination of producers towards vegetable-based raw materials is also a direct threat to palmitic acid's competitiveness in the international market, as they are moving away from animal-based raw materials. As a result, there has been an increase in concern over the health effects of animal fatty acids, which is acting as a barrier to the market's expansion.
A majority of the revenue generated by companies in the global palmitic acid market can be attributed to its application in the food industry. Manufacturers are more focused on finding customers in the Mediterranean region, where people consume a lot of monounsaturated fatty acids (MUFAs) from olive oil.
The Hanwoo beef industry in the Republic of South Korea has also been observed to favor olive oil intake, owing to their diet's high content of saturated fatty acids. These fatty acids are linked to several health issues. The ability of oleic acid to lower cholesterol is one of the reasons why it is popular among people suffering from cardiovascular disease.
Palmitic acid is also known as hexadecanoic acid in the International Union of Pure and Applied Chemistrynomenclature. The Palmitic acid is one of the most common saturated fatty acid found in plants, animals and microorganisms. The chemical formula for Palmitic acid is CH3(CH2)14COOH.
As the name suggests, the Palmitic acid is the major component of oil found in meats, dairy products like cheese, butter, coconut oil and Palm Oil. The salts and esters of Palmitic acid are called Palmitate.
The Palmitic acid is used in production of various esters, metallic soaps, fatty amines, fatty alcohols, oxazolines for paint binder, surfactants in cosmetics, liquid and transparent soaps and use in agricultural chemicals and food etc. The largest application of Palmitic Acid is used in making soaps and detergents.
They key regions which produce Palmitic acid complexes include Malaysia, Germany, China and Indonesia. These regions are known for producing high quality sustainable Palmitic acid from natural renewable raw materials.
The Asia Pacific is considered as the largest market for Palmitic acid in terms of consumption. Europe, on the other hand, is another market playing key role in consuming Palmitic Acid.
The extensive use of soaps and detergents are the key factors driving the growth of the global Palmitic acid market.
The increasing demands from the end use industries like personal care, surfactants, soaps, detergents, food additives and others are playing a major role in fuelling the growth of the global Palmitic acid market. Moreover, growth in end-user industries is predicted to outpour the global Palmitic acid market.
Further, increasing cleansing methods adopted by various industries is sweeping up the growth of global Palmitic acid market.
Decrease in use of hard soaps and detergents is in turn decreasing the growth of the global Palmitic acid market. Further, changing preference of manufacturers from animal based raw materials to vegetable based raw materials is a challenge to the global Palmitic acid market. Moreover, rising awareness about animal fatty acids is tending the global Palmitic acid market to decline down the line.
The major companies involved in the manufacturing and production of Palmitic acid are AkzoNobel N.V., H. Foster and Company Ltd., BASF SE, Baerlocher GmBH, Emery Oleochemicals, VVF LLC and Vantage Speciality Chemicals, Inc., Harima Chemicals Group Inc., Meadvestvaco corporation, Forchem Oy, Acme-Hardesty, Pacific Oleo, KLK, IOI Oleochemicals, Emery Oleochemicals, Zouping Fuhai, Zibo Kehong, Acme Synthetic Chemicals and others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global Palmitic acid market can be segmented on the basis of regions, contents and applications.
The global Palmitic acid market can be segmented on the basis of regions, contents and applications.
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