Fatty acids market size was estimated at over 21 million tons in 2014. Growing awareness towards consuming sustainable products owing to rising health consciousness is likely to promote naturally derived fatty acids demand for numerous applications. They are also likely to promote steady pricing in the market and counter volatile crude oil prices arising out of supply-demand deficit.
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Most of them are derived from hydrolysis of tallow (hard animal fats), soybean, palm kernel, coconut and fractional distillation of crude tall oil. Acids obtained from these sources are comprises of different types such as saturated, monosaturated and polysaturated. Saturated products include stearic acid, palmatic acid and myristic acid. Monosaturated products include palmitoleic acid & oleic acid whereas polysatuared includes linoolenic and linoleic acid.
Growth of personal care industry is likely to support fatty acids market size growth. They are used in cosmetics & toiletries applications. Stearic acid, lauric acid and oleic acid are suitable for cosmetics & toiletries applications. Known for high stability, mild odor and white color, the stearic acid market size was estimated at 5.74 million tons in 2014 and is likely to grow with an estimated CAGR of 4.5% up to 2023. The U.S. oleic acid market has witnessed strong growth in recent times; driven primarily by broader C18s use oilfield and drilling applications and benchmark fatty acid market price trend.
High lauric acid content derived from coconut oils provides excellent foaming characteristics for shampoos and shaving creams. White oleine (multiple distilled oleic acids) also has wide range of uses in cleansing creams and skin protection.
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Increasing functional food and dietary supplements demand is likely to drive market growth over the forecast period. Consumers are likely to reduce dependency on high cost medicines and turn towards adopting dietary supplements owing to maintain their health. The market has also witnessed an increasing omega 3 fatty acids market demand comprising of EPA and DHA ingredients preferred for dietary supplements and functional food applications.
Food packaging applications include defoaming agents, emulsifiers, stabalizers, plasticizers and lubricants. In food, they find applications in bakery products, margarine, ice creams, chewing gums and candy.