Tall Oil Fatty Acid Market
Tall Oil Fatty Acid Market (Product Type: Oleic Acid, Linoleic acid, Linoleic Acid, Maleic Acid, and Stearic Acid; Application: Dimer Acids, Alkyd Resins, Fatty Acid Esters, Dimer Acid, and Fatty Acid Soaps; and End Use: Soaps and Detergents, Coatings, Lubricants, Plastics, Fuel Additives, Metal Working Fluids, Adhesives, Asphalt Additives, and Biofules) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Tall Oil Fatty Acid Market: Overview
- The rising number of applications of tall oil fatty acid is expected to support the growth of the global market in the next few years.
- In addition to this, the consumers are shifting their preference from tallow oil fatty acid to tall oil fatty acid in developed nations is predicted to generate potential growth opportunities for the market players in the next few years.
- Thanks to these factors, the market is projected to register a healthy growth rate in the near future.
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What are Key Growth Drivers of Global Tall Oil Fatty Acid Market?
- The growing demand for oleic acid, especially in North America is considered as one of the major factors that is expected to encourage the growth of the global tall oil fatty acid market in the next few years.
- In addition to this, the significant rise in the production of crude oil in several nations is another key factor that is estimated to accelerate the growth of the market in the coming years. Furthermore, the rising demand for tall oil fatty acids from soaps and coatings and detergents industries is predicted to enhance the growth of the overall market in the next few years.
- On the other hand, the low rate of penetration of the tall oil fatty acid market in developing economies, especially in Asia Pacific is likely to hamper the growth of the market in the next few years.
- Nonetheless, the rising manufacturing of biodiesel making use of the tall oil fatty acid, which is based on the feedstock is likely to augment the global tall oil fatty acid market in the next few years
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What are Key Challenges for Global Tall Oil Fatty Acid Market?
- Asia Pacific accounts for more than 60% of the global population with rapidly increasing demand from various end user industries. Asia Pacific offer large opportunities for the TOFA market. However, the region accounts for a small share of the global TOFA market. North America and Europe account for majority of demand for TOFA.
- Abundance of alternative natural fatty acids, mainly palm oil fatty acid, in Asia Pacific is the primary reason for the low demand for TOFA in the region. Few companies such as Harima Chemicals Group and some other small-scale manufacturers based in China manufacture TOFA. Asia Pacific imports TOFA significantly from North America and Europe. This reduces cost efficiency of end-product manufacturers, compared to locally produced palm oil fatty acids.
Lucrative Opportunities for Players in Global Tall Oil Fatty Acid Market
- Demand for renewable fuel is increasing at a rapid pace across the world. Demand for renewable fuel is projected to surpass 35,000 kilo tons by 2020. The market is estimated to experience the highest growth in Asia Pacific, the Middle East and Latin America in the long term.
- According to the latest EU directive, the member countries of the EU are mandated to source 10% of the transport fuel (bioethanol and biodiesel) from renewable resources. The mandated 10% biofuel is bifurcated into two components; namely bio-fuel from crops and bio-fuel from other sources.
- Currently, TOFA accounts for minimal percentage of the biofuel market; however, increase in demand for biofuel provides an excellent opportunity for TOFA manufacturers.
- North America produces and exports biofuel, while demand for biofuel in Europe is largely met by imports. Commercialization of biodiesel from TOFA feedstock could potentially reduce European imports of biodiesel.
North America & Europe to Dominate Global Tall Oil Fatty Acid Market
- North America and Europe are projected to hold a major share of the global market in the next few years. The strong growth of these two regions can be attributed to the high and easy availability of raw materials. The rising contribution from the U.S. is considered as another major factor that is likely to enhance the growth of the market in the near future.
- In addition to this, a significant rise in the production capacity of paper and pulp market is likely to support the market growth. Furthermore, Asia Pacific is estimated to register a promising growth in the near future, thanks to the rising demand for tall oil fatty acid from India, China, and Japan.
- Europe is the second largest producer and consumer of TOFA and is one of the fastest growing regions in terms of demand for TOFA and other tall oil products. Majority of TOFA produced in this region is obtained from Finland and Sweden. Demand of TOFA from these two countries is also the highest in the region.
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Leading Players in Global Tall Oil Fatty Acid Market
- The TOFA market is consolidated in nature; a few large companies hold significant share of the market. Small players in the market pose very little threat to established players who have achieved economies of scale and are able to produce TOFA at lower costs.
- Large players operate on the basis of market goodwill and supply agreements with end-product manufacturers.
- Some of the key players operating in the tall oil fatty acid market across the globe are
- Harima Chemicals Group, Inc.
- Forchem Oy
- MeadWestvaco Corporation
- Georgia Pacific LLC
- Arizona Chemical Company, LLC.
Global Tall Oil Fatty Acid Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global tall oil fatty acid market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for growth of the global tall oil fatty acid market. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global tall oil fatty acid market is likely to expand during the forecast period of 2019 to 2027.
The report offers intricate dynamics about different aspects of the global tall oil fatty acid market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the soaps & detergents industry with respect to the global tall oil fatty acid market during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global tall oil fatty acid market and estimates statistics related to growth of the market in terms of volume (kilo tons) and value (US$ Mn).
This study covers a detailed segmentation of the global tall oil fatty acid market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global tall oil fatty acid market, wherein various developments and expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Tall Oil Fatty Acid Market
The report provides detailed information about the global tall oil fatty acid market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global tall oil fatty acid market that would help them design successful strategies and make target-driven decisions.
- Which product segment of the global tall oil fatty acid market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global tall oil fatty acid market between 2019 and 2027?
- What are winning imperatives of frontrunners in the global tall oil fatty acid market?
- Which application segment is expected to generate maximum revenue in the global market for tall oil fatty acid during the forecast period?
Research Methodology – Global Tall Oil Fatty Acid Market
The research methodology adopted by analysts for compiling the report on the global tall oil fatty acid market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global tall oil fatty acid market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global tall oil fatty acid market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global tall oil fatty acid market.
Global Tall Oil Fatty Acid Market – Segmentation
TMR’s research study segments the global tall oil fatty acid market in terms of product, application, end user, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global tall oil fatty acid market.
Others (Including linoleic acid, maleic acid, and stearic acid)
Fatty acid ester
Others (Including dimer acid and fatty acid soaps)
Soap & detergents
Metal working fluid
Others (Including adhesives, asphalt additives, and biofuel)
Middle East & Africa