by The global Stearates Market is estimated to be valued at US$ 6.15 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stearates are metallic salts of stearic acid that are commonly used as thickening agents, softening agents, abrasives and binders. They are used in a wide range of applications including personal care products, construction, rubber processing, plastics, lubricants and others. Personal care products such as soaps, shampoos, creams and lotions use stearates as thickness, stability and binding agents. Stearates provide properties like slip, texture and richness to these products. In construction industry, stearates are used as processing aids and performance additives in tools, concrete and roofing applications.
Market key trends:
The growing demand for personal care products is one of the key trends driving the growth of the global stearates market. Stearates are crucial ingredients in formulation of creams, lotions, soaps, shampoos and other personal care products. The rising health and hygiene awareness among individuals has boosted the sales of personal care products. According to statistics, the global personal care market is projected to reach a value of over US$ 1.3 trillion by 2027, growing at a CAGR of around 5%. This rising demand for personal care products acts as a major growth driver for stearates market. Another key trend is the increasing usage of stearates in construction sector. As properties of stearates like water repellency, bonding and slip control are beneficial in roofing, tools and concrete applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the stearates market is moderate as high capital investment and stringent regulations are required to enter the market. Bargaining power of buyers: The bargaining power of buyers is moderate as there are many big buyers in the market and buyers can choose from various suppliers of stearates. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of a large number of suppliers of stearates worldwide. Threat of new substitutes: The threat of new substitutes is low as stearates have very few alternatives that can provide similar functions at competitive prices. Competitive rivalry: Competition is high among existing players in the market.
Key Takeaways
The global stearates market is expected to witness high growth, exhibiting CAGR of 8% over the forecast period, due to increasing usage in end-use industries such as plastics, rubber, construction, and personal care.
Regional analysis:
Asia Pacific dominates the global stearates market and is expected to continue its dominance over the forecast period owing to high demand from end-use industries such as plastics, rubber, and construction in emerging economies such as China and India. North America and Europe are also significant markets for stearates.
Key players:
Key players operating in the stearates market are American eChem Inc., Baerlocher GmbH, Corporation Sierra Madre S.A. de C.V., Dover Chemical Corporation, FACI S.p.A., Ferro Corporation, Hummel Croton, Inc., Mallinckrodt Pharmaceuticals, Mexichem S.A.B. de C.V. and Nitika Pharmaceutical Specialties Private Limited (Nikita Chemicals).
