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Palmitic Acid Market

Published Date : Jun 2024 | Forecast Year : 2019

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Palmitic Acid Market Size, Share & Trends Cover Analysis By Product Type (Natural Palmitic Acid, Synthetic Palmitic Acid), By Product Application (Personal Care and Cosmetics, Food and Beverages, Pharmaceuticals Industrial, Others) Growth, Regional Outlook, and Forecast 2024 – 2032

Report ID: AG811

Published : Jun 2024

Pages : 155

Category : Chemical & Material

Format : Palmitic Acid Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 370.30 Million
MARKET SIZE (2023)USD 281.10 Million
CAGR (2023-2029)3.11%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPENatural Palmitic Acid
Synthetic Palmitic Acid
BY APPLICATIONPersonal Care and Cosmetics
Food and Beverages
Pharmaceuticals Industrial
Others
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSKLK OLEO, BASF SE, Wilmar International Ltd., Godrej Industries Limited, Emery Oleochemicals, IOI Oleochemical Industries Berhad, P&G Chemicals, VVF LLC, Cargill, Incorporated, Twin Rivers Technologies, Acme-Hardesty Co., Croda International Plc, Eastman Chemical Company, Evonik Industries AG, Pacific Oleochemicals Sdn Bhd.

Introduction:

The palmitic acid market is experiencing significant growth as it has a wide range of applications in various industries. Palmitic acid, a saturated fatty acid found in both animals and plants, is mostly used in the manufacture of soaps, cosmetics and dietary supplements. Its emollient properties make it a valuable ingredient in personal care products, improving texture and moisture retention. The food industry uses palmitic acid for its preservative and stabilizing properties, while the pharmaceutical industry benefits from its use in drug preparation and delivery. 

Palmitic Acid Market size was valued at USD 281.10 Million in 2023, estimated to reach USD 370.30 Million by 2032, growing at a CAGR of 3.11% during (2024–2032)

Growing consumer demand for natural and organic products will continue to expand the market as palmitic acid is a key ingredient in many bio-based formulations. In addition, continuous research on sustainable and environmentally friendly production methods is expected to boost market growth and match global trends of environmental awareness and sustainability. Asia Pacific dominates the market driven by rapid industrialization and growing population.

Overview:

The growing demand from the food industry is mainly driving the global palmitic acid market. In addition, palmitic acid is also used in the production of biodiesel, especially in the transesterification process. Growing demand for clean energy is expected to increase the demand for biodiesel, driving the global palmitic acid market.

In addition, the shift to sustainable and ecological products has opened the way for the development of bio-based palmitic acid derived from renewable raw materials, which is estimated to create opportunities for market growth.

Palmitic acid is a saturated fatty acid commonly found in animal and vegetable fats. It is an important part of fat in our body and in various foods. It is the main component of palm oil, from which it gets its name, and is also found in significant amounts in meat, dairy products and some vegetable oils.

Palmitic acid plays a key role in the body, acting as a source of energy, helping the absorption of nutrients such as vitamins, and promoting the structure of cell membranes. However, excessive consumption of palmitic acid, especially from sources such as processed foods, has been linked to a number of health problems, including cardiovascular disease. Therefore, maintaining a balanced diet and moderate consumption of foods containing palmitic acid is essential for overall health and well-being.

Palmitic Acid Market

Size, by Product, - (USD Billion)

Natural Palmitic Acid

Synthetic Palmitic Acid

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

3.11%

The Forecast Market

Size for in USD:

$370.30 Million B

b0d51e3055fd6f23ff6a384a6e091406.svg

Trend Analysis:

  • Personal Care and Cosmetics: The demand for palmitic acid is significantly high in the personal care and cosmetics industries. It is used for its emollient properties, making it an important ingredient in skin care products. The European market is particularly strong due to strict regulations that encourage the use of natural ingredients and the presence of major cosmetic brands.

  • Food Industry: The use of palmitic acid as a food additive is due to its ability to improve the structure and stability of various foods. This application is expanding as consumer demand for processed and convenient foods increases, especially in the Asia-Pacific region.

  • Industrial Applications: In the industrial sector, palmitic acid is used in the production of fats and lubricants due to its excellent lubricating properties. This has increased demand in the automotive, aerospace and manufacturing industries.

Key Players:

  • KLK OLEO

  • BASF SE

  • Wilmar International Ltd.

  • Godrej Industries Limited

  • Emery Oleochemicals

  • IOI Oleochemical Industries Berhad

  • P&G Chemicals

  • VVF LLC

  • Cargill, Incorporated

  • Twin Rivers Technologies

  • Acme-Hardesty Co.

  • Croda International Plc

  • Eastman Chemical Company

  • Evonik Industries AG

  • Pacific Oleochemicals Sdn Bhd

Palmitic Acid Market

Share, by end user, (USD Billion)

Analytica Global 281.10 Million %

Personal Care and Cosmetics

Food and Beverages

Pharmaceuticals Industrial

Others

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

370.30 Million

Total Market Size

USD (Billion),

3.11%

CAGR

-

Palmitic Acid Market Segmentation:

By Type:

  • Natural Palmitic Acid: Sourced from natural fats and oils.

  • Synthetic Palmitic Acid: Produced through chemical processes.

By Application:

  • Personal Care and Cosmetics: Used in products like soaps, creams, lotions, and shampoos due to its emollient properties.

  • Food and Beverages: Employed as an additive in food products for texture and flavor enhancement.

  • Pharmaceuticals: Utilized in the formulation of medicinal and therapeutic products.

  • Industrial: Used in the production of surfactants, detergents, and lubricants.

  • Others: Applications in agrochemicals, rubber, plastics, and more.

By Region:

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Rest of Middle East and Africa

Palmitic Acid Market Opportunities:

  • Personal Care and Cosmetics: Growing demand for natural ingredients: Consumers are increasingly looking for natural and sustainable ingredients in cosmetics and personal care products. Palmitic acid, derived from natural sources such as palm oil, fits well with this trend.

  • Product Composition: It is used as an emollient, surfactant and texture improver in lotions, creams and soaps. The continuous development of new skin care and beauty products offers opportunities to use palmitic acid as a key ingredient. 

  • Food and Beverage Industry Food Additives: Palmitic acid is used as a food additive, especially in the form of its esters. It acts as a stabilizer, emulsifier and flavoring agent.

  • Processed Foods: The increasing consumption of processed and convenience foods is driving the demand for palmitic acid in foods.

  • Pharmaceutical Products: Excipients in pharmaceutical preparations: Palmitic acid is used as an excipient in pharmaceutical formulations, which helps the delivery and absorption of active ingredients.

  • Topical Remedies: Its emollient properties make it suitable for use in creams and lotions for skin conditions.

  • Industrial Applications Lubricants and Fats: Palmitic acid is used in the production of lubricants and fats. A growing industrial sector, especially in developing countries, offers significant opportunities.

  • Soaps and Detergents: It is a key ingredient in the production of soaps and detergents. Growing demand for cleaning products, especially with growing awareness of hygiene, is driving this market.

  • Sustainable and Bio-based Chemicals Renewable Sources: As more and more attention is given to sustainability, there has been a shift to the use of bio-based chemicals. Palmitic acid from sustainable sources such as palm oil and other vegetable oils can meet this requirement.

  • Green Chemistry: Initiatives promoting green chemistry and environmentally friendly processes are likely to increase the use of palmitic acid in various industrial applications.

Palmitic Acid Market

Size, by Product, - (USD Billion)

APAC $ 22

The Market will Grow

At the CAGR of:

3.11%

The Forecast Market

Size for in USD:

$370.30 Million B

b0d51e3055fd6f23ff6a384a6e091406.svg

Palmitic Acid Market Restraints:

  • Health Concerns Related to Saturated Fat: One form of saturated fat that has been linked to adverse health effects, including cardiovascular disease, is palmitic acid. Due to this health concern, the demand and consumption of products containing palmitic acid may decrease.

  • Strict Product Safety Rules: To ensure product safety and compliance, regulatory organizations around the world impose strict rules on the use of palmitic acid in several industries, especially the food and pharmaceutical industries. Compliance with these rules can increase production costs and hinder market expansion.

  • Availability of Substitutes: As an alternative to palmitic acid, stearic acid or plant-based alternatives are available in various applications. The availability of alternatives can limit the expansion of the market by providing more choices to customers.

  • Fluctuation of Raw Material Prices: Animal fats and palm oil are natural sources of palmitic acid. Fluctuations in the prices of these raw materials due to bad weather, disrupted supply chains or geopolitical unrest can affect production costs of palmitic acid, which in turn can affect market expansion.

  • Environmental Issues: Deforestation, habitat damage and environmental sustainability are issues that have arisen in the production of palmitic acid from palm oil. Increasing public and administrative pressure to support sustainable procurement methods can hinder market expansion by increasing production costs or limiting the supply of raw materials.

Recent Development:

  • May 9, 2024 Wilmar International Limited (Wilmar) has secured a three-year, US$100 million sustainability-linked loan from Maybank.

  • March 2024 Godrej Consumer Products Limited (GCPL), a leading emerging markets company, has been recognized by Dun & Bradstreet as ESG Champion of India 2024 in the ‘Household and Personal Products’ sector at the recently held ‘ESG Leadership Summit 2024’.

Palmitic Acid Market TO (USD BN)

Palmitic Acid Market

CAGR OF

3.11%

Palmitic Acid Market

b0d51e3055fd6f23ff6a384a6e091406.svg
Analytica Global 370.30 Million %
 

Frequently Asked Questions (FAQs):

Q.1 What is the projected market size & growth rate of the Palmitic Acid Market?

Ans: Palmitic Acid Market size was valued at USD 283.14 Million in 2023, estimated to reach USD 374.30 Million by 2032, growing at a CAGR of 3.15% during (2024–2032).

Q.2 What are the top players operating in the Palmitic Acid Market?

Ans: KLK OLEO, BASF SE, Wilmar International Ltd., Godrej Industries Limited, Emery Oleochemicals, IOI Oleochemical Industries Berhad, P&G Chemicals, VVF LLC, Cargill, Incorporated, Twin Rivers Technologies, Acme-Hardesty Co., Croda International Plc, Eastman Chemical Company, Evonik Industries AG, Pacific Oleochemicals Sdn Bhd.

Q.3 What segments are covered in the Palmitic Acid Market Report?

Ans: Palmitic Acid Market is Segmented on the basis of Type, Application, and Region.

Palmitic Acid Market - Global Outlook & Forecast 2024-2029

Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

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