Increasing awareness of care products
The Indian stearic acid market is projected to reach nearly US$344 million by 2024, exhibiting a CAGR of 8.6%. It was valued at around US$216 million in 2018.
Increasing awareness about benefits of personal care products among customers is resulting in higher usage of cosmetics and personal care products as they protect their skin from harmful UV rays, besides providing other benefits, said ResearchAndMarkets report “India Stearic Acid Market” on 6 Nov 2019.
Moreover, increasing disposable income and purchasing power of the population is further leading to the high demand for cosmetics and personal care products, thereby fueling growth in the stearic acid market as well.
Moreover, favorable government policies are expected to drive investment in the industrial sector, thereby resulting in the increasing demand for stearic acid from end-use industries such as chemicals, lubricants, rubber processing and plastics.
Based on application, the market is categorized into Soaps and Detergents, Personal Care, Textiles, Lubricants, Rubber Processing and Others (Intermediates, Plastics, etc).
The soaps and detergent segment holds the maximum share in the Indian stearic acid market on the back of growing preferences for naturally produced stearic acid as a raw material in soaps and detergents production owing to their competitive prices and no harmful and allergic effects on humans.
The soaps and detergent segment led the Indian steric acid market with market share of approximately 29% in 2018.
Based on distribution channel the market is bifurcated in direct sales and distributors sales. In 2018, distributors sales held the maximum share in the Indian stearic acid market.
However, direct sales of stearic acid are expected to increase during the forecast period, backed by stearic acid manufacturers’ focus on maintaining and retaining more satisfied clients in long run.
Regionally, the market has been segmented as West, South, North and East. The Western region is the largest consumer of stearic acid in India and is anticipated to grow at a CAGR of 8.1% during the forecast period owing to increasing investment in major downstream sectors such as chemicals, automotive, textiles, pharma and biotechnology, etc.
Some of the leading players in the Indian stearic acid market are VVF (India) Limited, Godrej Industries Limited, 3F India Limited, Jocil Limited, Sheel Chand Agroils Private Limited, Fine Organics Industries Pvt Ltd, TGV SRAAC Limited, Adani Wilmar Limited, Pioneer Agro Extracts Ltd, Ritesh International Limited, among others. fiinews.com