Palmitic Acid Market Size, Share & Trends Analysis Report By End-use (Soap & Detergent, Personal Care And Cosmetics, Greases And Lubricants, Others), By Region, And Segment Forecasts, 2023 - 2030

Palmitic Acid Market Size, Share & Trends Analysis Report By End-use (Soap & Detergent, Personal Care And Cosmetics, Greases And Lubricants, Others), By Region, And Segment Forecasts, 2023 - 2030

Palmitic Acid Market Growth & Trends

The global palmitic acid market size is expected to reach USD 519.0 million by 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by the increasing use of the product in the production of personal care and household products such as soaps, shampoos, and laundry detergents.

The market is also growing by the increasing awareness among consumers about the benefits of natural and organic products. Palmitic acid derived from natural sources such as palm oil and coconut oil is considered a safer and healthier alternative to synthetic ingredients, and its use is expected to grow as consumers continue to seek out natural and organic personal care and household products.

It is most commonly used in surfactant and soap manufacturing due to its ability to keep the skin smooth and moisturized. It also brings hardness to the soap when saponified, whereas linoleic acid and oleic acid provide softness. Initially, the hydrogenation of palmitic acid is done, which produces acetyl alcohol, and this compound is further used for the production of detergents and soaps. Furthermore, it is also used in make-up products to hide blemishes.

Moreover, it is an essential ingredient used for the formation of grease and lubricants. Grease and lubricants are heavily consumed by automobile manufacturers worldwide. They are applied to different parts of automobiles for their smooth functioning. Moreover, grease and lubricants are also used for heavy industrial machines. The flourishing automotive industry and the increasing industrial activities worldwide are anticipated to fuel the demand for grease and lubricants, thereby augmenting the global demand for palmitic acid.

North America is a prominent consumer of palmitic acid due to a large number of various end-use players in the region. Thus, the increased usage of fatty acid derivatives in the personal care industry is growing steadily in the coming years. North America is witnessing a demand surplus in the personal care & cosmetics market on account of rising disposable income. Additionally, the major factors driving the personal care and cosmetics market are increasing emphasis on personal grooming and appearance and advances in technology and research leading to the development of new and innovative products.

Moreover, the increasing focus on product innovation and development is expected to drive the demand for the market. Manufacturers are constantly developing new products with unique properties and benefits to cater to the evolving needs of consumers, and it is a key ingredient in many of these products. This is expected to fuel the growth of the market during the forecast period.

Palmitic Acid Market Report Highlights

• Soaps & Detergents is the largest end-use segment which accounts for 48.7% by value in 2022, on the account of its excellent cleansing and foaming properties
• Personal care & cosmetics is the fastest growing end-use segment with a CAGR of 4.4%, as it is widely used in the production of personal care and household products such as soaps, shampoos, and laundry detergents. The growing demand for these products, driven by the rising population and changing lifestyles
• The use of bio-based lubricants and greases is a growing trend in the market, driven by the need for sustainable and eco-friendly products. Palmitic acid is a key ingredient in the production of these products, and its use is expected to grow during the forecast period
• North America is the fastest-growing region with a CAGR of 3.7%. As the region is home to many cosmetics & personal care manufacturers and has thriving opportunities for manufacturers as the demand for bio-based products is growing
• Kao Corporation has developed a new palmitic acid-based emulsifier called "Lamellobio EG-2". This emulsifier is derived from palm oil and is designed to improve the stability and texture of cosmetic formulations
• Cargill has developed a new bio-based plastic called "DuraGreen" that uses palmitic acid as a key building block. This plastic is designed to be biodegradable and compostable, making it a more sustainable alternative to traditional plastics.

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