Stearates is an ethyl ester of docosahexaenoic acid (DHA), which is the primary component of the lipid phase of fats. Lipids - fats - are comprised primarily of stearates and not monounsaturated or trans-fatty acids, which are the primary components of many oils used in cooking. Stearates have both hydrophilic and hydrophobic regions, allowing them to serve as surfactants, and are frequently produced during saponification processes. They are used in deodorants, rubbers, paints, inks, and as an anti-adherent agent in pharmaceutical manufacturing.
Market Dynamics
Increasing expenditure on personal care products is expected to propel growth of the stearates market. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018.
Significant growth in the paints and coatings sector is expected to offer lucrative growth opportunities for players in the stearates market. For instance, according to American Coatings Association, the production of paints and coatings in the U.S. was pegged at 1.35 billion gallons in 2019, registering a value of US$ 25.7 billion, compared to 1.33 billion gallons valued at US$ 24.9 billion in 2018.
Expansion of manufacturing capacities is expected to offer lucrative growth opportunities for players in the stearates market. For instance, in May 2019, Baerlocher GmbH expanded its Seremban site with an additional production line for metal stearates, a new warehouse and an office facility.
Among regions, Europe is expected to witness significant growth in the stearates market, owing to growing pharmaceutical sector. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe was valued at US$ 139, 287 million in 2000, which increased to US$ 284, 028 million (est.) in 2018.
Competitive Analysis
Major players operating in the stearates market include, American eChem Inc., Baerlocher GmbH, Corporation Sierra Madre S.A. de C.V., Valtris Specialty Chemicals, 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).
Major players operating in the stearates market are focused on adopting partnership strategies to enhance their market share. For instance, in October 2020, Valtris Specialty Chemicals partnered with Ravago Chemicals North America, a chemical wholesaler in the U.S., for distribution of Valtris materials under its existing product portfolio for the food, nutraceutical and pharmaceutical, and personal care segments within the Life Ingredients Division.
In-depth Report on Stearates Market by Coherent Market Insights:
https://www.coherentmarketinsights.com/market-insight/stearates-market-4131
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