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COVID-19 Impact On Essential Fatty Acid Market Segments, Competitive Landscape, Top Key Players Updates, Forecast To 2024

Market Overview

The Global Fatty Acid Market is projected to grow at a significant rate of 5.25% from 2019 to 2024 to reach a market value of USD 21.5 billion by the end of 2024. Extensive growth is expected in the developing nations due to the increase in construction activities and the growing adoption of lubricants.

Global Essential Fatty Acid Market are a carboxylic acid combination of a hydrocarbon chain and a carboxyl acid group, especially any of those occurring as esters in fats and oils. Fatty Acid play a key role in metabolism: as a metabolic fuel, as a necessary component of all membranes, and as a gene regulator. In addition, the increasing demand from the soap, cosmetic, medicines industry is expected to fuel market growth of Fatty Acid in near future. Biological effects due to deficiency of Fatty Acid are expected to hamper the growth of Fatty Acid. Potential effects include blood pressure, stroke, coronary artery disease, inflammation among others.

Competitive Analysis

Vantage Oleochemicals (US), BASF SE (Germany), Wujiang Jinyu Lanolin Co. (China), Ferro Corporation (US), Akzo Nobel N.V (Netherlands), Aker BioMarine AS (Norway), Arizona Chemicals (US), Ashland Inc. (US), Eastman Chemical Company (US), Oleon N.V. (Belgium), Godrej Industries (India), Colgate-Palmolive Ltd (India), Ferro Corporation (US), Eastman Chemical Corporation (US), Longyan Zhuoyue New Energy Co. Ltd. (China) are some of the key players in the global fatty acid market.

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Segmental Analysis

The global tall oil fatty acid (TOFA) market has been segmented by product type into linoleic acid, oleic acid, and others. The linoleic acid segment accounted for over 40% share of the global market and is expected to follow the same trend during the forecast period. In 2017, the oleic acid segment accounted for US$ 430 million due to its increasing application in oilfield chemicals and oleochemicals.

Based on end-use industry, the global market has been segmented into construction, oil & gas, textiles, paints & coatings, and others. The construction segment accounted for the largest market share and is expected to maintain its dominance throughout the forecast period.

Regional Insights

The market is classified and analyzed based on various geographic segmentation which includes; Americas, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific Soda Ash market is largest market owing to robust industry growth of application industry in China and India.

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Asia Pacific fatty acid market size is likely to witness highest gains over the forecast period owing to abundant availability of vegetable sources in countries such as Malaysia and Indonesia. Positive outlook on end-use industries such as rubber, food & beverages, plastics and textiles in countries like China & India is predicted to drive demand.

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