Tall Oil Fatty Acid Market to be at Forefront by 2022
The
rising number of applications of tall oil fatty acid is expected to
support the growth of the global market in the next few years. In
addition to this, the consumers are shifting their preference from
tallow oil fatty acid to tall oil fatty acid in developed nations is
predicted to generate potential growth opportunities for the market
players in the next few years. Thanks to these factors, the market is
projected to register a healthy growth rate in the near future.
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Rising
Production Crude Oil to Drive Tall Oil Fatty Acid Market
The
growing demand for oleic acid, especially in North America is
considered as one of the major factors that is expected to encourage
the growth of the global tall oil fatty acid market in the next few
years. In addition to this, the significant rise in the production of
crude oil in several nations is another key factor that is estimated
to accelerate the growth of the market in the coming years.
Furthermore, the rising demand for tall oil fatty acids from soaps
and coatings and detergents industries is predicted to enhance the
growth of the overall market in the next few years.
On
the other hand, the low rate of penetration of the tall oil fatty
acid market in developing economies, especially in Asia Pacific is
likely to hamper the growth of the market in the next few years.
Nonetheless, the rising manufacturing of biodiesel making use of the
tall oil fatty acid, which is based on the feedstock is likely to
augment the global tall oil fatty acid market in the next few years.
Availability
of Raw Materials to Drive Europe and North America Tall Oil Fatty
Acid Market
The
global tall oil fatty acid market has been categorized on the basis
of geography into North America, Latin America, Europe, Asia Pacific,
and the Middle East and Africa. Among these, North America and Europe
are projected to hold a major share of the global market in the next
few years. The strong growth of these two regions can be attributed
to the high and easy availability of raw materials. The rising
contribution from the U.S. is considered as another major factor that
is likely to enhance the growth of the market in the near future. In
addition to this, a significant rise in the production capacity of
paper and pulp market is likely to support the market growth.
Furthermore, Asia Pacific is estimated to register a promising growth
in the near future, thanks to the rising demand for tall oil fatty
acid from India, China, and Japan.
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The
global market for tall oil fatty acid is considered as highly
concentrated in nature and is projected to witness a high level of
competition in the next few years. The leading players in the market
are making notable efforts to enhance their market penetration across
the globe. The rising research and development activities and the
growing focus on the development of new products are the key factors
that are estimated to support the market growth and strengthen the
competitive scenario of the market in the next few years. Some of the
key players operating in the tall oil fatty acid market across the
globe are Harima Chemicals Group, Inc., Forchem Oy, MeadWestvaco
Corporation, Georgia Pacific LLC, and Arizona Chemical Company, LLC.
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