Fatty Acid Market Scenario
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. The global fatty acid market is garnering colossal traction. The market gets traction from rising applications of fatty acid in nutrition supplement, animal feeds, cosmetic & personal care products, and in the drug manufacturing as carriers for lipid formulation. Fatty acid also finds its huge usages in paints & varnishes, rubber compounding & formulations, textile chemicals, insecticides, plastic fabrication, and paper products.
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Additionally, this versatile chemical finds its usages in many industrial applications such as in rubber manufacturing and plastic production owing to its coagulating quality. The agriculture industry is considered as the largest user of fatty acid globally owing to the extensive consumption of these materials in insecticides and in fodders & animal feed to increase its nutritional value.
Owing to its varied applications, fatty acids enjoy huge market prominence. Consequently, the market for fatty acids perceives excellent traction worldwide. The rapidly improving standard of living is another major factor fostering the growth of the fatty acid market, driving the consumption of meat, and the demand for animal feed.
Major Players
Players leading the global fatty acid market include 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), among others.
Industry/ Innovation/ Related News
July 15, 2019 —– Altimmune, Inc. (ALT – the US), a clinical-stage biopharmaceutical company, announced the completion of its acquisition of Spitfire Pharma, Inc. (the US), a leading provider of R&D services. The deal includes the product candidate ALT-801, a potent GLP-1/Glucagon receptor co-agonist for the treatment of non-alcoholic steatohepatitis (NASH).
Altimmune is largely focused on developing liver disease and immune-modulating therapies. Spitfire Pharma offers drug development and research services to improve the pharmaceutical properties of peptide drugs. This is an important milestone for ALT as it marches towards moving ALT-801 to the clinic expeditiously and generating proof of concept data in man
Global Fatty Acid Market – Segmentation
MRFR has segmented the market into three main dynamics to widen the scope of understanding,
By Type : Saturated, Monounsaturated, Polyunsaturated, Trans fats, and others.
By Application : Health Care, Food Industry, Lubricants, Agrochemicals, Textile Industry, and others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Fatty Acid Market – Regional Analysis
The Asia Pacific region would retain its dominance over the global fatty acid market. The largest market share attributes to the presence of the largest producer and consumers of fatty acid in the region. Countries such as China, Malaysia, Indonesia, and India play a vital role in Asian fatty acid production. Indonesia, China, Malaysia, and India are the world’s leading palm oil producers and have raw material advantages.
The fatty acid market in the European region accounts for the world’s second-largest market, globally. Factors such as the growing demand in the cosmetic industry and the increasing consumption of medicines are key driving forces driving the demand for fatty acid in Europe. Moreover, the presence of major manufacturers in the region impacts the regional market growth positively, offering superior quality products.
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Global Fatty Acid Market – Competitive Analysis
Highly competitive, the global fatty acid market appears to be fragmented due to the presence of many well-established players. To gain a substantially larger market share, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, partnership, and product & technology launch.
These also make high investments to expand their distribution network, production capacity, and supply chain in emerging countries. These players strive to reduce the cost of their products by adopting cost-effective manufacturing methods.
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