Sebacic Acid Market Likely To Touch At $327.3 Million By 2025: Grand View Research Inc.

 

The global sebacic acid market size is projected to reach USD 327.3 million by 2025, according to a new report by Grand View Research, Inc. The global market is projected to register a CAGR of 3.7% during the forecast period. Increasing demand for new and improved cosmetics and rising demand for biodegradable polymers in automotive, packaging, and other industries is driving the market. Sebacic acid is one of the most popular cosmetic ingredients, as it is classified under non-hazardous chemicals and has multiple properties to suit skincare products, such as sun-screens, foundations, and concealers.

China is the largest producer of sebacic acid across the world. The recent outbreak of COVID-19 has resulted in the disruption of sebacic acid supply across the world. Moreover, India is a major producer of castor oil, which is a key raw material in the production of sebacic acid. The decline in the demand for castor oil from China has resulted in a reduction in the price of castor seeds in India. The updated report will account for COVID-19 as a key market contributor.

Rising demand for cosmetics and increasing awareness about these products, mainly through social media, has led to the growth of the sebacic acid market. Asia Pacific leads the global market owing to the increasing population and urbanization along with rapid industrialization. The region is anticipated to maintain its dominance due to affordable infrastructure and cheap labor. Asian countries like China and India are among the leading exporters of the chemical. India, with its favorable climatic conditions, is also one of the largest producers of castor seeds and thus of its derivatives including sebacic acid.

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Further key findings from the study suggest:

·         Global sebacic acid volume is projected to reach nearly 40 kilo tons by 2025, with growth driven by a positive outlook on end-use industries, such as lubricants, cosmetics, and metalworking

·         In terms of revenue, the cosmetics segment is projected to ascend at a CAGR of 4.1% from 2018 to 2025 due to escalating demand for personal care and hygiene products

·         Polymer manufacturing led the application segment in 2017 and accounted for 28.5% of the global revenue

·         Some of the prominent companies in the global sebacic acid market include Arkema, Inc.; Hokoku Corp.; Sebacic India Ltd.; and Jayant Agro-Organics Ltd.

·         Most of these companies are targeting regional supremacy by entering into collaborations with cosmetic and oil companies.

The U.S. market for the chemical is majorly driven by its use as a precursor to polymers and lubricants and growing demand in cosmetic products. Increasing population coupled with growing awareness about personal health and skin care products is augmenting the demand for good quality cosmetics. This, in turn, is boosting the market growth. Moreover, wide usage in several end-use industries, such as lubricants, paints, and adhesives, and polymers, is contributing to the product demand.

Emerging economies, such as China, India, Japan, and Brazil, are investing heavily in chemical production to fulfill the growing demand. This chemical is classified as non-toxic and non-hazardous substance by the ECHA and REACH and hence also provides easy, as well as affordable, trade between different regions. Growing urban population, majorly in China and India, has led to a rise in demand for cosmetic products. Governments in these regions have undertaken several initiatives to develop green chemicals that provide a faster yield of castor seeds.

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Grand View Research has segmented the global sebacic acid market on the basis of application:

Sebacic Acid Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

·         Polymers

·         Cosmetics

·         Lubricants

·         Others (Metal Working Fluids, Paints & Coatings, etc.)

Major companies are majorly focusing on the development of new technologies to manufacture sebacic acid from new sources such as butadiene and adipic acid. Competitive factors that have a deep impact on the market growth include feedstock supply, pricing, and manufacturing technology. Collaborations with raw material suppliers and end-users will help industry participants to gain significant market share over the forecast period.

Companies are setting up manufacturing facilities in emerging countries with a high yield of castor seeds to take advantage of future opportunities. Some of the key companies in the market are Wincom, Inc.; Sebacic India Ltd.; Arkema; Jayant Agro-Organics Ltd.; Hokoku Corporation; Tianxing Biotechnology Co., Ltd.; Shipra Agrichem Pvt. Ltd.; Shandong Siqiang Chemical Group Co., Ltd.; Tongliao Xinghe Biotechnology Co., Ltd.; and Chemtech M&D Ltd.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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