World - Industrial Stearic Acid - Market Analysis, Forecast, Size, Trends And Insights
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View PricingIndustrial Stearic Acid Market
The global industrial stearic acid market is forecasted to contract over the period from 2022 to 2030, with a decrease in both volume and value. China is the largest consumer and importer of industrial stearic acid, with declining consumption trends observed in other major countries such as the United States and India. Production and exports also show a declining trend, with Indonesia being the main exporter of industrial stearic acid. Price trends vary across countries, with noticeable fluctuations in import and export prices.
Market Forecast
Depressed by shrinking demand for industrial stearic acid worldwide, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -0.1% for the period from 2022 to 2030, which is projected to depress the market volume to 2.7M tons by the end of 2030.
In value terms, the market is forecast to contract with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market value to $4.9B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Industrial Stearic Acid
In 2022, approx. 2.7M tons of industrial stearic acid were consumed worldwide; shrinking by -1.6% against 2021. Overall, consumption recorded a mild decline. The most prominent rate of growth was recorded in 2021 when the consumption volume increased by 4.9%. Global consumption peaked at 3.2M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.
The global industrial stearic acid market value expanded notably to $4.2B in 2022, rising by 5.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a mild setback. The pace of growth was the most pronounced in 2021 with an increase of 8.2%. Global consumption peaked at $5B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.
Consumption By Country
China (741K tons) remains the largest industrial stearic acid consuming country worldwide, accounting for 27% of total volume. Moreover, industrial stearic acid consumption in China exceeded the figures recorded by the second-largest consumer, the United States (284K tons), threefold. India (226K tons) ranked third in terms of total consumption with an 8.4% share.
In China, industrial stearic acid consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-3.2% per year) and India (-3.5% per year).
In value terms, the UK ($927M), China ($773M) and the United States ($369M) constituted the countries with the highest levels of market value in 2022, with a combined 49% share of the global market. India, Japan, France, Germany, Turkey, Brazil, South Korea, Russia, Indonesia and Argentina lagged somewhat behind, together accounting for a further 28%.
Russia, with a CAGR of +17.5%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.
The countries with the highest levels of industrial stearic acid per capita consumption in 2022 were South Korea (1,352 kg per 1000 persons), the UK (1,038 kg per 1000 persons) and Argentina (1,016 kg per 1000 persons).
From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +20.0%), while consumption for the other global leaders experienced more modest paces of growth.
Production
World Production of Industrial Stearic Acid
In 2022, approx. 2.8M tons of industrial stearic acid were produced worldwide; with a decrease of -1.9% compared with 2021 figures. Over the period under review, production recorded a mild slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7%. Over the period under review, global production reached the peak volume at 3.4M tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.
In value terms, industrial stearic acid production rose sharply to $3.5B in 2022 estimated in export price. Overall, production saw a pronounced downturn. The pace of growth was the most pronounced in 2020 when the production volume increased by 12%. Global production peaked at $4.9B in 2012; however, from 2013 to 2022, production remained at a lower figure.
Production By Country
The countries with the highest volumes of production in 2022 were Indonesia (762K tons), China (409K tons) and Malaysia (396K tons), with a combined 56% share of global production. The United States, India, Brazil, Japan, Italy, the UK, France, Sweden, Germany and Argentina lagged somewhat behind, together comprising a further 32%.
From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +3.9%), while production for the other global leaders experienced more modest paces of growth.
Imports
World Imports of Industrial Stearic Acid
In 2022, the amount of industrial stearic acid imported worldwide contracted to 1.3M tons, declining by -1.9% against the previous year. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 13% against the previous year. Over the period under review, global imports hit record highs at 1.3M tons in 2019; afterwards, it flattened through to 2022.
In value terms, industrial stearic acid imports surged to $2B in 2022. In general, imports, however, posted a temperate expansion. The pace of growth was the most pronounced in 2021 when imports increased by 66%. Global imports peaked in 2022 and are expected to retain growth in years to come.
Imports By Country
China was the major importer of industrial stearic acid in the world, with the volume of imports accounting for 356K tons, which was near 28% of total imports in 2022. The Netherlands (80K tons) ranks second in terms of the total imports with a 6.3% share, followed by South Korea (5.6%) and Turkey (5.1%). Germany (55K tons), Russia (49K tons), the United States (49K tons), Thailand (41K tons), Japan (37K tons), Singapore (36K tons), Malaysia (32K tons), Vietnam (31K tons) and Taiwan (Chinese) (31K tons) took a relatively small share of total imports.
Imports into China increased at an average annual rate of +3.9% from 2012 to 2022. At the same time, Russia (+17.9%), Malaysia (+13.6%), Vietnam (+9.9%), the United States (+9.3%), Turkey (+2.3%) and the Netherlands (+2.3%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing importer imported in the world, with a CAGR of +17.9% from 2012-2022. South Korea, Thailand and Japan experienced a relatively flat trend pattern. By contrast, Singapore (-1.7%), Taiwan (Chinese) (-2.4%) and Germany (-2.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Russia, the United States and Malaysia increased by +4, +2.9, +1.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($505M) constitutes the largest market for imported industrial stearic acid worldwide, comprising 25% of global imports. The second position in the ranking was held by Turkey ($123M), with a 6% share of global imports. It was followed by the Netherlands, with a 5.9% share.
In China, industrial stearic acid imports increased at an average annual rate of +6.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+6.6% per year) and the Netherlands (+4.3% per year).
Import Prices By Country
In 2022, the average industrial stearic acid import price amounted to $1,605 per ton, picking up by 23% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial stearic acid import price increased by +115.4% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 46%. Global import price peaked in 2022 and is expected to retain growth in the immediate term.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($2,057 per ton), while Malaysia ($871 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+4.9%), while the other global leaders experienced more modest paces of growth.
Exports
World Exports of Industrial Stearic Acid
In 2022, the amount of industrial stearic acid exported worldwide reduced to 1.4M tons, with a decrease of -2.5% compared with 2021 figures. The total export volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 18%. As a result, the exports attained the peak of 1.4M tons, and then contracted slightly in the following year.
In value terms, industrial stearic acid exports expanded markedly to $1.9B in 2022. Over the period under review, exports, however, continue to indicate a notable increase. The growth pace was the most rapid in 2021 when exports increased by 65% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.
Exports By Country
Indonesia represented the main exporter of industrial stearic acid in the world, with the volume of exports amounting to 678K tons, which was near 50% of total exports in 2022. Malaysia (407K tons) held a 30% share (based on physical terms) of total exports, which put it in second place, followed by the Netherlands (6.6%). The following exporters - Sweden (32K tons), Germany (31K tons), Italy (26K tons) and China (25K tons) - each recorded an 8.3% share of total exports.
From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +17.3%), while the other global leaders experienced more modest paces of growth.
In value terms, Indonesia ($884M), Malaysia ($508M) and the Netherlands ($157M) were the countries with the highest levels of exports in 2022, together accounting for 81% of global exports. Sweden, Germany, China and Italy lagged somewhat behind, together comprising a further 11%.
China, with a CAGR of +18.0%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
The average industrial stearic acid export price stood at $1,404 per ton in 2022, surging by 17% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial stearic acid export price increased by +94.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 40%. The global export price peaked in 2022 and is expected to retain growth in the near future.
There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sweden ($1,991 per ton), while Malaysia ($1,248 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+4.7%), while the other global leaders experienced more modest paces of growth.
This report provides an in-depth analysis of the global industrial stearic acid market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 20143120 - Industrial stearic acid
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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