The global metallic stearates market has been segmented on the basis of product, application, and region.
On the basis of product, the global market has been categorized into zinc, aluminum, magnesium, and calcium. Among these, the zinc stearate segment dominated the global market in 2017. This is attributed to the growing use in cosmetics as thickeners and lubricants. They act as a pigment dispersant in masterbatch and used as a stabilizer in the production of polyvinyl chloride. Due to the widespread use of zinc stearates and superior properties, their demand is expected to increase during the forecast period. Aluminum stearates is another prominent segment expected to exhibit significant CAGR owing to the growing use in the paint and coatings, additives, and construction industries.
Based on application, the global market has been segmented into rubber, polymer and paper, pharmaceuticals and cosmetics, building and construction, paints and coatings, and others. Among these, the rubber segment is expected to reach USD 1,695 million by 2023 due to the growing need for tires for convenient transportation and rapid development in the automotive industry.
Key Findings of the Study:
- The global metallic stearates market is projected to reach USD 4,343.4 million by 2023 at a CAGR of 5.71% during the review period of 2018 to 2023.
- Asia-Pacific accounted for the largest market share with China being the major contributor to the growth of the regional
- Some of the prominent players in this market are Dover Chemical Corporation (US), Baerlocher GmbH (Germany), FACI SPA (Italy), Peter Greven GmbH & Co. KG (Germany), Akrochem Corporation (US), and PMC Biogenix, Inc (US), among others.
- The key manufacturers are adopting expansion and collaborations as growth strategies.
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Geographically, the global metallic stearates market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia-Pacific was the largest market for metallic stearates in 2017 and is expected to remain dominant during the review period. North America accounted for 19.8% of the global market share in 2017, with the US being the major contributor. The rising demand for pharmaceuticals and cosmetics coupled with the high disposable income of the consumers is expected to be the major driver for the growth of the metallic stearates market in the region.