Sellbyville, DE -- (SBWIRE) -- 06/19/2019 -- Tallow Fatty Acids Market is projected to witness an escalating growth over the span of the next few years, driven by the wide range of product applications in personal care items, soaps & detergents, rubber, and plastics. Global cleaning product business revenue, worth over USD 60 billion in 2013, is predicted to surpass USD 100 billion by 2024. It is expected to record a CAGR of over 7% during the period from 2017 to 2024, subject to strict government policies promoting clean & hygiene environment across the manufacturing and food & beverages sector. This will offer lucrative prospects for the industry players to expand their business across the globe. Global Market Insights, Inc., state that tallow fatty acids industry revenue, which is estimated to cross the USD 3 billion by 2024, will grow at a rate of more than 2.5% over 2017 to 2024.

Accounting for more than 30% of the global industry share, North America tallow fatty acids market stood at USD 950 million in 2016. Strict government norms in the country to maintain hygiene across medical and food & beverage industries will complement to the regional tallow fatty acids industry to grow. Moreover, robust automotive manufacturing and sales in U.S. has also favored the rubber applications within tallow fatty acids market to impel the regional industry trends.

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Monounsaturated tallow fatty acids market, which dominated the overall industry share in 2016, is anticipated to experience a lucrative growth over the years ahead. Escalating product popularity across cosmetics, personal care items, and soaps will favorably influence the growth of tallow fatty acids industry.

Depending on the absence or presence of double bonds between carbon atoms, tallow fatty acids can be categorized into monounsaturated and saturated fatty acids. The mono unsaturated fatty acids are primarily used as an ingredient in the manufacturing of cosmetics and soaps. Today, consumers are more concerned about their personal well beings and beauty, which in turn has accelerated the cosmetics industry. As a result, soaring cosmetics demand have fueled the growth of monounsaturated tallow fatty acids industry share. In 2016, with the growth of affluent soaps and cosmetics market, monounsaturated product segment led the overall tallow fatty acids market share.

Despite, North America & Europe being the leading regions in the global tallow fatty acids industry, the growth rate exhibited by Asia Pacific is also worth appreciable. Strong growth trends in the region's end-use industries such as construction, electronics, and automotive have played a vital role in the markets coup. Scaling up of automobile sales in this region particularly in Japan, China, and India have boosted the demand of tallow fatty acids market for its rubber applications. Furthermore, the proliferating FMCG sector in the region have contributed as a prime factor driving the industry growth.

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The trend of using vegetable oils instead of tallow fatty acids has greatly influenced the provinces of Asia Pacific. Potential threat offered by palm oil as a substitute for tallow fatty acid is likely to create a formidable obstacle for the overall tallow fatty acids industry outlook. Nevertheless, rising applications of tallow fatty acids in personal care, food & beverage, and pharmaceutical industries will create lucrative growth prospects for the tallow fatty acids market in the coming years.

Emery Oleochemicals, Godrej Industries, FerroMac International, Colgate Palmolive, Baerlocher GmbH, H Foster & Co Ltd., AkzoNobel, BASF SE, Vantage Oleochemicals, Twin Rivers Technologies, LG Household and Healthcare, Chemithon Enterprises, Acme-Hardesty, and Chemol Company, Inc. are some of the notable participants of the industry, accumulating major tallow fatty acids market share.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.