Palmitic Acid, Stearic Acid, Their Salts And Esters Market

The global market for palmitic acid, stearic acid, their salts and esters is anticipated to experience an increase in consumption over the next eight years, with a forecasted CAGR of +1.4% from 2022 to 2030. The market volume is projected to reach 2.1M tons by the end of 2030, with a value of $5.6B in nominal prices. China emerged as the largest consumer of these products in 2022, followed by the United States and India. Production and exports also saw growth in 2022, while imports experienced a slight decline. The average import price rose by 24% in 2022, while the average export price increased by 18%.

Market Forecast

Driven by rising demand for palmitic acid, stearic acid, their salts and esters worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 2.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $5.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Palmitic Acid, Stearic Acid, Their Salts And Esters

In 2022, after two years of decline, there was growth in consumption of palmitic acid, stearic acid, their salts and esters, when its volume increased by 4.7% to 1.9M tons. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, global consumption of reached the maximum volume at 2M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The value of the market for palmitic acid, stearic acid, their salts and esters worldwide was estimated at $4.5B in 2022, rising by 9.5% 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). Overall, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at $5B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The country with the largest volume of consumption of palmitic acid, stearic acid, their salts and esters was China (433K tons), accounting for 23% of total volume. Moreover, consumption of palmitic acid, stearic acid, their salts and esters in China exceeded the figures recorded by the second-largest consumer, the United States (206K tons), twofold. The third position in this ranking was taken by India (184K tons), with a 9.8% share.

In China, consumption of palmitic acid, stearic acid, their salts and esters remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+1.0% per year) and India (+1.5% per year).

In value terms, China ($894M), the United States ($823M) and Japan ($406M) constituted the countries with the highest levels of market value in 2022, together accounting for 47% of the global market. India, Germany, Italy, Brazil, Pakistan, South Korea, Mexico, Canada, Turkey and Indonesia lagged somewhat behind, together comprising a further 32%.

Italy, with a CAGR of +17.7%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while esters for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of palmitic acid, stearic acid, their salts and esters per capita consumption in 2022 were Italy (1,285 kg per 1000 persons), Germany (820 kg per 1000 persons) and Canada (795 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of esters, amongst the key consuming countries, was attained by Italy (with a CAGR of +13.5%), while esters for the other global leaders experienced more modest paces of growth.

Production

World Production of Palmitic Acid, Stearic Acid, Their Salts And Esters

After two years of decline, production of palmitic acid, stearic acid, their salts and esters increased by 7.2% to 1.9M tons in 2022. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 11%. As a result, production attained the peak volume of 2.1M tons. From 2020 to 2022, global production of growth remained at a somewhat lower figure.

In value terms, production of palmitic acid, stearic acid, their salts and esters stood at $4.2B in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a mild setback. The most prominent rate of growth was recorded in 2019 with an increase of 12% against the previous year. Over the period under review, global production of hit record highs 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 China (380K tons), Indonesia (280K tons) and India (220K tons), together comprising 46% of global production. The United States, Malaysia, Italy, Pakistan, Japan, Brazil, Germany, Turkey and Singapore lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of esters, amongst the key producing countries, was attained by Italy (with a CAGR of +7.6%), while esters for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Palmitic Acid, Stearic Acid, Their Salts And Esters

After five years of growth, purchases abroad of palmitic acid, stearic acid, their salts and esters decreased by -4.8% to 646K tons in 2022. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 16% against the previous year. Over the period under review, global imports of hit record highs at 679K tons in 2021, and then fell modestly in the following year.

In value terms, imports of palmitic acid, stearic acid, their salts and esters soared to $1.5B in 2022. Overall, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.8% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 37% against the previous year. Over the period under review, global imports of reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports By Country

The United States (65K tons) and China (63K tons) were the main importers of palmitic acid, stearic acid, their salts and esters in 2022, accounting for near 10% and 9.8% of total imports, respectively. It was followed by Germany (36K tons), Japan (33K tons), the Netherlands (30K tons) and South Africa (29K tons), together creating a 20% share of total imports. India (28K tons), Nigeria (23K tons), Malaysia (22K tons), Canada (20K tons), Spain (17K tons), France (16K tons) and Russia (12K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +11.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($179M), China ($97M) and Germany ($93M) were the countries with the highest levels of imports in 2022, together accounting for 25% of global imports. Japan, India, the Netherlands, Canada, France, South Africa, Spain, Malaysia, Russia and Nigeria lagged somewhat behind, together accounting for a further 33%.

Among the main importing countries, the Netherlands, with a CAGR of +13.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average import price for palmitic acid, stearic acid, their salts and esters stood at $2,250 per ton in 2022, rising by 24% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2021 an increase of 26% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($3,110 per ton), while Nigeria ($1,086 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Global exports of palmitic acid, stearic acid, their salts and esters stood at 693K tons in 2022, increasing by 1.8% compared with the year before. The total export volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 21% against the previous year. Over the period under review, the global exports of attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, exports of palmitic acid, stearic acid, their salts and esters skyrocketed to $1.4B in 2022. In general, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +59.5% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 33% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Indonesia (236K tons) and Malaysia (165K tons) were the largest exporters of palmitic acid, stearic acid, their salts and esters in 2022, amounting to approx. 34% and 24% of total exports, respectively. India (65K tons) took the next position in the ranking, followed by Singapore (40K tons) and Italy (36K tons). All these countries together held near 20% share of total exports. Germany (18K tons), the Netherlands (17K tons), the United States (17K tons), Belgium (15K tons), Spain (14K tons), China (11K tons) and Turkey (10K tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Indonesia (with a CAGR of +12.5%), while the other global leaders experienced more modest paces of growth.

In value terms, Malaysia ($302M), Indonesia ($300M) and India ($160M) were the countries with the highest levels of exports in 2022, together comprising 53% of global exports.

Indonesia, with a CAGR of +13.1%, 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

In 2022, the average export price for palmitic acid, stearic acid, their salts and esters amounted to $2,057 per ton, with an increase of 18% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 20%. The global export price peaked in 2022 and is expected to retain growth in years to come.

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 the United States ($4,688 per ton), while Indonesia ($1,272 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform