Key Highlights of Global Tall Oil Fatty AcidMarket
· Theglobal tall oil fatty acid market wasvalued at US$ 882.15 Mn in 2018 and isanticipated to expand at a CAGR of 4.2% during the forecastperiod
· TOFA isobtained from crude tall oil, a by-product of the Kraft paper pulping process.Pine wood logs are the primary raw materials required for paper production;therefore, forestry products such as pine trees and other coniferous trees comprisethe raw materials for crude tall oil and subsequently TOFA.
· TOFA isused in various end-user industries such as soaps & detergents, lubricants,fuel additives, paints & coatings, and plastics. It is used where longchain fatty acids are required. TOFA mainly comprises oleic acid and linoleicacid in almost equal proportion with trace amounts of linolenic, palmitic, andstearic acids. Oleic and linoleic acids are long chain fatty acids with 18carbon chains. Dimer acids, alkyd resins, and fatty acid esters are the primaryintermediate chemicals of TOFA. These are further processed for applications inend-user industries.
Key Drivers of Global Tall Oil Fatty Acid Market
· One ofthe major factors working for the global tall oil fatty acids market is therisen use of these fatty acids over various applications in the raw petroleumproduction area. Attributable to the rising development of raw petroleum overin various regions across the globe, the increase of tall oil fatty acids haslikewise picked up the pace considerably.
· Thepattern is foreseen to be sustained throughout the following couple of yearsalso, with the enduring rise in R&D activities in Europe, North America,and the Middle East giving consistent development prospects. The surging demandfor oleic acid, is considered as one of the central point that is foreseen toenergize the development of the global tall oil fatty acid market in the comingyears.
· Themarket is likewise expected to profit by the rising demand of tall oil fattyacids from the soaps and detergent sector. Nevertheless, the market iscontrarily influenced because of the low penetration rate of tall oil fatty acidin various developing nations, particularly crosswise over regions, forexample, Asia Pacific.
· Whilethis could reduce the development prospects of the market to a degree, theexpanded utilization of tall oil fatty acids for the making of biodiesel couldexhibit solid development scope for the market
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Shifting market preference for tall oil fatty acidfrom tallow oil fatty acid in North America and Europe
· Differenttypes of oils and fats are used for the production of natural fatty acids.These include palm oil, palm kernel oil, coconut oil, tall oil, animal tallow,and rapeseed oil. Until three decades ago, primary raw materials used formanufacturing oleochemicals were coconut and tallow oil; the latter providedC18 and C16 fatty acids, while the former provided C14 and C12 fatty acids.
· Initially,developed economies such as Japan and the U.S. as well as the European regionrelied significantly on tallow as it served as a cost-effective source offeedstock in the oleochemicals industry. However, after 1990, several healthissues began to arise due to the consumption of tallow.
· Thiseventually shifted the industry preference towards vegetable oils. Until 2012, pricesof TOFA were comparatively lower than tallow derived oleic acids. As a result,many end product manufacturers shifted preference to tall oil fatty acids forapplications such as soap & detergents, oilfield chemicals, and lubricants.Soaps & detergents made from TOFA are also considered to be moreenvironmentally sustainable.
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Low Market Share of TOFA in the Highly PopulatedRegion to Hamper Global Tall Oil Fatty Acid Market
· The lackof quality raw materials hampers the local market from producing the desiredgrade of TOFA. However, demand for TOFA in the region is estimated to increaseduring the forecast period.
· The lowmarket share of TOFA in the highly populated region, which has high demand formost end-use products of TOFA, provides Asia Pacific with an opportunity toexpand in the TOFA market.
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North America & Europe Dominates Global Tall OilFatty Acid Market
· Demandfor TOFA is the highest in North America. Demand for oleic acid, which is foundin abundance in TOFA, is also high in the region. TOFA is rich in oleic acidconcentration along with other natural fatty acids such as tallow oil fattyacid, lard oil fatty acid, safflower oil fatty acid, olive oil fatty acid, andpeanut oil fatty acid. Most vegetable oil fatty acids are significantly higherpriced and scarcely used in industrial applications.
· Tallowoil fatty acid and tall oil fatty acid hold the majority of the market. Tallowoil is a by-product of the meat industry. It is similar to tall oil, which is aby-product of the paper and pulp industry. Steady decline in the popularity oftall oil fatty acid in North America has opened up opportunities for the TOFAmarket in the region.
· Oleicacid is used in a variety of applications such as soaps & detergents,paints & coatings, adhesives, emulsifiers, and oilfield chemicals. Most ofthese applications have expanded moderately; however, demand for oleic acid inoilfield applications is of special importance.
· NorthAmerica accounts for the largest demand for oilfield chemicals in the world dueto the presence of shale assets, oil sands, and deep-water petroleum resourcesin the Gulf of Mexico.
· Furthermore,the oilfield chemicals industry in North America has witnessed significantgrowth, expanding at close to double digit rate. TOFA based oleic acid isprimarily used as lubricant, emulsifier, and corrosion inhibitor in the oildrilling industry.
· Growth inrequirement of TOFA based oleic acid is in proportion with the increase indrilling activities in North America, particularly in the US.
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Consolidated Nature of Global Tall OilFatty Acid Market
· Thecompetitive scenario of the global tall oil fatty acid market is marked byhighly consolidated situations and intense competitions among the key players.These players are working efficiently and in a well-organized manner in termsof overall share of the global tall oil fatty acid market.
· In orderto sustain their positions in the market, players are investing heavily in theR&D activities of more efficient and advanced varieties of the products.They are also making efforts to get into mergers and acquisitions andstrengthen their in-house distribution chain of crude materials in order toexpand their product portfolios.
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