Tall Oil Fatty Acid (Oleic Acid, Linoleic acid, and Others) Market by Applications (Dimer Acids, Alkyd Resins, Fatty Acid Esters, and Others) for Soaps & Detergents, Coatings, Lubricants, Plastics, Fuel Additives, Metal Working Fluids, and Other End-user Industries - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022
Albany, NY -- (SBWIRE) -- 05/26/2015 -- Tall oil fatty acid, or TOFA, is a byproduct of the Kraft process of wood processing to manufacture pulp and paper. Tall oil is derived from pine and other conifer trees and is an important chemical in the manufacture of other commercial chemicals such as fatty acid esters, alkyd resins, and dimer acids. These chemicals are used in many industries, such as paints and coatings, soaps and detergents, lubricants, and plastics.
Buoyed by the growth of its end-use industries, allied to development of novel applications of global tall oil fatty acid market for the latter is set to increase at a sturdy CAGR of 4.2% between 2014 and 2022, growing from its 2013 value of US$725.1 million to total more than US$1,000 million. The market is expected to grow at a CAGR of 3.4% in terms of volume.
Alkyd Resins Lead Application Segmentation, Soaps and Detergents Lead End-use Segmentation of Global Market
Tall oil fatty acid is an intermediate in the production of many chemicals, of which alkyd resins are the dominant segment. Alkyd resins are used on a large scale in the coatings and soaps and detergents industries, which has led the latter two to become the leading end users of tall oil fatty acid in terms of volume.
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Due to the strong presence of these two industries as well as a flourishing wood processing industry, the U.S. led the global market for tall oil fatty acid. As a consequence, North America emerged as the leading regional segment in the global market, followed by Europe. These two regions account for more than three-quarters of the global market for tall oil fatty acid, followed distantly by Asia Pacific. In the latter, Japan is the overwhelming leader and comfortably leads China and India, the next two largest national Asia Pacific markets for tall oil fatty acid.
Biodiesel Production from TOFA to Open New Avenues for Global Tall Oil Fatty Acid Market
One of the most promising growth prospects for the global tall oil fatty acid market is the production of biodiesel from feedstock rich in TOFA. Due to its organic nature, tall oil fatty acid has emerged as a candidate for biodiesel production. Biodiesel has carved a sustainable niche for itself in the global energy scenario due to the environmental benefits it offers over conventional fossil fuels. Its combustion for energy generation doesn't release harmful emissions and is not particularly harmful to human health as well. This has resulted in biodiesel becoming a very promising sector in the alternative energy scenario, and presents a renewed scope for expansion of the global tall oil fatty acid market.
In North America and Europe, the trend of replacing tallow oil fatty acid with tall oil fatty acid in industrial applications is also gaining momentum, resulting in increased growth prospects for the global tall oil fatty acid market.
On the other hand, the lack of an established presence in Asia Pacific is hurting the market. Japan is the only significant APAC contributor to the global tall oil fatty acid, with even other dynamic economies such as China and India failing to match its application of tall oil fatty acid.
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