Global Tall Oil Fatty Acid (TOFA) Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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The Tall Oil Fatty Acid (TOFA) Market report has been segmented on the basis of product, application, end-use, and region.
Tall Oil Fatty Acid (TOFA) Market Overview:
“The Tall Oil Fatty Acid (TOFA) Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Tall oil also known as tallow or liquid rosin is obtained from coniferous trees and pine trees, and consists of the main three components: resin acids, unsaponifiable, and fatty acids.
Tall oil fatty acid (TOFA) is produced when carboxylic acids and esters are exposed to a temperature in the kraft process of paper pulping. Tall oil fatty acid is used as a vulcanizing and stabilizing agent in rubber manufacturing.
Tall Oil Fatty Acid (TOFA) Market Dynamics:
Among some of the major factors projected to drive the growth of the global tall oil fatty acid market include growing demand for viscosity modifiers, corrosion inhibitors, and lubricant products in the oilfield industry, coupled with rising consumption in aircraft, automobile, and industrial activities.
In addition, increasing applications in oil fields in developed countries and in the soap and detergents industry is another factor expected to boost global tall oil fatty acid market growth.
Moreover, increasing demand for lubricating agents and the rising use of tall oil fatty acid in the rubber manufacturing industry is expected to support market growth.
However, low awareness in developing countries regarding application in the detergent industry and lower market penetration are major factors projected to hamper the growth of the global tall oil fatty acid market.
In addition, the easy availability of coconut oil and palm oil-based fatty acids as substitute products can hamper the growth of the target market to a certain extent.
Tall Oil Fatty Acid (TOFA) Market Segment Analysis:
Among the product segments, the oleic acid segment is projected to dominate and register a significant growth rate owing to wide usage in oilfield applications. Also, the linoleic acids segment is expected to account for a major revenue share in the global market over the forecast period.
Among the application segments, the alkyd resin segment is projected to dominate with a major revenue share over the forecast period.
Among the end-use segments, the soap & detergents segment is expected to register the fastest revenue growth owing to increasing demand for tall oil fatty acids for soap and detergent applications.
Tall Oil Fatty Acid (TOFA) Market Region Analysis:
North America and Europe tall oil fatty acid markets are expected to account for major revenue shares and are projected to register a substantial growth rate over the forecast period. This projection is attributed to the easy accessibility of raw materials, and rising crude oil production in the Gulf of Mexico to name a few.
Asia Pacific market is estimated to register a moderate growth rate owing to an increasing preference for plant-derived products over crude oil-based chemicals.
Some players are investing in R&D activities to develop more efficient and advanced varieties of products, which will create new opportunities for growth in the market.
Global Tall Oil Fatty Acid Market: Segmentation
Segmentation by Product:
- Oleic acid
- Linoleic acid
- Others (Including maleic acid and stearic acid)
Segmentation by Application:
- Dimer acid
- Alkyd resin
- Fatty acid ester
- Fatty acid soaps
Segmentation by End-use:
- Soap & detergents
- Fuel additives
- Lubricants additives
- Metalworking fluid
- Others (Including adhesives, asphalt additives, and biofuel)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- AkzoNobel N.V.
- Ashburn Chemical Technologies
- BASF SE
- Chemical Associates Inc.
- Colgate-Palmolive Company
- Cray Valley USA, LLC
- Eastman Chemical Company
- Florachem Corporation
- Georgia-Pacific Chemicals LLC
- Henkel AG & Co.
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