Tall Oil Fatty Acid (TOFA) Market estimated to reach US$730 million by 2027
The tall oil fatty acid (TOFA) market is anticipated to reach a market valuation of $729.084 million by 2027 from $441.293 million in 2020 at a CAGR of 7.44%.
The TOFA market is experiencing significant growth owing to the expanding oil and gas industry and the establishment of paints & coatings facilities that are acting as major driving factors.”
NOIDA, UTTAR PRADESH, INDIA, August 2, 2023/EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the Tall Oil Fatty Acid (TOFA) Market is projected to grow at a CAGR of 7.44% between 2020 and 2027 to reach US$729.084 million by 2027.— Knowledge Sourcing Intelligence
The tall oil fatty acid market is experiencing significant growth owing to the expanding oil and gas industry and the establishment of paints & coatings facilities that are acting as major driving factors.
Tall oil is a versatile compound composed primarily of resin acids, including abietic acid, as well as fatty acids like oleic and linoleic acids. Additionally, it contains sterols and other compounds. This valuable substance is derived through the chemical treatment of the cooking liquor utilized in the wood pulping process for paper production.
Various technological advancements and collaborations in the market are stimulating the market’s growth. For instance, in August 2022, Kraton Chemical Products Shanghai Co., Ltd. (Kraton) selected Redox Limited (Redox), a renowned chemical distributor, as their channel partner for the distribution of Tall Oil Fatty acids in Australia and New Zealand. This partnership established Redox as a key distributor for Kraton's products in these regions.
Access sample report or view details:
https://www.knowledge-sourcing.com/report/tall-oil-fatty-acid-tofa-market
Although the tall oil fatty acid market is experiencing growth, one restraining factor is the price volatility associated with tall oil fatty acids. Fluctuations in prices and market conditions can lead to significant price variations, impacting the profitability and cost-effectiveness of products that incorporate tall oil fatty acids. For instance, in February 2023, Ingevity Corporation recently announced a general price increase of 10% for specialty grades of tall oil fatty acid.
The tall oil fatty acids market is categorized into three main segments based on product type including oleic acid, linoleic acid, and others. These segments represent different variations of tall oil fatty acids and their respective compositions.
The tall oil fatty acid market based on applications is segmented into dimer acid, alkyd resins, and others. This division categorizes tall oil fatty acids according to their specific uses and allows for a better understanding of their application in various industries.
The end-user of the tall oil fatty acid market encompass various industries, including soaps and detergents, coatings and lubricants, plastics, and others. These sectors utilize tall oil fatty acids in their respective manufacturing processes.
The Asia-Pacific holds a significant share of the tall oil fatty acid market owing to the expansion of the oil and gas industry in leading economies within the region. Tall oil fatty acids find extensive use in this industry for various applications, such as drilling fluids, corrosion inhibitors, and oilfield chemicals. Countries such as China, India, and Japan have witnessed substantial growth in their oil and gas sectors, leading to an increased demand for tall oil fatty acids in various applications such as drilling fluids, corrosion inhibitors, and oilfield chemicals. For instance, according to the Petroleum Planning & Analysis Cell in December 2022, the volume of crude oil processed in India reached 22.3 million metric tons (MMT), representing a 3.7% increase compared to December 2021.
The research study includes coverage of KRATON CORPORATION, HARIMA CHEMICALS GROUP, INC., FORCHEM, UNIVAR SOLUTIONS, EASTMAN CHEMICAL COMPANY, SEGEZHA PULP AND PAPER MILL, INGEVITY, FOREVEREST RESOURCES LTD., CHEMCEED LLC, and SILVER FERN CHEMICALS INC. among other significant market players in the tall oil fatty acid market.
The analytics report segments the tall oil fatty acid market on the following basis:
• By Product
o Oleic Acid
o Linoleic Acid
o Others
• By Application
o Dimer acid
o Alkyd Resins
o Others
• By End-user Industry
o Soaps & detergents
o Coatings and lubricants
o Plastics
o Others
• By Geography
o North America
• USA
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• UK
• Germany
• France
• Spain
• Italy
• Others
o Middle East and Africa
• Saudi Arabia
• South Africa
• Others
o Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Taiwan
• Others
Explore More Reports:
• Organic Acids Market: https://www.knowledge-sourcing.com/report/organic-acids-market
• Tartaric Acid Market: https://www.knowledge-sourcing.com/report/tartaric-acid-market
• Global Tall Oil Rosin Market: https://www.knowledge-sourcing.com/report/global-tall-oil-rosin-market
Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
info@knowledge-sourcing.com
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