ID: MRFR/CnM/6429-HCR | 140 Pages | Author: Chitranshi Jaiswal | June 2023
Tall Oil Fatty Acid (TOFA) Market is projected to be worth USD 420.0 million by 2030, registering a CAGR of 9.1% during the forecast period (2020 - 2027).
Tall Oil Fatty Acid (TOFA) Market Overview
Tall Oil Fatty Acid (TOFA) Market stood at over USD 25066.3 million in 2019 and is expected to register a CAGR of over 6.12% by the end of 2030. Tall oil fatty acid is formed under a specific temperature with the reaction of esters and carboxylic acids. In general, the tall oil fatty acid is known as a crude tall oil product that is a major substitute for fatty acid plant oil. Basically, TOFA consists of three components like resin acid, fatty acids, and unsaponifiable matters. In the oil and gas industry, the TOFA acts as a viscosity modifier, lubricant, and corrosion inhibitor. Further, the TOFA has a low carbon footprint, which makes it act as a substitute for vegetable oil.
The global Tall Oil Fatty Acid (TOFA) Market is segmented on the basis of application, product type, and end-use industry. Further, the application segment has been classified into ester solvents, asphalt emulsions, lubricants, fuel additives, oilfield chemicals, rubbers and tires, liquid cleaners and soaps, resins, and others. Based on the product type, the global market is segmented into linoleic acid, oleic acid, and others. The end-use industry is classified into oil & gas, construction, paints & coatings, textile, and others.
As per the global Tall Oil Fatty Acid (TOFA) Market report, the regional market has been divided into Europe, Asia-Pacific, North America, the Middle East & Africa, Latin America, and others. Here, the Asia Pacific region is dominating the worldwide market during the forecast period.
PineChemical Group Oy (Finland), Forchem Oyj (Finland), Kraton Corporation(US), Univar Solutions (US), Ilim Group JSC (Russia), DRT (Derives Resiniques ET Terpeniqes) (UK), Harima Chemicals, Inc (Japan), Eastman Chemical Company (US), OOO Torgoviy Dom Lesokhimik (Russia), Lascaray S.A. (Spain), Georgia-Pacific Chemicals LLC (US), and Industrial Oleochemical Products (South Africa) are some of the key players operating in the global market.
Tall Oil Fatty Acid (TOFA) Market Share, by End-Use Industry, 2019 (%)
Source: MRFR Analysis
The Asia-Pacific market is expected to the fastest growing market by 2030 due to an increase in construction activities in the South-East Asian countries such as Thailand, Vietnam, Indonesia, and Malaysia. The growing construction equipment market in the region is expected to further boost the growth of the market for tall oil fatty acid due to its growing demand as lubricants and metalworking fluids.
The North American market is also expected to be the leading market owing to the growth of the oil and gas industry across the globe coupled with increasing mining activities, particularly in Canada.
The European market is expected to witness moderate growth during the forecast period owing to the growth in the construction industry by 1.4% according to the European Commission by 2021.
The Middle East & African market is expected to grow significantly due to the increase in construction activities across the region. The GCC countries has proposed an investment of US$ 2,700 billion by 2030, which is expected to boost the growth of the regional market.
The global construction lubricants market has been segmented based on product type, application, end-use industry, and region.
By product type, the global market has been classified into oleic acid, linoleic acid, and others.
Based on application, the global market has been divided into asphalt emulsions, ester solvents, fuel additives, lubricants, rubbers and tires, oilfield chemicals, resins, liquid cleaners and soaps, and others.
On the basis of end-use industry, the global market has been segregated into construction, oil & gas, textile, paints & coatings, and others.
The global market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.Recent Development
In September 2021
A merger agreement has been signed between the leading manufacturer of high-value polymers, namely, Kraton Corporation and DL Chemical. This agreement has mentioned that 100% of Kraton will be acquired by DL Chemical in an all-cash deal by indicating USD2.5bn enterprise value.
|Market Size||2018: USD 25066.3 Million 2030: Significant value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Application, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||PineChemical Group Oy (Finland), Forchem Oyj (Finland), Kraton Corporation(US), Univar Solutions (US), Ilim Group JSC (Russia), DRT (Derives Resiniques ET Terpeniqes) (UK), Harima Chemicals, Inc (Japan), Eastman Chemical Company (US), OOO Torgoviy Dom Lesokhimik (Russia), Lascaray S.A. (Spain), Georgia-Pacific Chemicals LLC (US), and Industrial Oleochemical Products (South Africa)|
|Key Market Opportunities||The rise in the construction activities worldwide, especially in the developing economies, is projected to propel the demand for construction lubricants|
|Key Market Drivers||The growing demand for bio-based chemicals over crude oil-based chemicals coupled with the demand for unconventional resources for lubricants and metalworking fluids.|
The tall oil fatty acid market is projected to grow at a 6.12% CAGR between 2019-2024.
The APAC region is projected to lead the tall oil fatty acid market.
Major end use industries of the tall oil fatty acid market include paints and coatings, textile, oil and gas, construction, and others.
Demand for bio-based chemicals and increase in construction activities worldwide are the key factors driving the tall oil fatty acid market growth.
Availability of substitutes such as palm oil and coconut oil based fatty acid may limit the tall oil fatty acid market growth.
Key Questions Answered
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