The zinc stearate market is anticipated to experience growth at a CAGR of 3.24% in order to attain a market size of US$894.009 million by 2025, from US$738.336 million in 2019.
The market is expected to grow at a significant pace with immense application in various end-use industry verticals. The growing applications of plastics and rubber in several industries is driving the growth of the global zinc stearate market in the forecast period. The surging rubber industry is propelling the market demand. Additionally, with the growing plastics industry, the market is poised to proliferate in the forecast period. Growing demand for renewable raw materials for lubricants manufacturing is further bolstering the growth of zinc stearate market. Furthermore, the growing cosmetics & personal care, pharmaceutical industry, paper, and concrete industry are fueling the growth of the global zinc stearate market over the next five years.
Geographically, APAC holds a significant market share owing to the rapidly growing industries in the region. This includes the pharmaceutical industry, paints and plastics industry, chemical industry, and many more. One of the main reasons for market growth in this region lies to the huge consumer base with expanding middle-class income coupled with rising disposable income and increasing family income with women entering the main workforce.
The growing cosmetics & personal care industry is augmenting the growth of the global zinc stearate market in the forecast period.
The global zinc stearate industry is expected to soar with a significant growth rate during the forecast period owing to the proliferating beauty industry. Increasing interests for cosmetics among many women globally is serving as one of the main drivers driving the adoption of cosmetic products on a large scale. This is mainly attributed to the fact that these women love to explore a range of beauty products in the market, leading to the high market demand for cosmetics, which is further poised to propel the market growth in the forecast period. Also, with the advent of many independent brands with novel ideas in the field of cosmetics so as to remain beautiful or become beautiful is adding to industrial growth. The burgeoning craze of cosmetics is not only being realized among the younger generation, but it is being experienced among older adults as well. Hence, the manufacturers in the cosmetic industry are been provided with heaps of opportunities to produce innovative cosmetic goods for this group of society as well. The wide availability of cosmetic solutions which include an instant fix solution for the age-old population who look forward to fast improvements in skin repair is becoming quite common these days. Hence, these solutions are gaining momentum for quick improvements in eye bags, and fine lines, in addition to providing skin brightening results. Furthermore, big brands are adopting the acquisition of smaller brands as a part of their strategy to enhance their product outreach and strengthening the brand value. The main reason being that young companies with innovative products are causing a threat to the bigger brands, hence, through acquisition at a higher price big companies are able to expand their product portfolio as per the customers’ demands and are able to provide a huge range of cosmetic products with unique and appealing cosmetic packaging. This is further triggering the impulse buying behavior of the customers.
The increase in cosmetic sales is highly attributed to the growing middle-class population, especially in the developing economies of the world, creating a large consumer base. The global middle class is expected to grow from the size of 1.8 billion in 2009 to reach a size of 4.9 billion in 2030 (source: OECD statistics).
Asia, by 2030 is projected to hold the maximum middle-class population, where it will represent more than 60% share in the global middle-class population and over 50% share on the basis of middle-class consumption. China and India are expected to account for the maximum share in the middle-class population and consumption in the forecast period. According to the National Bureau of Statistics, China, by 2020, the middle-class population in China is projected to grow at an exponential rate especially in big cities and at the same time will consist of the most active consumer group for cosmetic products, further creating a high market demand for zinc stearate in the forecast period.
Furthermore, with the growing consciousness for personal grooming among males worldwide, the cosmetic & personal care industry is projected to fuel in the upcoming years. This is because of the fact that men aiming for achieving better health and wellness in addition to styling are investing more money in personal grooming cosmetic products with the growing per capita income, thus, this is providing a huge market opportunity for zinc stearate market to thrive in the future. Also, many companies, big and small are also working on expanding their product portfolio related specifically to male customers, cosmetic products include fairness creams, perfumes, sunscreens, and other skincare products. Moreover, with the growing online retail for men cosmetic products, most of the men prefer to buy products online due to the convenience to shop online in addition to saving a lot of time effort and money.
The growing rubber industry is providing an impetus for use of zinc stearate on a large scale, fueling the market demand over the next five years.
The demand for industrial rubber is expected to grow in the forecast period due to the increasing number of sales of the motorized vehicle, and auto components. Hence, the growing automotive industry and the wide application of rubber in varied end-user industry verticals are propagating the market demand during the forecast period. Additionally, the growing infrastructure and construction industry is further providing an opportunity for the rubber industry to thrive, augmenting the market demand as well. Asia Pacific is expected to be the largest market in terms of consumption at the global level. China, India, and Thailand are among the largest consumers from the APAC region.
Frequently Asked Questions (FAQs)