Widening Applications of Metallic Stearates in Various Industries to Aid Market Growth
Metallic stearates are extensively used as an active ingredient in a range of personal care products, paints, cosmetics, lubricants, detergents, and construction materials, among others. While the adoption of metallic stearates is expected to remain higher across the industrial sector, the residential sector is expected to provide considerable business to the players operating in the current metallic stearates market. Over the past couple of decades, several regional market players, particularly in North America and Europe have forged strategic partnerships with a range of suppliers from various regions of the world to establish a solid foothold in the market.
A range of metallic stearates is available in the current market landscape, including aluminum stearates, zinc stearates, sodium stearates, and calcium stearates. Research and development activities are anticipated to play an important role in the overall growth of the global metallic stearates market during the forecast period. Rising adoption of metallic stearates especially in the construction sector is another factor expected to have a strong influence on the expansion of the global metallic stearates market in the upcoming years. The widening applications of metallic stearates due to additional research and scientific studies are expected to drive the demand for metallic stearates during the assessment period.
At the back of these factors, along with the soaring demand for various types of metallic stearates from the rubber and plastics industries, the global metallic stearates market is expected to cross the US$ 3.5 Bn mark by the end of 2030.
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Rise in Demand for Magnesium and Zinc Stearates to Boost Market
Due to considerable research and major developments in the production of metallic stearates and among the different types of metallic stearates available in the market, zinc and magnesium stearates have garnered significant popularity worldwide. Zinc stearates have emerged as an effective acid scavenger and processing, and aid in various polyolefin applications. In addition, as zinc stearates significantly improve the abrasiveness of sandpapers and play the role of a matting agent in paints and coatings, the demand for zinc stearates has witnessed considerable growth in recent years– a trend that is projected to continue during the assessment period. In addition, zinc stearate is extensively used as a slipping agent, heat stabilizer, and mold releasing agent in the plastics industry due to which, the demand is expected to grow at a steady pace. Furthermore, zinc stearate is widely used as a release agent and a lubricant for thermosets and thermoplastic, a phenolic compound in cosmetics ointments, and pharmaceutical powders.
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Over the past few decades, magnesium stearate is primarily used as a lubricant in pharmaceutical capsules and tablets as it is lightweight, and offers favorable lubrication and optimum adhesion. In addition, magnesium stearate is also used in the large-scale production of plastics, paints, and cosmetics due to which, the demand for the same is expected to gain further momentum. In addition, over the past few years, magnesium stearate is increasingly being used to produce medicines and dietary supplements.
The growing adoption of magnesium stearate in the production of personal care products, including mascara and eyeliner, is expected to drive the global metallic stearates market during the assessment period. The widening applications of magnesium stearate in several other industrial sectors are estimated to fast track the growth of the global metallic stearates market during the stipulated timeframe of the study.
Market Growth to Remain Slow in 2020 Due to COVID-19 Crisis
The COVID-19 pandemic is expected to hamper the growth of the global metallic stearates market, especially in 2020. Stringent lockdown measures coupled with restrictions on domestic and international trade have disrupted the supply chain across the metallic stearates market worldwide. In addition, due to the dwindling demand for metallic stearates from various end-use industries, the production of metallic stearates has moved into the slow lane in 2020. While the demand for cosmetic and plastic products has witnessed a steep descend in 2020, the sales of metallic stearates are likely to drop by a considerable margin in comparison with that in 2019.
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