The global tall oil fatty acid (TOFA) market stood at USD 874 million in 2018 and is poised to exhibit a CAGR of over 4.3% during the forecast period. Extensive growth is expected in the developing nations due to the increase in construction activities and the growing adoption of lubricants. Additionally, the growing demand for oilfield chemicals in end-use industries such as automotive, adhesives manufacturing, and paints and coatings is expected to propel the demand for tall oil fatty acid (TOFA) during the review period.
The key players operating in the global tall oil fatty acid market are 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).
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The global tall oil fatty acid (TOFA) market has been segmented by product type into linoleic acid, oleic acid, and others.
The linoleic acid segment accounted for over 40% share of the global market and is expected to follow the same trend during the forecast period. In 2017, the oleic acid segment accounted for US$ 430 million due to its increasing application in oilfield chemicals and oleochemicals. The others segment includes palmitic acids, stearic acids, and maleic acid, which hold less than one-fourth of the global market share.
Tall oil fatty acid is regarded as an anti-corrosion, low-odor substance, which is hard and has faster dry time that makes it suitable for use in clear coat varnish and high gloss alkyd paints. The anti-corrosion property of TOFA is expected to boost the growth of the market. The coating segment is expected to register a CAGR of 4.4% during the forecast period. Tall oil fatty acid is an intermediate chemical that is widely used in oilfields and lubricants as a fuel additive. The reaction of carboxyl groups helps to form soaps, epoxies, lubricants, detergents, and coatings. Hence, the lubricants segment is expected to register the highest CAGR during the forecast period.
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Based on end-use industry, the global market has been segmented into construction, oil & gas, textiles, paints & coatings, and others. The construction segment accounted for the largest market share and is expected to maintain its dominance throughout the forecast period. The demand is attributed to the growth of construction activities, which has augmented the usage of lubricants, adhesives, and sealants.
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