Fatty Acid Derivative Sales

Fatty Acid Derivative Sales Market Outlook

The global fatty acid derivative sales market is projected to reach approximately USD 18.5 billion by 2035, growing at a CAGR of around 4.8% during the forecast period of 2025-2035. This growth trajectory is primarily driven by the increasing demand for fatty acid derivatives in various applications, including personal care, pharmaceuticals, and food & beverages. Moreover, the rising awareness regarding the benefits of bio-based products over synthetic alternatives is also propelling market growth. The uptick in industrial applications of fatty acid derivatives, particularly in lubrication and surfactants, further enhances their demand. Additionally, advancements in processing technologies and the exploration of new sources for fatty acid extraction are expected to boost market dynamics significantly.

Growth Factor of the Market

One of the prominent growth factors for the fatty acid derivative sales market is the escalating preference for sustainable and eco-friendly products across various industries, especially in personal care and food sectors. Consumers are increasingly inclined towards products that are derived from natural sources, leading to an upsurge in demand for fatty acid derivatives. Furthermore, the pharmaceutical industry's growth, driven by the rising prevalence of chronic diseases and the need for effective drug formulations, is significantly contributing to the fatty acid derivatives market. The food and beverage sector is also witnessing a shift towards healthier, plant-based alternatives, further fueling the demand. Additionally, advancements in fatty acid derivative applications, including surfactants used in cleaning and personal care products, are creating new opportunities for market expansion. The ongoing research and development initiatives aimed at improving the efficiency of fatty acid derivatives are expected to play a pivotal role in the market's growth trajectory.

Key Highlights of the Market

• The market is projected to achieve a valuation of USD 18.5 billion by 2035.
• CAGR of around 4.8% during the forecast period of 2025-2035.
• Increasing demand for bio-based and eco-friendly fatty acid derivatives.
• Significant contributions from the personal care and pharmaceutical sectors.
• Ongoing advancements in processing technologies and applications.

By Product Type

Fatty Acid Methyl Esters:

Fatty Acid Methyl Esters (FAME) represent a significant segment in the fatty acid derivatives market, primarily utilized for their biodegradable properties. FAME is widely used as an eco-friendly alternative in biodiesel production, which has gained immense traction due to the global push for renewable energy sources. The growing emphasis on reducing carbon footprints and transitioning to sustainable energy paradigms is propelling the demand for FAME. Moreover, these esters find applications in various sectors, including cleaning agents and personal care products, where they serve as surfactants. The versatility of FAME, coupled with regulatory support for biofuels in several regions, is further enhancing their market prominence.

Fatty Acid Alcohols:

Fatty Acid Alcohols (FAA) are another key product type in the fatty acid derivative market, characterized by their long-chain structures. They are predominantly used in the formulation of surfactants, emulsifiers, and moisturizers, making them highly sought after in the personal care and cosmetics industries. The market for fatty alcohols is experiencing robust growth due to the increasing consumer inclination towards natural and organic products. Additionally, fatty alcohols are also integral in the manufacturing of lubricants and industrial applications, where their properties enhance performance and efficiency. The expanding use of fatty alcohols in the formulation of eco-friendly cleaning products is further solidifying their market position.

Fatty Aldehydes:

Fatty Aldehydes are crucial intermediates in the synthesis of various chemicals and are widely utilized in the production of fragrances and flavoring agents. Their application in the personal care industry as odor modifiers and in food products as flavor enhancers has led to a steady increase in demand. The growing trend towards aromatic compounds in cosmetics and home care products is driving the fatty aldehyde market significantly. Furthermore, fatty aldehydes are being recognized for their potential in developing bio-based alternatives, which aligns with the consumer demand for sustainable products. Their versatility across several applications is a significant factor behind their increasing adoption in various industries.

Fatty Amines:

Fatty Amines are utilized extensively in the production of surfactants, detergents, and personal care products. Their ability to improve the emulsification and foaming properties of various formulations makes them a preferred choice in the cleaning and cosmetics segments. The growth in the household and industrial cleaning product market, coupled with rising hygiene awareness, is significantly boosting the demand for fatty amines. Moreover, fatty amines have applications in agriculture as soil conditioning agents and in oil recovery processes, further expanding their market reach. The increasing preference for plant-derived fatty amines is also shaping market dynamics positively, catering to the eco-conscious consumer segment.

Fatty Amides:

Fatty Amides are gaining traction in the market due to their multifunctional properties, which make them suitable for various applications, including detergents, lubricants, and personal care formulations. Their excellent thermal stability and resistance to oxidation make them ideal for use in demanding industrial applications. The growing demand for bio-based amides, coupled with their use in specialty chemicals, is enhancing their market appeal. In the personal care industry, fatty amides are employed as emulsifiers and stabilizers, thus catering to the increasing consumer preference for natural ingredients in skincare products. The versatility and performance characteristics of fatty amides are propelling this segment's growth in the fatty acid derivative market.

By Application

Personal Care:

The personal care application segment is one of the largest consumers of fatty acid derivatives, utilizing them in products such as skincare, haircare, and cosmetics. The growing focus on health and wellness, combined with rising disposable incomes, has led to an increase in spending on personal care products. Consumers are increasingly favoring formulations that incorporate natural and organic ingredients, driving the demand for fatty acid derivatives that offer moisturizing, emulsifying, and surfactant properties. The personal care market's expansion, especially in emerging economies, is expected to further bolster the demand for fatty acid derivatives in this sector.

Pharmaceuticals:

In the pharmaceutical industry, fatty acid derivatives serve as critical excipients and active ingredients in drug formulation. Their unique properties enhance the solubility and bioavailability of various pharmaceutical compounds, making them indispensable in drug development. As the global pharmaceutical sector continues to grow, driven by an aging population and the rising prevalence of chronic diseases, the demand for fatty acid derivatives is expected to increase significantly. Moreover, the trend towards developing bio-based and plant-derived pharmaceutical excipients aligns with the market's growth, creating lucrative opportunities within this segment.

Food & Beverages:

Fatty acid derivatives find extensive application in the food and beverage industry, primarily as emulsifiers, stabilizers, and flavor enhancers. With the rising consumer preference for processed and convenience foods, the demand for fatty acid derivatives is experiencing a notable increase. Additionally, the growing trend towards healthier dietary options and clean-label products further drives the adoption of fatty acid derivatives produced from natural sources. The regulatory support for incorporating bio-based ingredients into food products is also contributing to the market's growth in this sector. As the food and beverage industry evolves, it is likely that the demand for fatty acid derivatives will continue to rise correspondingly.

Lubricants:

The lubricants sector represents a substantial application area for fatty acid derivatives, where they are utilized for their excellent lubricating properties. These derivatives can enhance the performance of various industrial lubricants and greases, catering to the automotive and manufacturing industries. The increasing demand for high-performance lubricants that adhere to environmental regulations is driving the market for bio-based fatty acid derivatives. As industries increasingly focus on sustainability and reducing environmental impact, the adoption of fatty acid derivatives as eco-friendly lubricant alternatives is expected to grow, creating new avenues for market growth.

Others:

Beyond the specified applications, fatty acid derivatives are also used in various other sectors, including agriculture, textiles, and plastics. In agriculture, they serve as emulsifiers and surfactants in pesticide formulations, improving efficacy and application. The textile industry utilizes fatty acid derivatives in the production of textile softeners and finishes, enhancing the feel and durability of fabrics. Additionally, in plastics, these derivatives are employed as processing aids and additives, contributing to improved product characteristics. The diverse range of applications across multiple sectors indicates the versatility and importance of fatty acid derivatives in the global market.

By Distribution Channel

Direct Sales:

Direct sales channels play a vital role in the distribution of fatty acid derivatives, allowing manufacturers to reach end-users efficiently. This channel is particularly significant as it facilitates direct communication between producers and consumers, enabling tailored solutions to meet specific customer needs. Direct sales also provide manufacturers with better control over pricing and inventory, leading to enhanced customer satisfaction and loyalty. The growing trend of manufacturers establishing direct sales platforms, both online and offline, is expected to pay dividends as they can significantly reduce costs associated with third-party distributors. As the market evolves, direct sales are likely to continue growing, driven by the increasing demand for customized products.

Indirect Sales:

Indirect sales channels encompass distributors, wholesalers, and retailers, providing a broader reach for fatty acid derivatives across various markets. This channel is essential for maximizing market penetration, especially in regions where direct access to end-users may be limited. Indirect sales enable manufacturers to leverage established distribution networks that can handle logistics and warehousing, thus allowing them to focus on production and quality assurance. The growth of e-commerce platforms and online retailing is also enhancing the indirect sales channel, providing convenience to consumers and expanding the market reach for fatty acid derivatives. As competition intensifies, manufacturers are likely to invest in strengthening their indirect sales strategies to capture a larger share of the market.

By Ingredient Type

Oleic Acid:

Oleic acid, a monounsaturated fatty acid, is a prominent ingredient used in the production of various fatty acid derivatives. Known for its emollient properties, oleic acid is widely utilized in personal care formulations, providing moisturizing benefits to skin and hair products. Its versatility extends to the food industry, where it serves as a healthy fat alternative in cooking oils and spreads. Additionally, oleic acid's positive impact on cardiovascular health has garnered attention, leading to increased incorporation in dietary supplements. The growing trend towards natural and functional ingredients in personal care and food products significantly drives the demand for oleic acid as a vital component of fatty acid derivatives.

Stearic Acid:

Stearic acid, a saturated fatty acid, is widely recognized for its applications in cosmetics, pharmaceuticals, and food products. In personal care, it is commonly used as a thickening agent and emulsifier, enhancing the texture and stability of formulations. In the pharmaceutical realm, stearic acid serves as a lubricant in tablet manufacturing, facilitating the production process and improving drug delivery. The food industry also employs stearic acid as a food additive and stabilizer, contributing to product quality. The increasing demand for high-performance personal care and pharmaceutical products drives the growth of stearic acid in fatty acid derivatives, making it a crucial ingredient across multiple sectors.

Palmitic Acid:

Palmitic acid is another vital ingredient in the fatty acid derivatives market, recognized for its role in various applications, including personal care and cosmetics. It acts as an emulsifier, thickener, and stabilizer in formulations, enhancing overall product performance. The growing trend towards clean beauty and natural formulations has led to increased interest in palmitic acid, particularly its plant-derived alternatives. Additionally, palmitic acid is utilized in food products as a flavor enhancer and stabilizing agent, catering to the evolving consumer preferences for healthier options. The versatility of palmitic acid across multiple industries is propelling its demand as a key ingredient in fatty acid derivatives.

Lauric Acid:

Lauric acid, a fatty acid derived primarily from coconut and palm kernel oils, is recognized for its antimicrobial properties, making it a sought-after ingredient in personal care formulations. It finds extensive use in soaps, shampoos, and skincare products, where it contributes to cleansing and emollient characteristics. The growing awareness of the benefits associated with lauric acid, particularly its potential to support skin health, has led to increased incorporation in cosmetic formulations. Additionally, lauric acid's applications extend to the food industry, where it is valued for its nutritional benefits. The demand for lauric acid is poised to rise as consumers lean towards natural and effective personal care products, further enhancing its importance in the fatty acid derivatives market.

Linoleic Acid:

Linoleic acid is an essential fatty acid that plays a crucial role in human nutrition and health. It is widely utilized in dietary supplements and functional foods, contributing to various health benefits, including cardiovascular support and improved skin health. In the personal care industry, linoleic acid is incorporated into skincare formulations for its moisturizing and healing properties, addressing issues such as acne and dryness. The increasing consumer focus on health, wellness, and the use of functional ingredients in personal care products is driving the demand for linoleic acid. As the market for health-oriented products continues to grow, linoleic acid is anticipated to play an integral role in the development of fatty acid derivatives across multiple applications.

By Region

In North America, the fatty acid derivative sales market is anticipated to witness substantial growth, projected to reach USD 6.5 billion by 2035, with a CAGR of around 4.5% during the forecast period. The region's well-developed pharmaceutical and personal care industries are significant contributors to this growth, as there is a continuous demand for high-quality, sustainable fatty acid derivatives. Additionally, the increasing consumer awareness regarding the benefits of bio-based products is also influencing market dynamics positively. The presence of major manufacturers and a strong distribution network further facilitate growth opportunities in the North American market.

Europe is another critical region for the fatty acid derivative sales market, expected to reach approximately USD 5.8 billion by 2035. The market in Europe is driven by stringent regulations promoting the use of eco-friendly and sustainable products, particularly in the personal care and food sectors. The growing trend towards clean beauty and organic formulations is further driving the demand for fatty acid derivatives. Additionally, the increasing focus on health and wellness among European consumers supports the growth of this market segment, leading to a promising outlook for fatty acid derivatives in the coming years. The continuous innovation and research in this region are likely to enhance the product offerings and contribute to market expansion.

Opportunities

The fatty acid derivative market presents numerous opportunities, particularly in the realm of product innovation and development. With the rising demand for sustainable and eco-friendly solutions, manufacturers have the chance to invest in research and development to create bio-based fatty acid derivatives that can cater to evolving consumer preferences. The personal care and cosmetics industries are particularly receptive to novel formulations, offering manufacturers a platform to introduce innovative products that align with the clean beauty movement. Additionally, as industries continue to pivot towards sustainability, companies can explore partnerships and collaborations to enhance their product portfolios, opening new avenues for growth. As regulatory support for bio-based products grows, it presents an opportune moment for businesses to capitalize on these trends.

Furthermore, the expansion of online retail channels offers a significant opportunity for manufacturers to reach a wider audience and improve accessibility to their products. The COVID-19 pandemic has accelerated the adoption of e-commerce, pushing consumers towards online shopping for personal care and food products. By establishing robust online distribution strategies, companies can tap into the growing digital marketplace and cater to changing consumer behaviors. Additionally, global expansion into emerging markets, particularly in Asia-Pacific and Latin America, presents lucrative opportunities for growth. As these regions witness economic development and increasing consumer spending, the demand for fatty acid derivatives is expected to rise, creating potential for companies to diversify their markets and enhance revenue streams.

Threats

The fatty acid derivative sales market faces several threats that could impede its growth. One significant threat comes from the volatility of raw material prices, particularly in the agricultural sector. Fluctuations in the prices of vegetable oils and fats, which are the primary sources of fatty acids, can impact production costs and profit margins. This volatility may lead to unpredicted price increases for end products, affecting competitiveness in the market. Additionally, the market is increasingly facing competition from synthetic alternatives, which may offer lower pricing or different functional properties. As the market evolves, manufacturers must continuously innovate and adapt to maintain their market share amidst growing competition.

Another potential threat to the market is the increasing scrutiny regarding environmental sustainability and regulatory pressures. As the world becomes more conscious of the environmental impact of industrial processes, fatty acid derivative manufacturers may face challenges in adapting to new regulations aimed at reducing carbon footprints and improving sustainability. Compliance with these regulations may require significant investment in cleaner production methods, which could strain smaller players in the market. Moreover, there is a growing trend towards plant-based and alternative ingredients, which could divert demand away from traditional fatty acid derivatives. Manufacturers must navigate these challenges effectively to sustain their growth and market presence.

Competitor Outlook

• BASF SE
• Evonik Industries AG
• Univar Solutions Inc.
• Kraton Corporation
• Wilmar International Ltd.
• Procter & Gamble Company
• Clariant AG
• Dow Inc.
• Solvay S.A.
• Miwon Commercial Co., Ltd.
• Stepan Company
• AkzoNobel N.V.
• Oleon NV
• Vantage Specialty Chemicals
• Ryba Enterprises Inc.

The competitive landscape of the fatty acid derivative sales market is characterized by a mix of established global players and emerging local manufacturers. Major companies, such as BASF SE and Evonik Industries AG, dominate significant market shares due to their extensive product offerings and strong global distribution networks. These companies invest heavily in research and development to innovate and expand their product lines, catering to the increasing demand for sustainable and eco-friendly solutions. Furthermore, strategic partnerships and collaborations are common among market players, enabling them to enhance their technological capabilities and tap into new market segments effectively.

Other notable competitors, like Univar Solutions Inc. and Wilmar International Ltd., leverage their supply chain efficiencies and extensive reach to provide a wide range of fatty acid derivatives tailored to customer needs. These companies focus on understanding emerging trends, such as the clean label and natural product movements, driving their product development strategies. Additionally, the competitive landscape is also witnessing the entry of regional players that are carving out market niches by providing specialized formulations catering to local preferences and regulatory requirements. As the market continues to evolve, companies are likely to engage in strategic mergers and acquisitions to bolster their market positions and expand their operational footprints.

Among the key players, Clariant AG and Dow Inc. stand out for their commitment to sustainability and innovation in fatty acid derivatives. Clariant has been focusing on developing bio-based products and has made significant investments in environmentally friendly production processes. Dow, with its strong emphasis on research and development, continuously explores new applications and formulations that utilize fatty acid derivatives effectively across various industries. Both companies are well-positioned to capitalize on the increasing demand for sustainable and innovative fatty acid derivatives, ensuring their market leadership in the evolving landscape.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Dow Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Oleon NV
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Clariant AG
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Solvay S.A.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 AkzoNobel N.V.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Stepan Company
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Kraton Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Evonik Industries AG
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Ryba Enterprises Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Univar Solutions Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Procter & Gamble Company
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Wilmar International Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Miwon Commercial Co., Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Vantage Specialty Chemicals
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Fatty Acid Derivative Sales Market, By Application
    • 6.1.1 Personal Care
    • 6.1.2 Pharmaceuticals
    • 6.1.3 Food & Beverages
    • 6.1.4 Lubricants
    • 6.1.5 Others
  • 6.2 Fatty Acid Derivative Sales Market, By Product Type
    • 6.2.1 Fatty Acid Methyl Esters
    • 6.2.2 Fatty Acid Alcohols
    • 6.2.3 Fatty Aldehydes
    • 6.2.4 Fatty Amines
    • 6.2.5 Fatty Amides
  • 6.3 Fatty Acid Derivative Sales Market, By Ingredient Type
    • 6.3.1 Oleic Acid
    • 6.3.2 Stearic Acid
    • 6.3.3 Palmitic Acid
    • 6.3.4 Lauric Acid
    • 6.3.5 Linoleic Acid
  • 6.4 Fatty Acid Derivative Sales Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Fatty Acid Derivative Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Fatty Acid Derivative Sales market is categorized based on

By Product Type

• Fatty Acid Methyl Esters
• Fatty Acid Alcohols
• Fatty Aldehydes
• Fatty Amines
• Fatty Amides

By Application

• Personal Care
• Pharmaceuticals
• Food & Beverages
• Lubricants
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By Ingredient Type

• Oleic Acid
• Stearic Acid
• Palmitic Acid
• Lauric Acid
• Linoleic Acid

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• BASF SE
• Evonik Industries AG
• Univar Solutions Inc.
• Kraton Corporation
• Wilmar International Ltd.
• Procter & Gamble Company
• Clariant AG
• Dow Inc.
• Solvay S.A.
• Miwon Commercial Co., Ltd.
• Stepan Company
• AkzoNobel N.V.
• Oleon NV
• Vantage Specialty Chemicals
• Ryba Enterprises Inc.