How is China's stearic acid market structured in terms of supply and demand?

How is China's stearic acid market structured in terms of supply and demand?
China's fatty acid market is highly competitive and fragmented. In 2021, domestic fatty acid production reached 1.33 million tonnes, with stearic acid accounting for 447,000 tonnes or 33.6% of the total. Apparent consumption of all fatty acids was close to 2.6 million tonnes, growing 13% year-on-year. The market is characterized by intense price competition among local producers and brand competition from foreign firms. A few domestic players have gained advantage through localized technology, cost control, and improved technical service capabilities. Stearic acid serves diverse downstream sectors including plastics, rubber, coatings, personal care, and pharmaceuticals, with the rubber and PVC industries being particularly significant consumers. The market remains import-dependent for certain high-purity grades, while domestic production focuses on stearates and soap products.