The global metallic stearates market value reached around USD 4.36 Billion in 2024 due to the rapid expansion of the plastics and rubber industries, where metallic stearates are widely used as lubricants, release agents, and stabilisers. The increasing demand for high-performance plastics in automotive applications has led to the use of zinc stearate in manufacturing processes to improve mold release and reduce friction. As a result, the industry is expected to grow at a CAGR of 4.70% during the forecast period of 2025-2034 to attain a value of USD 6.90 Billion by 2034. The pharmaceutical and cosmetics sectors are significant contributors to market growth; companies like BASF and Ferro Corporation use magnesium stearate as a lubricant in tablet formulations. The construction industry's growth also boosts demand as these compounds are used in paints and coatings for improved performance; for example, calcium stearate is often employed in exterior coatings to enhance water resistance.
A study published in the American Association of Pharmaceutical Scientists journal evaluated the effectiveness of various metallic stearates, including magnesium stearate (MgSt), sodium stearate (NaSt), and calcium stearate (CaSt), as lubricants in tablet formulations. The research aimed to compare their physicochemical properties and lubrication efficiency, revealing that while MgSt is widely used due to its superior lubrication capacity, NaSt demonstrated comparable performance with a lower concentration.
Additionally, Baerlocher GmbH has been actively involved in developing high-performance metallic stearates for the pharmaceutical sector. Their products are designed to enhance lubrication and flow properties during tablet manufacturing, which is critical for ensuring uniformity and efficiency in production.
Baerlocher GmbH has been at the centre of innovation in the production of metallic stearates. The company leverages advanced synthesis techniques, including a patented AV process that combines direct reaction and fusion methods. This approach allows for the efficient production of high-purity metallic stearates in various forms, such as free-flowing granules or powders.
Meanwhile, the acquisition of INEOS Calabrian by Valtris enhanced its portfolio in speciality chemicals, including metallic stearates. This acquisition positioned Valtris to expand its offerings of sustainable and bio-based products, aligning with the industry's shift towards greener alternatives by innovating and developing new formulations that meet environmental standards.
The increasing scrutiny from regulatory bodies regarding the safety and environmental impact of chemical substances poses a challenge for the market. Stricter regulations on chemical manufacturing and usage may lead to higher compliance costs for manufacturers, which could limit their operational flexibility and increase product prices. For instance, the REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) regulation is a comprehensive framework that requires manufacturers and importers in the EU to register chemical substances with the European Chemicals Agency (ECHA). Companies must provide detailed information about the properties and risks associated with their chemicals, including metallic stearates.
Innovations in plastic production, such as the development of bioplastics and recycled-content plastics, are driving demand. Companies like BASF and Dow Chemical have developed new formulations of recycled plastics that can be used in a wide range of industries, including automotive and electronics, which contributes to the demand for metallic stearates. As per the forecast by OECD, the usage of plastics is expected to triple to 1,231 Mt by 2060 with the packaging, construction, and vehicle sector accounting for 60% of the global plastic share, creating a healthy demand for metallic stearates.
Aluminium stearate is primarily used in lubricants, paints, and coatings due to its properties as a thickener and stabilizer. According to the U.S. Environmental Protection Agency (EPA), aluminium stearate has seen increased use in eco-friendly paints and coatings due to its non-toxic nature and ability to improve product stability. As per metallic stearates market report, the government’s push for sustainable building materials has contributed to this growth, with aluminium stearate becoming an essential ingredient in green building products.
Lithium stearate is used primarily in the production of high-performance greases and lubricants, particularly in the automotive and aerospace industries. Government incentives for the electric vehicle (EV) market, including grants and subsidies for green technologies, are expected to further drive demand for lithium-based products, including lithium stearates. Magnesium stearate is widely used in the pharmaceutical and food industries as a lubricant and anti-caking agent. The global magnesium stearate market is expanding, with the pharmaceutical sector being one of the largest consumers. A 2023 report by the U.S. Food and Drug Administration (FDA) confirmed the increasing use of magnesium stearate in the production of tablets and capsules, due to its effectiveness in preventing ingredient clumping.
Zinc stearates also account for a significant portion of the metallic stearates market share and are expected to grow at a CAGR of 5.3% in the forecast period. Zinc stearates are widely used in the industrial sector to produce plastic, rubber, concrete, and paint and coating, among other products. It is also extensively used in the pharmaceutical sector as a lubricant to manufacture tablets and capsules. Moreover, the heightening usage of zinc stearates as emulsifiers in cosmetics is further propelling the segment’s growth.
The powdered form allows for better dispersion in polymer matrices, which is crucial for achieving desired performance in manufacturing processes. Additionally, the powder's hydrophobic nature contributes to its effectiveness as a lubricant and release agent, preventing sticking and improving surface finishes in final products.
Granular metallic stearates, including calcium, magnesium, aluminium, and lithium stearates, are growing in demand due to their ease of handling and consistent performance. Used in plastics, lubricants, and pharmaceuticals, they offer better dispersion and processing efficiency. Reports from the U.S. FDA and Department of Energy highlight strong growth, driven by applications in construction, medicine, and electric vehicles.
Metallic stearates, particularly calcium stearate and zinc stearate, are widely used as lubricants and stabilisers in plastic manufacturing. Government incentives supporting sustainable plastics have further boosted their adoption in eco-friendly packaging and construction materials. Magnesium stearate is the most common metallic stearate in pharmaceuticals, used as a lubricant in tablet and capsule production. The U.S. Food and Drug Administration (FDA) reports that it is a key excipient in the production of over-the-counter drugs. Regulatory approvals continue to drive its use in pharmaceutical formulations. Metallic stearates are widely used in cosmetics as emulsifiers, stabilisers, and anti-caking agents as well. According to the U.S. Food and Drug Administration (FDA), these stearates are commonly found in products like powders, creams, and deodorants.
The region's booming automotive and electronics industries are key consumers of metallic stearates, which are used in lubricants, stabilisers, and coatings for these applications.
With rising environmental concerns, manufacturers in North America are focusing on eco-friendly alternatives that can boost metallic stearates market revenue. Calcium stearate and zinc stearate are increasingly used in sustainable formulations in consumer goods and packaging. Moreover, the total spending on private construction in the US was at an annual rate of USD 1.32 trillion as of January 2022, further aiding the demand for metallic stearates that enhance the performance and durability of construction material.
The rapid growth in construction and infrastructure in both the Middle East and Africa drives demand for metallic stearates in stabilisers and lubricants in the production of plastics, coatings, and construction materials.
In 2022, Braskem, Brazil’s largest petrochemical producer, announced an investment in the development of sustainable plastic resins, influencing the demand for eco-friendly stearates. The country’s focus on reducing environmental impact has led to greater investments in bio-based alternatives, including eco-friendly metallic stearates derived from renewable sources like palm oil and soybeans.
Other players included in metallic stearates market are Faci S.p.A, Peter Greven GmbH & Co. KG, PMC Group, Inc., Promax Industries ApS, Sinwon Chemical Co., Ltd., and Valtris Specialty Chemicals Limited, among others.
Metallic Stearates Market Growth
Metallic stearates are used in the cosmetics and personal care sector to manufacture premium quality shampoos, eyeliners, lipsticks, sunscreens, and foot powders, among others. Hence, the growth in the cosmetics sector, owing to the increasing hygiene consciousness and growing disposable incomes, is one of the key driving factors fuelling the demand of metallic stearates market. Metallic stearates control the viscosity and improve the surface properties of paints and coatings. In this regard, rapid urbanisation across emerging economies is propelling the incorporation of metallic stearates in the building and construction sector, thereby adding to the market growth.Key Trends and Developments
Rising use of metallic stearate in the pharmaceutical sector, innovations in production process, and growing emphasis on developing bio-based metallic stearates are the key trends propelling the market growth.August 2024
Baerlocher USA, a major player in the market, announced an expansion of its partnership with Palmer Holland to distribute Baerlocher's line of speciality additives. This strategic move aims to broaden their product offerings and expand into new territories.June 2024
PMC Biogenix, a major producer of speciality fatty amides and metallic stearates, announced that it is set to construct and expand its Armoslip® facility in Gyeongju, which will allow for a 50% increase in production capacity.March 2024
Baerlocher, a significant provider of metallic stearates, entered a partnership with First Quality Chemicals to distribute its PVC additives in the Mexican market. This collaboration aims to enhance Baerlocher's presence in Mexico while leveraging First Quality Chemicals' extensive market reach.July 2021
Akrochem Corporation gained the acquisition of Bech Chem, a leading chemical supplier. This strategic acquisition allows Akrochem to expand its product offerings into new markets, including paints, coatings, and lubricants, offering positive market avenues for metallic stearates.Rising Use of Metallic Stearate in the Pharmaceutical Sector
Due to their excellent lubrication and hydrophobic properties, metallic stearates are used in various pharmaceutical processes, including tablet pressing. Thus, growing research and development activities in the pharmaceutical sector owing to the increasing burden of chronic diseases are fuelling the metallic stearates demand.A study published in the American Association of Pharmaceutical Scientists journal evaluated the effectiveness of various metallic stearates, including magnesium stearate (MgSt), sodium stearate (NaSt), and calcium stearate (CaSt), as lubricants in tablet formulations. The research aimed to compare their physicochemical properties and lubrication efficiency, revealing that while MgSt is widely used due to its superior lubrication capacity, NaSt demonstrated comparable performance with a lower concentration.
Additionally, Baerlocher GmbH has been actively involved in developing high-performance metallic stearates for the pharmaceutical sector. Their products are designed to enhance lubrication and flow properties during tablet manufacturing, which is critical for ensuring uniformity and efficiency in production.
Innovations in Production Process
Innovations in production processes are enhancing the functionality and applications of metallic stearates. As per the metallic stearates industry analysis, companies are exploring advanced synthesis techniques to improve product quality and performance. A Google patent described an effective method for preparing metallic stearates that significantly improves production efficiency while reducing water and energy consumption. This method involves using a flow medium during the reaction process, which allows for better recycling of water and waste heat, ultimately leading to lower operational costs and environmental impact.Baerlocher GmbH has been at the centre of innovation in the production of metallic stearates. The company leverages advanced synthesis techniques, including a patented AV process that combines direct reaction and fusion methods. This approach allows for the efficient production of high-purity metallic stearates in various forms, such as free-flowing granules or powders.
Increasing Interest in Bio-Based Metallic Stearates
On the other hand, there is an increasing interest in bio-based metallic stearates, reflecting a broader trend towards sustainability across various industries. BASF has developed bio-based zinc stearate derived from renewable resources, making it particularly appealing for use in cosmetics and personal care formulations. Kraton Corporation is also exploring bio-based alternatives for its stearate products; their bio-based polyisoprene rubber incorporates bio-based stearates to meet the growing demand for sustainable solutions in automotive and consumer goods sectors. Evonik Industries has introduced bio-based fatty acid derivatives that can serve as alternatives to traditional metallic stearates in various applications. Furthermore, several natural cosmetic brands are adopting bio-based metallic stearates in their formulations; for example, brands like Lush Cosmetics use sustainably sourced ingredients, including bio-based stearates. These examples illustrate how companies are leveraging metallic stearates across different applications, which is also fuelling metallic stearates market expansion.Growing Demand for Metallic Stearates in Plastics and Rubber Industries
The growing demand for metallic stearates in the plastics and rubber industries is driven by their essential roles as lubricants, release agents, and stabilisers. Zinc stearate, for instance, is widely used in the production of PVC pipes, profiles, and flooring, helping to ensure smooth processing and prevent sticking during manufacturing. Companies like Kraton Corporation use zinc stearate to enhance the quality of their PVC products. Calcium stearate is another key player, often employed in the production of polypropylene and polyethylene; Clariant produces calcium stearate that acts as a lubricant in the extrusion of these polymers, improving flow properties and surface finish. Additionally, magnesium stearate is crucial in rubber manufacturing, where it improves the flowability of compounds during processing. Eastman Chemical Company incorporates magnesium stearate into its rubber formulations to enhance performance characteristics.Metallic Stearates Market Trends
There is a growing emphasis on developing bio-based metallic stearates as manufacturers respond to sustainability concerns. This shift presents opportunities for innovation in eco-friendly products. For instance, Baerlocher announced an expansion of its production capacity in October 2021 for calcium-based stabilisers and metallic stearates at its facility in Bury, UK. This investment is aimed at meeting the growing demand for PVC additives, particularly in the construction and packaging industries, while also focusing on sustainable production practices, which can contribute to the metallic stearates market value.Meanwhile, the acquisition of INEOS Calabrian by Valtris enhanced its portfolio in speciality chemicals, including metallic stearates. This acquisition positioned Valtris to expand its offerings of sustainable and bio-based products, aligning with the industry's shift towards greener alternatives by innovating and developing new formulations that meet environmental standards.
Metallic Stearates Market Restraints
Prolonged exposure to metallic stearates, particularly zinc and magnesium stearates, can lead to health-related issues. For example, inhalation of zinc stearate has been linked to lung damage in infants, while magnesium stearate can irritate the gastrointestinal tract, potentially causing diarrhoea and other complications. These health risks may deter manufacturers from using these compounds in certain applications, thereby restraining the growth of the metallic stearates market.The increasing scrutiny from regulatory bodies regarding the safety and environmental impact of chemical substances poses a challenge for the market. Stricter regulations on chemical manufacturing and usage may lead to higher compliance costs for manufacturers, which could limit their operational flexibility and increase product prices. For instance, the REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) regulation is a comprehensive framework that requires manufacturers and importers in the EU to register chemical substances with the European Chemicals Agency (ECHA). Companies must provide detailed information about the properties and risks associated with their chemicals, including metallic stearates.
Metallic Stearates Market Dynamics
The plastics sector is a significant consumer of metallic stearates, where they are used as processing aids to enhance product performance. The growth in packaging, automotive, and construction industries is further fuelling the metallic stearates demand growth.Innovations in plastic production, such as the development of bioplastics and recycled-content plastics, are driving demand. Companies like BASF and Dow Chemical have developed new formulations of recycled plastics that can be used in a wide range of industries, including automotive and electronics, which contributes to the demand for metallic stearates. As per the forecast by OECD, the usage of plastics is expected to triple to 1,231 Mt by 2060 with the packaging, construction, and vehicle sector accounting for 60% of the global plastic share, creating a healthy demand for metallic stearates.
Metallic Stearates Industry Segmentation
“Metallic Stearates Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:Market Breakup by Product
- Calcium Stearates
- Zinc Stearates
- Aluminium Stearates
- Lithium Stearates
- Magnesium Stearates
- Others
Market Breakup by Form
- Powder
- Granules
Market Breakup by Application
- Plastics
- Pharmaceuticals
- Cosmetics
- Rubber
- Paints and Coatings
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Insights by Product
Calcium stearate is a widely used metallic stearate in industries such as plastics, lubricants, and cosmetics. According to a 2023 report by the U.S. Food and Drug Administration (FDA), calcium stearate is commonly used as a stabiliser and lubricant in the production of PVC plastics and is recognised for its non-toxic properties. The global demand for calcium stearate is expected to grow, driven by its increasing use in the automotive and construction industries. In particular, the U.S. Department of Commerce notes that calcium stearate usage in construction materials has seen a surge due to its effectiveness as a mold release agent and stabiliser in cement products.Aluminium stearate is primarily used in lubricants, paints, and coatings due to its properties as a thickener and stabilizer. According to the U.S. Environmental Protection Agency (EPA), aluminium stearate has seen increased use in eco-friendly paints and coatings due to its non-toxic nature and ability to improve product stability. As per metallic stearates market report, the government’s push for sustainable building materials has contributed to this growth, with aluminium stearate becoming an essential ingredient in green building products.
Lithium stearate is used primarily in the production of high-performance greases and lubricants, particularly in the automotive and aerospace industries. Government incentives for the electric vehicle (EV) market, including grants and subsidies for green technologies, are expected to further drive demand for lithium-based products, including lithium stearates. Magnesium stearate is widely used in the pharmaceutical and food industries as a lubricant and anti-caking agent. The global magnesium stearate market is expanding, with the pharmaceutical sector being one of the largest consumers. A 2023 report by the U.S. Food and Drug Administration (FDA) confirmed the increasing use of magnesium stearate in the production of tablets and capsules, due to its effectiveness in preventing ingredient clumping.
Zinc stearates also account for a significant portion of the metallic stearates market share and are expected to grow at a CAGR of 5.3% in the forecast period. Zinc stearates are widely used in the industrial sector to produce plastic, rubber, concrete, and paint and coating, among other products. It is also extensively used in the pharmaceutical sector as a lubricant to manufacture tablets and capsules. Moreover, the heightening usage of zinc stearates as emulsifiers in cosmetics is further propelling the segment’s growth.
Market Insights by Form
Powder form occupied 5.9% of the global market share in 2023 due to its ease of storage and transportation, rapid onset action, and high efficiency in applications. Powdered metallic stearates are particularly favoured in industries such as plastics, pharmaceuticals, and cosmetics for their ability to enhance processing characteristics, increasing the metallic stearates industry revenue.The powdered form allows for better dispersion in polymer matrices, which is crucial for achieving desired performance in manufacturing processes. Additionally, the powder's hydrophobic nature contributes to its effectiveness as a lubricant and release agent, preventing sticking and improving surface finishes in final products.
Granular metallic stearates, including calcium, magnesium, aluminium, and lithium stearates, are growing in demand due to their ease of handling and consistent performance. Used in plastics, lubricants, and pharmaceuticals, they offer better dispersion and processing efficiency. Reports from the U.S. FDA and Department of Energy highlight strong growth, driven by applications in construction, medicine, and electric vehicles.
Market Insights by Application
The rubber sector represents a substantial market share. The ability of metallic stearates to reduce the stickiness of rubber and enhance its quality is aiding the metallic stearates market. The increasing demand for rubber in various sectors, such as automotive, construction, clothing, and healthcare, among others, is also escalating the market growth. Furthermore, the versatility of rubber products is likely to further bolster their application across various end-use sectors, which, in turn, are expected to provide impetus to the market demand in the coming years.Metallic stearates, particularly calcium stearate and zinc stearate, are widely used as lubricants and stabilisers in plastic manufacturing. Government incentives supporting sustainable plastics have further boosted their adoption in eco-friendly packaging and construction materials. Magnesium stearate is the most common metallic stearate in pharmaceuticals, used as a lubricant in tablet and capsule production. The U.S. Food and Drug Administration (FDA) reports that it is a key excipient in the production of over-the-counter drugs. Regulatory approvals continue to drive its use in pharmaceutical formulations. Metallic stearates are widely used in cosmetics as emulsifiers, stabilisers, and anti-caking agents as well. According to the U.S. Food and Drug Administration (FDA), these stearates are commonly found in products like powders, creams, and deodorants.
Metallic Stearates Market Regional Analysis
Asia Pacific Metallic Stearates Market Outlook
The regional market is expected to grow at a CAGR of 6.1% in the forecast period. The markets in India and China are anticipated to have a CAGR of 7.3% and 5.8% whereas markets in Australia and Japan are expected to witness CAGRs of 4.1% and 3.6% between 2025 and 2034. Asia-Pacific is the largest producer and consumer of metallic stearates, particularly due to rapid industrialisation in countries like China and India, which boosts demand in the construction, automotive, and packaging sectors, increasing metallic stearates market opportunities.The region's booming automotive and electronics industries are key consumers of metallic stearates, which are used in lubricants, stabilisers, and coatings for these applications.
North America Metallic Stearates Market Growth
The markets in Canada and the USA are anticipated to grow at CAGRs of 5.5% and 4.7% between 2025 and 2034 due to strong demand in the automotive sector for stabilisers and lubricants, and in plastics for improving processability and enhancing product performance.With rising environmental concerns, manufacturers in North America are focusing on eco-friendly alternatives that can boost metallic stearates market revenue. Calcium stearate and zinc stearate are increasingly used in sustainable formulations in consumer goods and packaging. Moreover, the total spending on private construction in the US was at an annual rate of USD 1.32 trillion as of January 2022, further aiding the demand for metallic stearates that enhance the performance and durability of construction material.
Europe Metallic Stearates Market Trends
Europe’s strict environmental regulations, such as the EU’s Circular Economy Action Plan, are encouraging the use of recycled materials and sustainable manufacturing processes, which increases the demand for eco-friendly metallic stearates and severely impacts the metallic stearates market dynamics and trends. In 2023, the European Union set a recycling target of 50% for plastics, which is expected to increase demand for recycled metallic stearates, especially in packaging and consumer goods. The cosmetics sector in the region is booming, with metallic stearates used in a variety of beauty and skincare products due to their emulsifying properties.Middle East and Africa Metallic Stearates Market Dynamics
The Middle East, particularly the UAE and Saudi Arabia, is leveraging its position as a key producer of oil and natural gas to expand its petrochemical sector, which directly boosts the production of metallic stearates for industrial applications. For instance, the Abu Dhabi National Oil Company (ADNOC) has announced plans to increase its crude oil production capacity to 5 million barrels per day by 2027, which can support the growth of the metallic stearates industry.The rapid growth in construction and infrastructure in both the Middle East and Africa drives demand for metallic stearates in stabilisers and lubricants in the production of plastics, coatings, and construction materials.
Latin America Metallic Stearates Market Opportunities
Latin America is witnessing increased demand for plastics, which fuels the need for metallic stearates in processing and stabilising plastics in industries like packaging, construction, and consumer goods. Countries such as Brazil are adopting more sustainable practices, which is driving the demand for eco-friendly metallic stearates in manufacturing and consumer products and aiding the metallic stearates market expansion.In 2022, Braskem, Brazil’s largest petrochemical producer, announced an investment in the development of sustainable plastic resins, influencing the demand for eco-friendly stearates. The country’s focus on reducing environmental impact has led to greater investments in bio-based alternatives, including eco-friendly metallic stearates derived from renewable sources like palm oil and soybeans.
Innovative Startups in Metallic Stearates Market
Many startups are investing in research and development to create bio-based metallic stearates derived from renewable resources, which not only meet regulatory standards but also align with consumer preferences for greener alternatives. Additionally, startups are exploring novel applications of metallic stearates across various sectors, including pharmaceuticals, cosmetics, and plastics.Ravi Kiran Chemicals Pvt. Ltd.
Based in India, Ravi Kiran Chemicals is a leading manufacturer of metallic stearates, offering a diverse range of products including zinc stearate, calcium stearate, and magnesium stearate. Their commitment to quality and innovation is evident in their advanced manufacturing facility and focus on research and development to meet the evolving needs of their customers.Sinwon Chemical Co., Ltd
Based in South Korea, Sinwon Chemical is a manufacturer of speciality chemicals, including metallic stearates. The company focuses on developing high-performance additives for various applications such as plastics, rubber, and cosmetics. The company emphasises innovation and sustainability in its product development processes, aiming to provide eco-friendly alternatives to traditional chemical formulations.Competitive Landscape
Manufacturers in metallic stearates industry are investing in technological advancements to enhance the performance and functionality of metallic stearates. This includes the development of bio-based alternatives that cater to the increasing demand for sustainable products. Companies are also actively targeting emerging markets in regions such as Asia-Pacific and Latin America, where rapid industrialisation and urbanisation are driving demand for metallic stearates.Akrochem Corporation
Akrochem Corporation is a leading chemical manufacturer which offers metallic stearates in different forms, catering to the demands of various sectors. It was founded in 1929 and is headquartered in Ohio, the United States.Baerlocher GmbH
Baerlocher GmbH is one of the leading suppliers of additives, metallic stearates, and PVC products. The company was established in 1823 and is headquartered in Maharashtra, India.Dover Chemical Corporation
Dover Chemical Corporation is a leading chemical manufacturer offering products such as alkylphenols, chlorinated alkanes, and polymer additives, among others. It was established in 1950 and is headquartered in Ohio, the United States.Other players included in metallic stearates market are Faci S.p.A, Peter Greven GmbH & Co. KG, PMC Group, Inc., Promax Industries ApS, Sinwon Chemical Co., Ltd., and Valtris Specialty Chemicals Limited, among others.
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Metallic Stearates Market Analysis
6 North America Metallic Stearates Market Analysis
7 Europe Metallic Stearates Market Analysis
8 Asia Pacific Metallic Stearates Market Analysis
9 Latin America Metallic Stearates Market Analysis
10 Middle East and Africa Metallic Stearates Market Analysis
11 Market Dynamics
12 Competitive Landscape
Companies Mentioned
- Akrochem Corporation
- Baerlocher GmbH
- Dover Chemical Corporation