WASHINGTON, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Global Oleochemicals Market is valued at USD 19.5 Billion in 2021 and is projected to reach a value of USD 29.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 7.3% over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Oleochemicals market growth over the forecast period. The market envisaged that the growing need for regenerative, biodegradable, and nanoparticle chemicals in the nursing grooming & cosmetic, food & refreshment, pharmacy, and other industries would fuel product demand. The rising price of combustible goods and consumers' evolving preferences for eco-friendly goods will also increase product demand.
We forecast that the fatty acids category in oleochemicals market sales will account for more than 42% of total sales by 2028. Fatty acids are more widely used in cleaning products as detergents, dishwashers, etc. Fatty acids are also used in the production of products by the cosmetic and pharmaceutical industries.
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Market Dynamics
Increased Demand for Natural Organic Skin Care and Hair Care to Boost Market Growth
As there is a desire to use natural organic skincare and hair care cosmetic goods, the oleochemical market is expected to grow over the projected period due to the ongoing tightening of environmental restrictions and the depletion of renewable energy resources. Oleochemicals have the potential to flourish and will eventually replace traditional hydrocarbon goods.
Rising Innovations and Development to Drive the Market Growth
The importance of developing bio-based replacements is being driven home by the growing knowledge of plastic and polymer biodegradability. The companies are investing more in strategic relationships and alliances to remain competitive. This element will contribute to greater market presence and sustainability during the forecast period.
Top Players in the Global Oleochemicals Market
- Cargill, Inc, (US)
- SABIC, (Saudi Arab)
- Kuala Lumpur Kepong Berhad, (Malaysia)
- BASF SE, (Germany)
- Oleon N.V, (Belgium)
- IOI Group Berhad, (Malaysia)
- Wilmar International, (Singapore)
- Kao Corp, (Japan)
For Additional Information on Oleochemicals Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Oleochemicals Market
- One trend that Vantage Market Research (VMR) expects to see in the oleochemicals industry is requirement of various lubricants is the textile sector. Companies in this industry are using lubricants more frequently. Reduced friction, degradation, and equipment failure are the main drivers behind this development. Because of this, the market for oleochemicals is indirectly being given a new opportunity to grow.
- Another trend that VMR predicts will continue in the oleochemicals industry is the aerospace industry's rising demand for specialty esters. Esters have become the perfect building blocks for producing several products, including lubricants, flavorings, and regulators. Esters are increasingly used in the chemical industry and are also the recommended basic chemical in the production of automotive lubricants.
Top Report Findings
- Based on type, most of the oleochemicals market's revenue is controlled by the fatty acids category. The movement in customer demand for natural and environmentally friendly is regarded as driving the expansion of the market. The forecast year will see an increase in the market for oleochemicals due to growth in the cleaning products sector.
- Based on application, most of the oleochemicals market's revenue is controlled by the pharmaceutical & personal care category. The movement in customer demand for natural and environmentally friendly is regarded as driving the expansion of the pharmaceutical and personal care category. Glycerol derivatives will be more in demand from the pharmaceutical sector. The forecast year will see an increase in the market for oleochemicals due to growth in the cleaning products sector.
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Recent Developments in the Global Oleochemicals Market
- In May of this year (2019), PT Apical Kao Chemicals finished building a new factory to generate fatty acids. This business is a partnership between Kao Corp and Apical Group Limited. This partnership was crucial in expanding manufacturing capacities and ensuring a steady supply.
- According to a press release from Emery Oleo Chemicals, the company's new fatty acid Ester product line, branded under the name Emery E, will be available beginning in September 2020. These fatty esters provide biodegradability, good color stability, and lack of odor are all bonuses.
Fatty Acids Category in Oleochemicals Market to Generate Over 42% Revenue
Oleochemicals are an expensive investment. Vantage Market Research has analyzed the market for Oleochemicals to understand its current state and potential future growth factors. For better understanding, based on the type, the oleochemicals market is divided into fatty acid, fatty alcohol, glycerin and others.
During the forecast period, the market for oleochemicals is estimated to experience the highest CAGR for the fatty acid category. A wide range of economic, cleanliness, and cosmetic products and foods and beverage applications use fatty acids from animal fats, sunflower oil, and vegetable oils. New production methods and the requirement for critical fatty acids in foods, drinks, and medications are also driving the industry. Since fatty acids manufacture various products, including liquids, solvents, resins, and pharmaceuticals, the market is expected to expand over the coming years.
On the other hand, the fatty alcohol category is anticipated to grow significantly over the forecast period. Due to their unique qualities, such as moisturizers, fatty alcohols are employed in pharmaceuticals and cosmetics. Inks, fragrances, solvents, corrosion inhibitors, protective coatings, emulsion stabilizing, fatty alcohols, and metallurgical lubricants are a few other substances that use fatty alcohols as a starting point.
Asia Pacific Region in Oleochemicals Market to Generate More 38% Revenue
Asia Pacific region dominates the market throughout the projection period because there is a greater need for environmentally friendly plastics across a range of end-use companies, which in turn is driving up demand for raw ingredients like fatty acids and other bio-based polymers. Over half of the world's production of oleochemicals is produced in the Asia Pacific, which is also its greatest user and manufacturer.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Oleochemicals Market Forecast Report (2022-2028).
Global Oleochemicals Market Segmentation
By Type
- Fatty acid
- Fatty alcohol
- Glycerin
- Others
By Applications:
- Pharmaceutical & personal care
- Food & Beverages
- Soaps & Detergents
- Polymers
- Others
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 19.5 Billion |
| Revenue Forecast by 2028 | USD 29.7 Billion |
| CAGR | 7.3% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Cargill, Inc, SABIC, Kuala Lumpur Kepong Berhad, BASF SE, Oleon N.V, IOI Group Berhad, Wilmar International, Kao Corp |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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