New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Specialty Oleochemicals Global Market Report 2023" - https://www.reportlinker.com/p06486645/?utm_source=GNW
, Corbion NV, Godrej Industries Limited, and Alnor Oil Co Inc.
The global specialty oleochemicals market is expected to grow from $26.47 billion in 2022 to $28.47 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The specialty oleochemicals market is expected to reach $38.26 billion in 2027 at a CAGR of 7.7%.
The specialty oleochemicals market consists of sales of oleochemicals derived from rapeseed oil, sunflower oil, soybean oil, and palm oil.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Specialty oleochemicals are chemical compounds that are substitutes for petroleum-based products and are derived from plant-based sources. The oleochemicals are used as natural components in lubricants, cosmetics, biodegradable polymers, and bio-surfactants among others.
Asia-Pacific was the largest region in the specialty oleochemicals market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the specialty oleochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main specialty oleochemicals products are specialty esters, fatty acid methyl esters, glycerol esters, alkoxylates, fatty amines, and others.Specialty ester is an ester that is used to make a wide range of industrial goods, including those for medical use, automotive and architectural applications, personal care (shampoos and cosmetic applications), and personal care (skincare).
These are used in various applications such as personal care and cosmetics, consumer goods, food processing, textiles, paints and inks, industrial, healthcare and pharmaceuticals, polymer and plastics additives, others and used by food and beverages and personal care and cosmetics.
The increasing consumer demand for beauty and cosmetics products is expected to propel the growth of the specialty oleochemicals market going forward.Beauty and cosmetic products include ingredients, textures, perfumes, and packaging.
Oleochemicals are considered safe in beauty and cosmetic items as they are derived from natural sources.The consumer’s demand for organic and safe products will promote the use of oleochemicals in beauty and cosmetics products.
For instance, in April 2023, according to a report published by the International Trade Administration a US-based government agency, in China, sales of cosmetics and beauty products grew 10% from 2020 to reach $88 billion in 2021. Therefore, the increasing consumer demand for beauty and cosmetics products is driving the growth of the specialty oleochemicals market.
Product innovations are a key trend gaining popularity in the specialty oleochemicals market.Companies operating in the specialty oleochemicals market are innovating new products to sustain their position in the market.
For instance, in September 2020, Emery Oleochemicals, a USA-based manufacturer of specialty chemicals and high-performance chemicals, launched a bio-based E fatty acid esters product.These fatty acid esters have high color stability, and a mild odor, and are easily degraded.
EMERY E bio-based esters can be used as an eco-friendly replacement for petrochemical-based components in the formulation of several consumer and industrial systems.
In August 2021, PTT Global Chemical Public Company Limited, a Thailand-based chemical company acquired Emery Oleochemicals for an undisclosed amount.The acquisition was aimed to grow PTT Global and its service offerings.
Emery Oleochemicals is a Malaysia-based chemicals manufacturing company.
The countries covered in the specialty oleochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The specialty oleochemicals market research report is one of a series of new reports that provides specialty oleochemicals market statistics, including specialty oleochemicals industry global market size, regional shares, competitors with a specialty oleochemicals market share, detailed specialty oleochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the specialty oleochemicals industry. This specialty oleochemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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