Acumen Research and Consulting recently published report titled “Oleochemicals Market Size, Share, Analysis Report And Region Forecast, 2022 - 2030”
TOKYO, June 14, 2022 (GLOBE NEWSWIRE) -- The global oleochemicals market size is estimated to grow a CAGR above 7% over the forecast timeframe and reach a market value of US$ 39,689 million by 2030.
Oleochemicals have recently emerged as a viable alternative to petroleum-derived products due to their low toxic effects. The growth of sustainable, bio-based chemical compounds has increased as consumers become more aware of the environmental and economic benefits that oleochemicals can provide. Oleochemicals are materials derived from the important biochemical elements of marine, animal, and vegetable oils, glycerides, and include fatty acids and glycerol, as well as a variety of derivatives such as fatty amides, fatty alcohols, fatty acid esters, fatty amines, sulfur derivatives, polyoxyethylene phosphorous derivatives, and polyoxypropylated materials, among others.
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One of the key factors driving the global oleochemicals market's growth is expected to be strong growth for glycerol esters as a beneficial alternative to conventional petroleum-based product lines from the skincare and personal care product industry. Oleochemicals have largely replaced petrochemicals in a wide range of markets since the first petroleum conflict in 1974. Furthermore, the current dramatic increase in petroleum prices has accelerated this trend. The rapid rise of biofuel production such as triglycerides and ethanol is beginning to have an impact on the oil and fat economy. While the price of crude oil has fallen since 2006, the price of oils and fats has risen to new highs. Despite this progress, petrochemicals are still unable to compete in the majority of industrial applications with basic oleochemicals. On the other hand, the rise in the price of fats and oils is affecting the competitiveness of triglycerides and biodiesel as biofuel production.
Report Coverage:
| Market | Oleochemicals Market |
| Market Size 2021 | US$ 20,845 Mn |
| Market Forecast 2030 | US$ 39,689 Mn |
| CAGR (2022 - 2030) | Over 7% |
| Analysis Period | 2018 - 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2030 |
| Segments Covered | By Product, By Application, By Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Cargill, Inc., Twin Rivers, SABIC, Croda Industrial Chemicals, Kuala Lumpur Kepong Berhad, Evonik Industries, BASF SE, Emery Oleochemicals, Oleon N.V., IOI Group Berhad, Wilmar International, and Kao Corp. |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope | 10 hrs of free customization and expert consultation |
Global Oleochemicals Market Growth Aspects
The global awareness of environmental consciousness is one of the factors driving the growth of the oleochemicals market. Increased consumption of bio-based, sustainable, and eco-friendly chemicals in industries such as personal care and cosmetics, food and beverages, and chemical industries, among others, drives market growth, as does the high cost of petrochemical products. Furthermore, the expansion of various end-use sectors, rapid industrialization, and the widespread accessibility of feedstock all benefit the oleochemicals market. Consumption of oleochemicals in the form of fatty acids, which are used in the production of detergents, soaps and surfactants, varnishes, lubricants, and pharmaceuticals, as well as initiatives to replace chemically derived products with bio-based chemicals to reduce reformulation and re-equipping cost and time, all have an impact on the market. Besides that, the trend toward bio-based raw materials in polymer production creates lucrative opportunities for market contestants in the coming years.
Furthermore, the COVID-19 pandemic increased demand for sanitizers, cleaning chemicals, and disinfectants, all of which are made with oleochemicals. However, supply chain operations were hampered due to travel restrictions. On the other hand, oscillations in raw material prices and the ease with which raw materials are available in emerging economies are expected to stymie market growth. During the forecast period, the oleochemicals market is expected to face tough competition from petroleum-based chemicals.
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Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global oleochemicals market. The North American region is expected to grow significantly during the forecast period. North America is a rapidly growing region, owing to increased consumer awareness of the harmful effects of chemical additives in cosmetics and personal care products, which is primarily driving the market growth. For example, different skincare, cosmetic, and hair care companies in North America have prohibited the use of bithionol and methylene chloride in their product lines. The rise of veganism in the region has accelerated the use of plant-based additives in personal care and skin care products are driving the market in the region. Furthermore, the United States is a major consumer of oleochemicals in this region. North America dominated the global oleochemicals market due to increased demand for sustainable polymers in the region's various end-user industries.
Market Segmentation
The global oleochemicals market has been segmented by Acumen Research and Consulting based on product, and application. Based on the product, the market is divided into specialty esters, glycerol esters, fatty acid methyl ester, fatty amines, alkoxylates, and others. Based on application, the market split into personal care & cosmetics, food & beverages, consumer goods, paints & inks, textiles, industrial, polymer & plastic additives, healthcare & pharmaceuticals, and others.
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Major Players
Most market players are expanding their existence in emerging economies such as Brazil, Netherlands, India, and other developing nations in order to gain a competitive advantage. Some key players covered global in the oleochemicals industry are Cargill, Inc., Twin Rivers, SABIC, Croda Industrial Chemicals, Kuala Lumpur Kepong Berhad, Evonik Industries, BASF SE, Emery Oleochemicals, Oleon N.V., IOI Group Berhad, Wilmar International, and Kao Corp.
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