Acumen Research and Consulting recently released a report titled “Oleochemicals Market Size, Share, Regional Analysis and Forecast Report, 2022-2030”
/EIN News/ — TOKYO, June 14, 2022 (GLOBE NEWSWIRE) — The world oleochemicals market size is expected to grow at a CAGR of over 7% over the forecast period 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 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, esters fatty acids, fatty amines, sulfur derivatives, polyoxyethylene phosphorous derivatives and polyoxypropylated materials, among others.
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One of the key factors driving the growth of the global oleochemicals market is expected to be the strong growth of glycerol esters as a beneficial alternative to conventional petroleum-based product lines in the skin care products industry. and personal care. Oleochemicals have largely replaced petrochemicals in a wide range of markets since the first oil dispute in 1974. Moreover, the current dramatic increase in oil prices has accelerated this trend. The rapid increase in the production of biofuels such as triglycerides and ethanol is beginning to impact the economy of oil and fats. While the price of crude oil has fallen since 2006, the price of oils and fats has reached new highs. Despite this progress, petrochemicals are still unable to compete with basic oleochemicals in the majority of industrial applications. On the other hand, the rising price of fats and oils affects the competitiveness of triglycerides and biodiesel as biofuel production.
|Market size 2021||US$20,845 million|
|Market Forecast 2030||US$39,689 million|
|CAGR (2022 – 2030)||More than 7%|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By product, by application, by region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Cargill, Inc., Twin Rivers, SABIC, Croda Industrial Chemicals, Kuala Lumpur Kepong Berhad, Evonik Industries, BASF SE, Emery Oleochemicals, Oleon NV, IOI Group Berhad, Wilmar International and Kao Corp.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Growth aspects of the global oleochemicals market
One of the driving factors for the growth of the oleochemicals market is the global awareness of environmental consciousness. Increased consumption of bio-based, sustainable and eco-friendly chemicals in industries such as personal care & cosmetics, food & beverage, and chemical industries, among others, is driving the market growth, as is the high cost of petrochemicals. Additionally, expansion of various end-use sectors, rapid industrialization, and widespread accessibility of raw materials are all benefiting the oleochemicals market. The 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-equipment cost and time all have an impact on the market. Furthermore, the trend towards bio-based raw materials in the production of polymers creates lucrative opportunities for market competitors in the coming years.
Additionally, the COVID-19 pandemic has increased the demand for disinfectants, cleaning chemicals, and disinfectants, all made with oleochemicals. However, supply chain operations have been hampered due to travel restrictions. On the other hand, swings in commodity prices and the ease with which raw materials are available in emerging economies is expected to restrain the growth of the market. During the forecast period, the oleochemicals market is expected to face stiff competition from petroleum-based chemicals.
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North America, Europe, Asia-Pacific, Latin America, Middle East and Africa is the regional classification of the global oleochemicals market. The North American region is expected to witness significant growth over the forecast period. North America is a rapidly growing region, owing to increased consumer awareness about the harmful effects of chemical additives in cosmetics and personal care products, which is mainly driving the market growth. For example, various skin care, cosmetics, and hair care companies in North America have banned the use of bithionol and methylene chloride in their product lines. The rise of veganism in the region has accelerated the use of herbal additives in personal care and skin care products is driving the market in the region. Additionally, the United States is a major consumer of oleochemicals in this region. North America dominated the global oleochemicals market owing to increased demand for sustainable polymers from various end-user industries in the region.
The global oleochemicals market has been segmented by Acumen Research and Consulting on the basis of product and application. Based on product, the market is divided into specialty esters, glycerol esters, fatty acid methyl ester, fatty amines, alkoxylates and others. Based on application, the market has divided into personal care and cosmetics, food and beverages, consumer goods, paints and inks, textiles, industrial additives, polymers and plastics, healthcare and pharmaceuticals, and others.
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Most of the market players are expanding their existence in emerging economies such as Brazil, Netherlands, India, and other developing countries to gain competitive advantage. Some key players covered globally in Oleochemicals industry are Cargill, Inc., Twin Rivers, SABIC, Croda Industrial Chemicals, Kuala Lumpur Kepong Berhad, Evonik Industries, BASF SE, Emery Oleochemicals, Oleon NV, IOI Group Berhad, Wilmar International and Kao. Corp.
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Mr. Richard Johnson
Acumen Research and Consulting
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