In terms of revenue, the Global Oleochemicals Market is expected to reach USD 29.7 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 7.20% from 2022 to 2028.
The growing demand for renewable, sustainable, and bio-based chemicals in the personal care & cosmetics, food & beverage, pharmaceutical, and other industries is likely to fuel product demand over the projected period. Demand for the product will rise due to the high price of petrochemical goods and consumers' shifting preferences for environmentally friendly products. In the following years, it is also projected that the consumption of Oleochemicals in the form of fatty acids, which are used to create pharmaceuticals, surfactants, lubricants, varnishes, soaps, and detergents, will drive market growth. Additionally, the demand for specialized esters in end-use sectors, including personal care and cosmetics, is growing, which is anticipated to fuel market expansion throughout the forecast period. It is predicted that the main element propelling market growth will continue to be the rising demand for sustainable and biodegradable products to lessen petrochemical dependence.
Key Highlights from Report
- Among Types, the fatty acid market segment is anticipated to dominate the Oleochemicals market with the largest market share in the forecast period. Increased demand for functional compounds and additives in food and cosmetics fuels this market's expansion.
- By Applications, the Pharmaceuticals and personal care products segments accounted for the maximum CAGR during the forecast period. Due to rising demand from the healthcare sector, which is anticipated to increase over the next ten years, these two areas have strong growth possibilities.
- In terms of region, Asia Pacific held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. The growing demand for the automotive and electronics sectors is this region's primary growth driver.
The primary factors influencing the market for Oleochemicals are the rise in demand for green chemicals, the high demand from end-use industries, and the accessibility of raw materials. Oleochemicals can now enter the market and take the place of the currently utilized petroleum-based goods due to tightening environmental restrictions and the depletion of non-renewable resources. Manufacturers are switching from chemical to biobased eco-friendly products to meet the demand for biobased products. This is anticipated to save time, money, and the environment.
Oleochemicals are utilized to make food contact surface sanitizers and FDA-approved food packaging. In addition, triple-pressed stearic acid is used as a mold-release agent in the food and beverage sector. The Oleochemicals market is anticipated to experience growth due to rising Oleochemicalsusage in the food sector and the expansion of the food industry in developing nations. Additionally, Oleochemicals are used to manufacture cleaning solutions for domestic and commercial use, including degreasers, emulsifiers, surfactants, and cleaning agents. The Asia-Pacific Oleochemicals industry is predicted to benefit significantly from the rise in disposable income and population in China and India.
Due to its high output of raw materials, the Asia Pacific region held the largest market share for Oleochemicals in 2021. However, as green alternatives are widely accepted, and raw materials are more easily accessible, the regional market is expected to expand. For instance, Malaysia and Indonesia are the largest palm oil producers, serving as the primary feedstock for creating Oleochemicals. The Malaysian Palm Oil Council estimates that Malaysia generates 25.8% of the world's palm oil (MPOC).
The Global Oleochemicals Market is Segmented as follows
- Fatty Acid
- Fatty Alcohol
- Other Types
- Pharmaceuticals & Personal Care Products
- Food & Beverages
- Soaps & Detergents
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Oleochemicals Market is
Cargill Inc. (US), SABIC (Saudi Arabia), Kuala Lumpur Kepong Berhad (Malaysia), BASF SE (Germany), Oleon N.V. (Belgium), IOI Group Berhad (Malaysia), Wilmar International & Kao Corp. (Singapore)
The Global Oleochemicals Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|