Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global specialty oleochemicals market was projected to be valued USD 23.1 million in 2021 and is anticipated to exhibit a CAGR of 7.50% over the forecast period 2021 to 2030, as per a new market analysis by Quince Market Insights.
As the use of personal care, medicines, and food items rises, so does the demand for oleochemicals and their derivatives. Growing awareness regarding the use of hazardous chemicals such as parabens has resulted in continuous efforts and initiatives by various international companies on adopting sustainability. Growing demand for sustainable and biodegradable products to reduce reliance on petrochemicals, is also apparent in the cosmetics industry worldwide.
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Manufacturing soaps and detergents is the most important function or industrial use of oleo chemicals, which accounts for most fatty acids and fatty acids esters. Lauric acid is used to make sodium lauryl sulphate and similar chemicals, which are used in soap making.
Lubricants, solvents, biodiesel, and polymers are among the other industrial applications of oleo chemicals. Methyl esters have high demand in oleo chemical manufacturing in recent years due to its usage in biodiesel generation.
Grease, textiles, rubber, drying oil, paints & coatings, surface coatings, biofuels, and plastics are just a few of the applications. Polyurethane, a main raw material for the fabric industry, is now manufactured utilizing the oleo chemicals, which are used to make polyamide and polyols.
Oleo chemicals are used as raw materials for polymeric resins, particularly alkyd-based resins. Alkyds are dicarboxylic acids or anhydrides that are subsequently transformed into polymeric resins. Vegetable oil is also used as an oleochemical in the production of polyesteramide resins.
Traditional application of oleochemicals for various application such as surfactants, personal care products, and food additives have now been extended to new applications. Recent technological developments have created new applications for oleochemicals in biosurfactants, lubricants, and polymers, which offer substantial prospects for companies in the long run.
Impact of COVID-19 on Global Specialty Oleochemicals Market
As a result of the coronavirus (COVID-19) pandemic, the specialty oleochemicals market experienced supply chain disruptions. Local supply constraints would add to the problem, as heightened travel restrictions slowed the movement of products, particularly in virus-affected areas. According to the Malaysian Palm Oil Council, the market is expected to witness high demand for oleochemicals. The growth is on account of increasing demand for cleaning products, disinfectants, and sanitizers after the outbreak of COVID-19.
Specialty Oleochemicals Market, By Type
Type segment is categorized into glycerol esters, fatty amines, fatty acid methyl esters, specialty esters, alkoxylates, others. The glycerol esters segment is projected to capture the largest share of the market. As a result of increased biodiesel production, more glycerol, a byproduct of the production of fatty acids and esters from triglycerides, is expected to be available at a lower price in the future.
Glycerol esters are used as lubricants, antifogging agents, processing aids, plasticizers, defoamers, dispersing aids and other applications that require biofunctional activity.
Specialty Oleochemicals Market, By Application
The application segment is divided into personal care & cosmetics, textiles, healthcare & pharmaceuticals, polymers & plastics additives, consumer goods, food processing, paints & ink, others. The personal care & cosmetics segment of the market is anticipated to account for the largest segment of the market. Basic oleochemicals and derivatives are often employed as emollients, humectants, emulsifiers, rheological additives, and/or preservatives in the cosmetic industry. Palm oil is one of the most widely used vegetable oils in the world, especially in food, but also as the most prevalent source of vegetable fat and oil in cosmetics and chemicals. Palm oil is one of the best and most cost-effective cosmetics components, especially since the natural product movement began, with consumers demanding natural and animal-free goods. Palm oil can be used to make a variety of items in the cosmetics sector.
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Global Specialty Oleochemicals Market, based on Regional Analysis
The Asia Pacific region is expected to be the fastest growing market as demand for glycerol in personal care, pharmaceuticals increase. The improving living standards and growth of cosmetics industry is driving the growth of the market in the region. Malaysia, as the world's second largest producer of palm oil after Indonesia, benefits from an uninterrupted supply of palm oil and palm kernel oil for downstream expansion and sustainability. Companies resent in the country that are vertically integrated include IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, Sime Darby Berhad, and FGV Holdings Berhad.
Recent Developments in the Global Specialty Oleochemicals Market
- August 23, 2021 - Mega First (Malaysia) to acquire Emery Oleochemicals’ Asia Pacific unit. The acquisition will be executed by Edenor Technology Sdn Bhd, a joint venture company jointly incorporated by Mega First Corp Bhd and 9M Technologies Sdn Bhd to take the proposed acquisition.
- August 18, 2021 - Indorama (Singapore) had announced that it will acquire Oxiteno (Brazil) (Oxiteno has portfolio of oleochemicals), the chemical subsidiary of Brazilian fuel company Ultrapar Participacoes SA, subject to adjustment and closing, with a deferred payment in 2024.
Some key Points of the Specialty Oleochemicals Market Report are:
- An in-depth global specialty oleochemicals market analysis by the segments, along with an analysis of trend-based insights and factors.
- Major companies operating in the global specialty oleochemicals market, which include Emery Oleochemicals (U.S.), KLK Oleo (Malaysia), IOI Group (Malaysia), Oleon (Belgium), Evonik Industries (Germany), Kao Corporation (Japan), Vantage Specialty Chemicals (U.S.), Wilmar International (Singapore), Alnor Oil Co, Inc. (U.S.), Ecogreen Oleochemicals (U.S.), Vegetable Vitamin Foods Company (India).
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global specialty oleochemicals market
- Impact of COVID-19 on the global specialty oleochemicals market
Find more insights on this topic from this report, “Specialty Oleochemicals Market, By Type (Glycerol Esters, Fatty Amines, Fatty Acid Methyl Esters, Specialty Esters, Alkoxylates, Others), By Application (Personal Care & Cosmetics, Textiles, Healthcare & Pharmaceuticals, Polymers & Plastics Additives, Consumer Goods, Food Processing, Paints & Ink, Other), By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa)” in-depth analysis along with the table of contents (ToC).
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