Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- Specialty oleochemicals market is anticipated to grow at a steady growth rate over the forecast period, owing to increasing environmental concerns and the demand for eco-friendly products. Due to the rise in the demand for bio-based products, the demand for specialty oleochemicals is expected to increase considerably. Specialty oleochemicals are base products that are derived from plant-based sources such as palm oil, soybeans, and sunflower oil. They are being used for the production of personal care, soaps, detergents, and lubricants among other chemical products.
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Some of the other applications of specialty oleochemicals includes textiles, plastics & rubber, paints & coating, pharmaceuticals, oil & gas, construction, chemical synthesis, and others industries.
Key Insights & Findings:
- The specialty ester segment led the specialty oleochemicals market and valued at USD 2.44 Billion in 2020. Growth of this segment is mainly driven by rising adoption of specialty ester in manufacture of a large number of industrial products, such as for personal care (shampoos and cosmetic applications), for medical purposes as well as for automotive and architectural applications.
- The personal care & cosmetics application segment accounted for the largest market share and valued at USD 2.29 Billion in 2020. This is due to the inclination towards organic personal care products. The demand for less toxic and organic ingredients in consumer goods such as perfumes, soaps, shampoos, cleaners and detergents is increasing which in turn, is expected to trigger the demand for specialty oleochemicals in the future.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the specialty oleochemicals market and valued at USD 3.38 Billion in 2020 due to the presence of large manufacturing industries across the Malaysia and Indonesia. North America region is anticipated to grow at prominent CAGR over the forecast period, due to due to its exacting government regulations towards environment and regarding the usage of toxic and harmful petroleum based products.
Key players operating in the global specialty oleochemicals market are Emery Oleochemicals KLK Oleo, IOI Group, Oleon, Evonik Industries, Kao Corporation, Vantage Specialty Chemicals, Wilmar International among others. To enhance their market share in the global specialty oleochemicals market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in October 20, 2021, Emery Oleochemicals one of the leading specialty oleochemical industry will showcase its Bio-Lubricants product portfolio at the 2021 UNITI Mineral Oil Technology Congress on November 3-4 at the ICS Conference Center in Stuttgart, Germany.
- In September 2017, H.I.G. Capital announced that The Jordan Company acquire Vantage Specialty Chemicals, Inc. for USD 1.0 billion. As per the agreement, Vantage’s six manufacturing facilities located in the U.S. and 14 overseas distribution centers in Europe, Asia, Latin America, and South Africa became part of H.I.G Capital.
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Global Specialty oleochemicals Market by Product:
- Specialty Ester
- Fatty Acid Methyl Ester
- Glycerol Ester
- Alkoxylates
- Fatty Amines
- Others
Global Specialty oleochemicals Market by Application:
- Personal Care & Cosmetics
- Food Processing
- Consumer Goods
- Health & Pharmaceuticals
- Polymer & Plastic Additives
- Textile
- Paints & Coatings
- Others
Global Specialty oleochemicals Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the specialty oleochemicals market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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