Dublin, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The "India Oleochemicals Market By Type, By Application, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The India oleochemicals market is poised for significant growth in the coming years, fueled by a multitude of factors that have set the stage for expansion.
The increasing demand from various end-user industries and the implementation of favorable government policies are key drivers behind this growth. Notably, the market's rapid rise can be attributed to the growing consumer awareness of environment-friendly products, which has spurred the adoption of oleochemicals in various applications.
Moreover, the Indian government's initiatives to promote the use of bio-based products have further boosted the market's momentum. India's position as a major producer of vegetable oils, crucial raw materials for the oleochemicals industry, further strengthens its market potential.
Additionally, the country's focus on increasing production of renewable feedstocks, such as castor oil, presents an alternative and sustainable source for oleochemicals.
As these chemicals derived from natural fats and oils find widespread application in soaps, detergents, personal care products, and various industrial sectors, the India oleochemicals market is expected to continue its growth trajectory throughout the forecasted period.
Growing Demand from End-Use Industries is a Key Driver for Oleochemicals Market Growth
The growing demand from end-use industries is a key driver of the India oleochemicals market. Oleochemicals are used in a wide range of industries, including personal care, food and beverage, household cleaning, and pharmaceuticals, among others.
In the personal care industry, oleochemicals are used in the production of soaps, shampoos, and other personal care products. As the Indian middle class continues to grow, with the increase in consumer spending power, the demand for personal care products is also increasing, ultimately driving the demand for oleochemicals.
In the food and beverage industry, oleochemicals are used in the production of food additives, emulsifiers, and other ingredients. Furthermore, oleochemicals are used in the production of detergents, cleaning agents, and other household products that are produced by household cleaning industries. As more and more Indian households switch to using cleaning agents that are more environmentally friendly, the demand for oleochemicals is increasing.
In the pharmaceutical industry, oleochemicals are used in the production of a range of drugs and medicines. As the Indian healthcare industry continues to grow and the demand for pharmaceuticals increases, the demand for oleochemicals is also increasing. Generally, the growing demand from end-use industries is expected to continue to drive growth in the India oleochemicals market in the approaching years as these industries continue to expand and develop new products that require oleochemicals as key ingredients.
Rising Consumer Awareness of Environmentally Friendly Products is Driving Market Demand
The rising consumer awareness of eco-friendly products is another key driver of the India oleochemicals market. Oleochemicals are more environmentally friendly than traditional petroleum-based chemicals because they are derived from natural fats and oils and are biodegradable in nature.
As consumers become more aware of the impact of traditional chemical-based products on the environment, they are increasingly seeking out products that are made from natural and sustainable sources.
This trend is driving the demand for oleochemicals in India, as manufacturers of personal care products, household cleaning products, and other consumer goods are looking to meet consumer demand for more sustainable and eco-friendly products. Hence, the rising awareness towards eco-friendly products is propelling the demand for India oleochemicals markets in projected periods.
Availability of Raw Materials is Driving the Oleochemicals Market Growth
The availability of raw materials is a key driver of growth in the oleochemicals market, including in India. Oleochemicals are derived from natural oils and fats, which can be obtained from a variety of sources such as palm, coconut, and soybean.
The availability and cost of these raw materials play a crucial role in determining the growth of the oleochemicals market. Referring to the media sources, India has exported nearly 631,000 tons of soybean-based products in the first quarter of the 2022/23 marketing year, which is 65% more than last quarter and equivalent to the total export of last year.
In recent years, there has been a significant increase in the production of oilseeds such as soybean, rapeseed, and sunflower in India. This has led to a steady supply of raw materials for the oleochemicals industry, which in turn has supported the growth of the market.
Moreover, there has been a growing focus on sustainable production methods in the oleochemicals industry, which includes the use of raw materials from renewable sources. This has led to the development of new sources of raw materials, such as jatropha, a plant that can grow in arid regions and produces oil that can be used as a feedstock to produce oleochemicals.
In addition, government initiatives such as subsidies and tax incentives have encouraged the production of raw materials for the oleochemicals industry, leading to increased availability and lower costs. Hence, the availability of raw materials is generally considered to be favorable for the India oleochemicals market having a significant impact on the India oleochemicals markets.
Key Trends that are Going to Impact the Demand of India Oleochemicals Markets Growth
The Indian oleochemicals market was expected to see steady growth in the coming years, driven by the different key trends such as:
Focus on sustainable production methods: There was an increasing focus on sustainable production methods in the Indian oleochemicals market, with manufacturers adopting practices such as the use of renewable energy sources and reducing waste.
Use in new and innovative applications: Oleochemicals were being used in new and innovative applications, such as the production of bio-based plastics and feedstocks to produce biofuels.
Government initiatives: The Indian government was promoting the use of renewable resources and supporting the development of the oleochemicals industry through various initiatives, such as subsidies to produce biofuels.
Growth of the personal care industry: The personal care industry was a key driver of growth in the Indian oleochemicals market, with increasing demand for natural and eco-friendly ingredients in personal care products.
Increasing awareness about the benefits of using natural products: There was growing awareness among consumers about the benefits of using natural and eco-friendly products, which was driving demand for oleochemicals in various applications.
Efforts by Key Players are Driving the Demand for the Oleochemical Market in India
Different players are keenly working on different activities and development to target a new customer base that reflects the growing importance of the oleochemical industry in India and the increasing focus on sustainability and innovation in the industry.
Investments in production capacity: Several companies in India have announced plans to expand their production capacity for oleochemicals. For example, in 2020, Adani Wilmar Limited announced plans to invest in a new complex of 400 TPD to be built in Mundra, Gujarat, India, and expand its production capacity for fatty acids, glycerin, and other oleochemicals.
Partnerships and collaborations: Companies in the Indian oleochemical industry are forming partnerships and collaborations to develop new products and technologies. At the same time, companies in India are investing in research and development to develop new oleochemical products and technologies.
Increasing use of renewable feedstocks: Companies in India are increasingly using renewable feedstocks, such as castor oil and palm kernel oil, as alternatives to traditional vegetable oils. This is driven by concerns about sustainability and the environmental impact of palm oil production.
Government support for the industry: The Indian government has introduced several initiatives to support the development of the oleochemical industry. For example, the government has announced plans to set up a dedicated research and development center for the oleochemical industry, as well as tax incentives for companies that use bio-based products in their production processes.
Competitive landscape
Company Profiles: Detailed analysis of the major companies in India oleochemicals market.
- VVF (India) Limited
- Godrej Industries Limited (BSE:GODREJIND)
- 3F Industries Limited
- Jocil Limited (NSE:JOCIL)
- Indo Amines Ltd. (INDOAMIN.BO)
- Universal Biofuels Limited
- Oil Base India
- Oleochem India Private Limited
- Olivia Impex Pvt. Ltd.
- Bharat Jyoti Impex
Report Scope:
India Oleochemicals Market, By Type:
- Fatty Acid Methyl Esters
- Fatty Alcohol
- Glycerine
- Fatty Acid
- Other
India Oleochemicals Market, By Application:
- Pharmaceuticals & Personal Care
- Soap & Detergents
- Food & Beverages
- Polymers
- Others
India Oleochemicals Market, By Sales Channel:
- Direct
- Indirect
India Oleochemicals Market, By Region:
- East
- West
- North
- South
For more information about this report visit https://www.researchandmarkets.com/r/biuopa
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