Rockville , Jan. 02, 2024 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Oleochemicals Market is expected to reach $US 48.61 Bn by 2032 while expanding at a CAGR of 5.4% during the forecast period.
Oleochemicals are chemicals made from natural fats and oils, mainly sourced from plants and animals. Derived from renewable resources, like vegetable oils, oleochemicals offer a sustainable choice. Oleochemicals are appealing to consumers due to various qualities such as biodegradability, meaning they break down more easily in the environment. Oleochemicals also have a lower carbon footprint, contributing to a reduction in greenhouse gas emissions. Their versatility makes them suitable for various applications, from personal care products to biofuels.
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The growth of the oleochemicals market is primarily driven by the increasing demand for sustainable and bio-based products, with oleochemicals serving as a renewable alternative to traditional petrochemical-based substances. Rising awareness of environmental concerns and the push for biodegradable solutions contribute to the market's expansion.
The volatility of palm oil prices acts as a barrier to the growth of the market. Fluctuations in palm oil prices can impact production costs and pricing of oleochemicals. Also, the oleochemicals market faces a significant challenge due to the constant need for research and development (R&D) efforts.
| Report Attribute | Details |
| Value Projection (2032) | US$ 48.61 Billion |
| Growth Rate (2022-2032) | 5.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways:
- North America holds a significant share of 33.1% of the global market. The market is driven by high consumer awareness of the detrimental impacts of chemical additives. Moreover, the trend of veganism has also boosted the use of plant-based components in personal care products.
- The United States market is expected to grow at a CAGR of 6% between 2022 and 2032. The anticipated growth is attributed to the expansion of various end-user sectors in the country, particularly pharmaceuticals, personal care services, and cosmetics.
- Fatty acids comprise 52.1% share of the global market. These fatty acids, sourced from animal fats, plant oils, and vegetable oils, find application in diverse industries, including industrial processes, hygiene products, cosmetics, as well as in the food and beverage sector.
The escalating demand for sustainable and eco-friendly products, the growing adoption of oleochemicals in bio-based polymers and bioplastics production, and the inclination towards renewable resources across diverse industries are the key factors driving market growth - Says FACTMR Expert
Key Companies Profiled in This Report
- Emery Oleochemicals
- BASF
- Wilmar International
- Du Pont
- Solvay
- Musim Mas Group
- Croda International
- IOI Group
- Cargill Inc.
Market Competition
Key companies in the market are focusing on research and development endeavors to strengthen their positions amidst current market competition.
Key players are focusing on R&D to enhance their position in the market. For instance,
- Emery Natural Oleochemicals has introduced a novel product innovation, Emerox Polyols. This offers improved efficiency, sustainability, and enhanced performance characteristics to its users.
- In 2020, Emery Oleochemicals officially launched the Emery E product line, introducing a range of fatty acid esters. These esters are known for their color stability, recyclability, and minimal odor.
Winning strategies
Major players in the oleochemicals market are investing in the development of specialized products for specific uses. This strategy helps them meet the unique needs of different industries, making their products more effective and environmentally friendly.
Recognizing the importance of sustainable sourcing, companies are actively seeking and promoting certifications like RSPO (Roundtable on Sustainable Palm Oil) and implementing traceability systems to ensure transparency in their supply chains.
Companies are focusing on high-growth application segments within the oleochemicals market, such as the manufacturing of bio-based plastics and renewable fuels. By targeting these rapidly expanding areas, businesses aim to capitalize on emerging trends and attract lucrative revenue opportunities.
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Country-wise Insights
What's Fueling the Growth of Oleochemical Producers in the US Market?
"Sustainable Alternatives Are Receiving More Attention in the US"
From 2022 to2032, the U.S. oleochemicals market is expected to grow at a CAGR of 6%. The market is anticipated to grow as a result of the rise of a number of end-user industries in the US, such as pharmaceuticals, personal services, and cosmetics.
An increase in the output of palm kernels and palm oil is driving the demand for oleochemicals. The output of palm is growing quickly, and the integration of raw materials is getting better. Leaders in the US sector are planning a lot of production facilities.
Increased focus on recyclables and sustainable alternatives, together with modifications to US laws like the EPA, are driving the use of oleochemicals in the US chemical industry.
Explore More Related Studies Published by Fact.MR Research:
Trans Fatty Acids Market: Trans fatty acids market is expected to grow at a CAGR of 4.5% during the forecast period.
Organic Acids Market: The global organic acids market is set to estimate a valuation of US$ 12.3 billion in 2023 and it is anticipated to grow at a CAGR of 6.1% to reach US$ 22.2 billion by the end of 2033.
Antacids Market: In 2023, the global antacids market is valued at US$ 14 billion and is expected to reach a market size of US$ 22 billion by 2033. The market is forecasted to increase at a CAGR of 4.6% from 2023 to 2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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