Portland, OR, July 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global Asia-Pacific oleochemicals market was pegged at $14.8 billion in 2020, and is expected to reach $26.5 billion by 2028, growing at a CAGR of 6.5% from 2021 to 2028.
Rise in demand from the end-user industries and surge in demand for sustainable and biodegradable products drive the growth of the Asia-Pacific oleochemicals market. However, fluctuation in the price of raw materials hinders market growth. On the contrary, surge in awareness regarding harmful chemicals in personal care products is expected to open lucrative opportunities in the coming years.
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Covid-19 scenario:
- The Covid-19 outbreak has affected the demand and manufacturing of oleochemicals. Due to lockdown in several countries, the manufacturing facilities in sectors including automotive and construction were closed, which hampered the demand of oleochemicals.
- The prolonged lockdown resulted in a disrupted supply chain, lack of workforce, and increase in prices of raw materials.
The report segments the Asia-Pacific oleochemicals market on the basis of type, application, and country.
Based on type, the fatty acids segment held the largest share in 2020, accounting for nearly half of the market. However, the fatty alcohol segment is expected to register the highest CAGR of 7.4% during the forecast period.
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On the basis of application, the personal care and cosmetics segment is projected to manifest the highest CAGR of 7.5% during the forecast period. However, the soap and detergents segment dominated the market in 2020, contributing to more than one-fifth of the market.
Based on country, the market across China held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Vietnam is estimated to portray the highest CAGR of 8.9% during the forecast period.
The Asia-Pacific oleochemicals market includes an in-depth analysis of the prime market players such as Hancole, Ecogreen Oleochemical, Kao Corporation KLK oleo, IOI Corporation Berhad, P&G Chemicals Sinarmas Cepsa Pte. Ltd., Musim Mas, Unilever Oleochemicals Indonesia, Timur Oleochemicals, Wilmar International Ltd., Emery Oleochemicals, Croda International Plc, Oleon NV, and Global Green Chemicals.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.