Farmington, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Global Oleochemicals Market Size Was Valued At USD 33.10 Billion In 2021. The Market Is Projected To Grow From USD 35.43 Billion In 2022 To USD 54.43 Billion By 2030, Exhibiting A CAGR Of 6.3% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. When compared to before the pandemic, demand for oleochemicals is lower than expected in all regions. Our research shows that the global market was 3.0% smaller in 2020 than in 2019.
Oleochemicals are chemicals that are made when chemicals and enzymes react with oils and fats from plants or animals. They look like things that are made from petrochemicals. Because of demand from the food and chemical industries, the market will grow quickly. Demand for the product is likely to go up during the forecast period because more people want to use fuels that are good for the environment.
Request Sample Copy of Report “Oleochemicals Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- August 2022 - Kuala Lumpur Kepong Berhad Group offered a product called DavosLife E3 which could be used for food and nutrition applications. According to Kuala Lumpur Kepong Berhad, this product has a wide range of clinically proven health benefits for heart health, liver health and brain health.
- In July 2022, BASF SE delivered the first Rainforest Alliance certified personal care ingredient based on coconut oil. The company has built a renewable supply chain that will help maximize profits.
Segment Overview
Type Insights
The fatty acids part of the market is the biggest because raw materials are easy to get and the demand for organic personal care products is growing all over the world. Fatty acids can also be used as surfactants, which are found in soaps and detergents, because they have more than one use. Fatty acid is a key raw material for making a wide range of products, like elastomers, toiletries, biocides, softeners, and wax, which are used in many different industries. This will probably cause the segment to grow.
Application Insights
In 2021, the food and beverages segment had the biggest share of the oleochemicals market. This segment is likely to grow because the food industry is using more thickeners, stabilisers, and other additives made from bio-based materials. The chemicals sector is expected to grow at the fastest CAGR. This is because there is a lot of demand for green alternatives to chemicals made from oil.
Regional Outlook:
Asia-Pacific had the most valuable market in 2021, worth USD 16 billion, followed by North America and Europe. Most of the Asia-Pacific market is made up of China and the ASEAN countries. A lot of oleochemical feedstock and products made from it are made and shipped from this area. This group includes glycerin, specialty esters, fatty acid methyl esters, alkyl ethoxylates, glycerol esters alkoxylates, fatty alcohols, and fatty acid methyl esters. People are learning more about how bad it is to use fossil fuels and petrochemicals, which is one of the main things driving the market's growth.
North America is expected to have grown a lot by the end of the time frame. This is because there are strict rules about being environmentally friendly, and the demand for products made from plants is growing. The growing market for chemicals in the U.S. is also expected to drive the market there.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 6.3% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 35.43 Billion |
| By Type | Fatty Acids, Fatty Alcohols, Methyl Esters, Glycerin, Others |
| By Application | Food & Beverages, Chemicals, Animal Feed, Others |
| By Companies | Cargill Inc. (U.S.), Kuala Lumpur Kepong Berhad (Malaysia), BASF SE (Germany), Oleon N.V. (Belgium), IOI Group Berhad (Malaysia), Wilmar International (Singapore), Kao Chemicals (Japan), Twin Rivers Technologies (U.S.), Croda Industrial Chemicals (U.K.), Evonik Industries (Germany), Emery Oleochemicals (Malaysia), Godrej Industries (India) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
The growing need for biofuels is a chance for the market to grow.
The fuel industry has been closely watched by a number of groups and government departments. Most of the energy we use comes from fossil fuels, which have always been bad for the environment and our health. Our World in Data's research shows that in 2019, 135,807 terawatt-hours of energy were made from fossil fuels like coal, gas, and oil. Global pollution and the depletion of fossil fuels have led to serious environmental problems like global warming, the depletion of the ozone layer, and pollution.
Driving Factors:
Rising demand from several end-use industries will drive market growth.
By the end of the forecast period, it is expected that oleochemicals will have grown a lot. Chemicals like these are used a lot in many fields, such as personal care, cosmetics, food and drinks, pharmaceuticals, and plastics. Products for your hair and skin contain these green chemicals. The market is likely to grow quickly because the cosmetics and personal care industries want more hypoallergenic and chemical-free ingredients. Also, companies that make cosmetics and personal care items that are good for the environment are pushing people to use these items.
The market will grow if raw materials are less expensive and can be used for a long time.
Oleochemicals are made from what plants and animals throw away. Waste vegetable oil is a raw material that can be used over and over again, is cheap, and is not very dangerous. They are a great alternative to chemicals that are made from oil. Through trans-esterification, epoxidation, and sulfonation, these chemicals are made from used vegetable oils. Then, these chemicals are used to make biosurfactants, which are used in many ways in the petroleum industry.
Restraining Factors:
VOCs can be made when glycerin is treated before it is used. This could make the market grow less quickly.
Oleochemicals like fatty acids, fatty alcohol, and glycerin are used in everything from food to cosmetics. Voltaic Organic Compounds (VOC) are released into the air and water when glycerin is made, which is bad for the environment and people's health. VOC can hurt body parts like the eyes, nose, and throat. VOC vapours can also make you sick, hurt your liver and kidneys, and cause permanent damage to your central nervous system. So, all of these things should make the market grow less quickly.
Key Segments Covered:
Top Market Players:
Cargill Inc. (U.S.), Kuala Lumpur Kepong Berhad (Malaysia), BASF SE (Germany), Oleon N.V. (Belgium), IOI Group Berhad (Malaysia), Wilmar International (Singapore), Kao Chemicals (Japan), Twin Rivers Technologies (U.S.), Croda Industrial Chemicals (U.K.), Evonik Industries (Germany), Emery Oleochemicals (Malaysia), Godrej Industries (India), and others.
By Type
- Fatty Acids
- Fatty Alcohols
- Methyl Esters
- Glycerin
- Others
By Application
- Food & Beverages
- Chemicals
- Animal Feed
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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