Burlingame, July 20, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Oleochemicals Market By Product (Specialty Esters, Fatty Acid Methyl Esters, Glycerol Esters, Alkoxylates, Fatty Amines, Others), By Application (Personal Care & Cosmetics, Consumer Goods, Food Processing, Textiles, Paints & Inks, Industrial, Healthcare & Pharmaceutical, Polymer & Plastic Additives, Other): Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030”. The Oleochemicals Market size is expected to grow from US$ 22.66 billion in 2022 to US$ 38.64 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period.
Analysts’ Views on Global Oleochemicals Market
Growing consumption of oleochemicals from various end-use industries such as food & beverages, pharmaceuticals & personal care products, polymers, soaps & detergents, and others is fuelling growth of the oleochemicals market. Moreover, growing investments in R&D by key players in this field is also projected to boost growth of the market over the forecast period. Furthermore, increasing deployment of biodegradable products is further anticipated to uplift the growth of this industry in the near future.
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Key Trends and Analysis of the Global Oleochemicals Market:
Increasing popualirty of specialty oleochemicals is expected to uplift the market growth. Specialty oleochemicals are majorly used in the manufacturing of metalworking fluids, lubricants, agrochemicals, and rubber processing chemicals. Additionally, they are also used in oilfield chemicals and pulp & paper chemicals, as they have specific physicochemical properties that make them an ideal choice for these industrial applications.
Global Oleochemicals Market - Drivers
Increasing demand from cosmetic and personal care sector
Growing demand for hypoallergenic and chemical-free cosmetic products is driving growth of oleochemicals market. For instance, in April 2023, Dove's body wash range now features plant-based formulas and has launched a new hypoallergenic body wash. The new formulations remove oils without damaging the skin barrier, per the brand, while helping the skin produce new lipids and ceramides.
Oleochemicals Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 22.66 Bn | |
| Historical Data for: | 2023 to 2030 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 6.9% | 2030 Value Projection: | US$ 38.64 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Growing demand for organic and natural products to foster market growth
Increasing awareness among consumers regarding the harmful effects of chemical products in the environment is driving the demand for organic or natural products. This is because the use of oleochemicals products helps minimize the environmental impact of various industrial processes. Moreover, oleochemicals are a great way to help preserve the environment and offer a sustainable source of raw materials.
Global Oleochemicals Market – Restrain
Fluctuating price of raw materials to hamper market growth
Coconut oil, palm kernel oil, high erucic rapeseed oil and beef tallow are basically used as a raw materials to produce oleochemicals. Price of these oil is usually volatile. Hence, volatile price of raw materials is expected to hamper the oleochemicals market growth.
Global Oleochemicals Market – Opportunities
Increasing number of research and development activities to present bright market opportunities
Key players in the market are focusing on research and development activities in order to develop novel chemicals. For instance, in June 2018, Wilmar International Ltd. and National University of Singapore (NUS) announced the joint establishment of research facility worth US$ 100 million in order to carry out research related to green production technologies for industrial enzymes and biochemical including oleochemicals.
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Global Oleochemicals Market - Key Developments
In September 2020, Emery Oleochemicals announced the launch of its EMERY E general-purpose fatty acid esters product line. These fatty acid esters offer good color stability, low odor, and good biodegradability.
In Feburay 2021, DKSH has entered into a partnership with IOI Oleo, a supplier of oleochemical specialties, for Australia, New Zealand, the Philippines, Taiwan, South Korea, and Vietnam.
Key Market Takeaways:
Global oleochemicals market is expected to exhibit a CAGR of 6.9% during the forecast period, owing to increasing consumption of oleochemicals from various end-use industries such as soaps & detergents, food & beverages, polymers, and pharmaceuticals & personal care products.
On the basis of product, fatty acid methyl esters segment is expected to hold a dominant position, owing to the growing demand from candles, soap & detergent,lubricants, waxes, and paints & coatings. They are used to manufacture dispersing agents,emulsifying agents, surfactants, wetting agents, and solvents.
On the basis of application, personal care & cosmetics esters segment is expected to hold a dominant position. Oleochemicals are used to manufacture detergents, soap bars, and shampoo.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to the rapid urbanization and industrialization. Also, growing demand for sustainable chemicals is again expected to fuel regional market growth.
Competitive Landscape:
Key players operating in the global oleochemicals market include Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO
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Detailed Segmentation:
Global Oleochemicals Market, By Product
- Specialty Esters
- Fatty Acid Methyl Esters
- Glycerol Esters
- Alkoxylates
- Fatty Amines
- Others
Global Oleochemicals Market, By Application
- Personal Care & Cosmetics
- Consumer Goods
- Food Processing
- Textiles
- Paints & Inks
- Industrial
- Healthcare & Pharmaceutical
- Polymer & Plastic Additives
- Other
Global Oleochemicals Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country:
- South Africa
- Central Africa
- North Africa
- By Country:
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