Austin, July 31, 2024 (GLOBE NEWSWIRE) -- The Oleochemicals Market Size was valued at USD 24.0 billion in 2023, and is expected to reach USD 43.3 billion by 2032, and grow at a CAGR of 6.8% over the forecast period 2024-2032.
Get a Sample Report of Oleochemicals Market @ https://www.snsinsider.com/sample-request/2703
The oleochemicals market has been growing rapidly and undergoing significant changes. The rising consumer demand for environmentally friendly and sustainable products drives innovation and diversification of product lines by such key players as BASF, Evonik Industries, and Emery Oleochemicals. For instance, in May 2023, BASF announced its plans to expand the oleochemicals capacity in Southeast Asia as a response to the increasing demand for natural-based personal and home care solutions, as well as the food industry. In turn, in April 2024, Evonik Industries introduced a new range of ultra-pure oleochemicals, particularly intended for the manufacturers of pharmaceuticals. This step has illustrated the diverse applications of these components and induced market growth.
The new EU environmental regulations have become another contributor to the growth of the oleochemicals segment, inspiring investments in more eco-friendly production. Growing environmental awareness is one of the other factors boosting the demand for such substitutes to petrochemicals in this and other industries, such as cosmetics, personal care, food, and pharmaceuticals. The emergence and rapid spread of bio-based surfactants and emulsifiers have also contributed to the discovery of new applications. Moreover, with the prices of crude oil being unstable, the oleochemicals segment is being presented as a cost-effective solution, and, consequently, it is becoming more appealing from a marketing perspective. Furthermore, some issues, such as volatile prices for raw materials and supply chain disruptions caused by geopolitical tensions, remain critical. Continuous performance of the oleochemicals market, despite this view, has been encouraged by technological advancement coupled with increased investments in research and development.
Oleochemicals Market Report Scope & Overview:
Report Attributes | Details |
Market Size in 2023 | USD 24.0 billion |
Market Size in 2032 | USD 43.3 billion |
CAGR (2024-2032) | 6.8% |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Market Driver |
|
Do you need any customization research on Oleochemicals Market, Speak to Our Analyst @ https://www.snsinsider.com/enquiry/2703
Key Players
The major key players are Wilmar International Ltd., Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evyap Sabun Yag Gliserin San ve Tic A.S., JNJ Oleochemicals Incorporated, Evonik Industries AG, Kao Chemicals Global, Ecogreen Oleochemicals, Corbion, Cargill, Incorporated, Oleon NV, Stephan Company, Godrej Industries, IOI Corporation Berhad, KLK OLEO, Sakamoto Yakuhin kogyo Co., Ltd., Pepmaco Manufacturing Corporation, Philippine International Dev., Inc., and other.
Segment Analysis
By Product
- Specialty Esters
- Fatty Acid Methyl Esters
- Glycerol Esters
- Alkoxylates
- Fatty Amines
- Others
By Form
- Powder
- Flakes
- Liquid
- Others
By Application
- Personal Care & Cosmetic
- Consumer Goods
- Food Processing
- Textiles
- Paints & Inks
- Industrial
- Healthcare & Pharmaceuticals
- Polymer & Plastic Additives
- Others
In 2023, personal care and cosmetics applications dominated the oleochemicals market with the highest share of around 30% globally.
Specialty oleochemical derivatives/formulations are utilized under the personal care and cosmetics segment in cream, skincare, sun care, hair care, and oral care products. Growing demand for organic and anti-aging products for maintaining youthful appearance, is likely to trigger demand for personal care products, which in turn, will raise demand for the oleochemical derivatives as a personal care & cosmetics application segment. The industry have shown continuous growth over the decade with increasing shelf space in the supermarkets, hypermarkets, retail, and boutique stores across the world.
Trends and Innovations: Drive the Future of the Oleochemical Industry
The oleochemical industry is currently undergoing immense transformation, driven by changing consumer demand, rising technological innovation, and environmental concerns. Industry trends are heading toward sustainable operations; there is a prominent move toward substitute bio-based feedstock. Some of the other key trends are the rising number of biodegradable and eco-friendly products, as the world becomes more sustainable and the regulations are becoming tougher. Developments in biotechnology and green chemistry are also very favorable for innovations in the field, resulting in the production of high-quality oleochemicals that are less harmful to the environment. The companies are continuously investing in research and development to make their solutions more efficient and applicable in various industries, ranging from personal care to pharmaceuticals and food. The market is also witnessing a rise in numerous partnerships and mergers, which aim to boost the companies’ presence and possibilities. If the companies continue to innovate to cover the growing need for green and healthy oleochemicals that are applicable in a growing number of industries, their future seems bright.
Regional Analysis
In 2023, the Asia-Pacific dominated the oleochemicals market by approximately 42% of the overall revenue in the oleochemicals market worldwide, and its growth will continue for generations to come. Mainly, the fact that the availability of raw materials comes cheap, including palm oil and palm kernel oil, in countries such as Malaysia and Indonesia is increasing the interest of the manufacturers to increase their capacities. China is a big consumer of specialty oleochemicals, as the products are used in household cleaners, cosmetics, or pharmaceuticals. India's consumption is on the rise driven by the increased demand for biodiesels and the overall take-up of fatty amine and methyl ester in agrochemicals, especially within West India, where a large majority of soap and detergent producers are concentrated. What is driving this regional growth is the expansion of personal care, food processing, and pharmaceutical sectors.
Recent Developments
May 2024: Corbion entered a partnership agreement with IMCD, a distribution partner and formulating company of specialty chemicals and ingredients, for the inclusion of various Corbion products for the food & beverage sector in Thailand.
April 2024: Vantage Specialty Chemicals increases the capacity of METAUPON* NMT (N-Methyl Taurine) in Leuna. The expansion is to capture consumer demand for personal care, industrial, and household applications.
January 2024: Godrej Industries signed an MoU with the Gujarat government to invest USD 71.8 mn in the next four years to enhance oleochemicals production capacity. The impetus behind such expansion is to meet the growing demand for the same from the personal care, pharmaceuticals, and food industries.
June 2023: Oleon Americas, a specialist in natural chemistry to produce chemicals, launched its Conroe, Texas, U.S.-based production facility for sustainable oleochemicals.
Buy an Enterprise User PDF of Oleochemicals Market Outlook Report 2024-2032 @ https://www.snsinsider.com/checkout/2703
Key Takeaways:
- The oleochemicals market is also boosted by a rapidly growing demand for sustainable and bio-based products.
- Fatty acids come out to be one of the principal growth drivers of the market due to their versatility and large scale of applicability.
- The easy availability of raw materials in this region and low production cost awards Asia-Pacific with the largest share of the market.
- New developments and innovations in the field of bio-based surfactants and emulsifiers are expected to drive future market growth.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Oleochemicals Market Segmentation, By Propulsion Type
8. Oleochemicals Market Segmentation, By Vehicle Type
9. Oleochemicals Market Segmentation, By End Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
Access Complete Report Details @ https://www.snsinsider.com/reports/oleochemicals-market-2703
About SNS Insider
At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That's why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.
![](https://ml.globenewswire.com/media/NzE5YTdiZDEtZTVmNS00MDkwLThiMDEtNzM3OTBkNzc2N2FiLTEyNjg4MTk=/tiny/SNS-Insider-pvt-ltd.png)