Wilmington, Delaware, United States, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global oleochemicals market was estimated to have acquired a market valuation of around US$ 26.8 billion in 2022. The market is likely to grow with a steady 6.3% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 46.4 billion.
Oleochemicals are a greener and more ecologically friendly alternative to petrochemicals since they are made from renewable resources like vegetable oils as well as animal fats. Oleochemicals are biodegradable and spontaneously decompose in the environment, causing less pollution and causing less environmental impact. This quality is highly sought in sectors looking for eco-friendly goods and solutions. The market value of oleochemicals is being driven by the increase in demand for eco-friendly alternatives to petroleum-based chemicals.
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Oleochemicals typically emit less pollutants and degrade quickly, which reduces pollution and aids in the fight against climate change. They are a good option for companies trying to enhance their environmental performance because of this advantage.
Global Oleochemicals Market: Key Players
The global oleochemical market is tightly concentrated globally, with the bulk of the market share held by a small number of large multinational oleochemical corporations. There are many smaller firms who serve specialized markets and applications, even as a small number of big players dominate several industries and geographical areas.
Sulzer, Arkema, Emery Oleochemicals, Procter & Gamble Chemicals, Evonik Industries AG, SABIC, Vantage Specialty Chemicals, Inc., Wilmar International Ltd., Kao Chemicals Global, Ecogreen Oleochemicals, Cargill, Incorporated, Oleon NV, Godrej Industries, IOI Corporation Berhad, KLK OLEO, and JNJ Oleochemicals, Incorporated are key players in the oleochemicals market.
Some developments by the key players in the global market for oleochemicals are:
- Oleon Americas, a business that produces chemicals using natural chemistry, opened its sustainable oleochemicals manufacturing plant in Conroe, Texas, in June 2023.
- The first stage of the Oleochemical Industry Integration Project within Taixing, Jiangsu, China, has been completed in March 2023 by Apical Oleochemical (Taixing) Co. Ltd. The plant will concentrate on producing fatty acids, oleic acid, hydrogenated oil, glycerine, and associated products, with an estimated annual production capacity of 600,000 tons.
- Arkema announced intentions to boost Oleris- a bio-based oleochemical production by 50% globally in December 2021. Advanced bio-based C7, C11, and C18 oleochemicals, which are widely utilized in the cosmetics, perfumes & flavors, construction, lubricants, and pharmaceutical industries, are part of the product line.
Key Findings of the Market Report
- During the projected period, the market is anticipated to be dominated by the source sector for palm oil.
- From 2023 to 2031, it is anticipated that the product sector for fatty acids would have the biggest share.
- During the forecast period, the personal care & cosmetics end-use sector is predicted to dominate the market.
- From 2023 to 2031, Asia Pacific is predicted to have the biggest share by region.
Oleochemicals Market Trends
- During the forecast period, the personal care & cosmetics end-use sector is expected to rule the market. Oleochemicals are frequently employed in the personal care and cosmetics industry because of their all-natural makeup, biodegradability, and usefulness.
- Oleochemical-based surfactants are used in shampoos, body washes, and face cleansers as cleaning agents and emulsifiers. Emollients, which are substances that moisturize and smooth the skin, include things like fatty acids as well as fatty alcohols in creams, lotions, and moisturizers. Emulsifiers made of oleochemicals stabilize the oil-and-water blend in lotions, creams. and cosmetics.
- From 2023 to 2031, the fatty acids goods sector is anticipated to have a significant share. In many industries, including those that produce steel, glass, cement, and non-ferrous metals, fatty acids are employed as refractory materials. Natural fatty acids are prevalent and important building blocks of many types of vegetable oils as well as animal fats. Global production of several vegetable-based oils, including soybean, palm, and coconut oil, ensures a steady and sufficient supply of fatty acids for the global market.
- A large variety of oleochemical derivatives may be created using fatty acids, which have a wide range of chemical characteristics. Fatty acids may be adapted to fit a variety of industrial uses, including personal care, based on their chain length, level of saturation, as well as functional groups.
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Oleochemicals Market Regional Outlook
- From 2023 to 2031, Asia Pacific is predicted to hold the biggest share. The market dynamics of the area are being fueled by an increase in palm oil and palm kernel oil output in the countries of Indonesia, Malaysia, Thailand, as well as the Philippines.
- A majority of the raw materials used in the manufacturing of oleochemicals come from these nations. Progress in the Asia Pacific market is also being fueled by expansion in a number of end-use sectors, including as personal care & cosmetics, cleaning supplies, food & beverage, along with pharmaceuticals.
Global Oleochemicals Market Segmentation
By Source
- Palm Oil
- Coconut Oil
- Soy
- Tallow
- Others
By Grade
- Pharma
- Food
- Industrial
- Others
By Form
- Powder
- Flakes
- Liquid
- Others
By Product
- Fatty Acids
- Methyl Esters
- Fatty Alcohols
- Fatty Amines
- Glycerin
- Others
By End-Use
- Personal Care & Cosmetics
- Home Care
- Food & Beverage
- Industrial & Institutional Cleaners
- Lubricants and Greases
- Polymer
- Pharmaceutical
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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