New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Oleochemicals are organic substances from tropical and animal oils, including soy, sunflower, palm, tallow, lard, and fish. Oleochemicals include creating essential oleochemical substances such as fatty acids, fatty alcohols, glycerine, and methyl esters. Alcohol ethoxylates, alcohol sulphates, alcohol ether sulphates, quaternary ammonium salts, monoacylglycerols, diacylglycerols, structured triacylglycerols, sugar esters, and other oleochemical intermediates are formed from the essential oleochemical components. Oleochemicals may be substituted for petrochemicals obtained from petroleum.
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Easy Availability of Raw Materials Drives the Global Market
According to Straits Research, “The global oleochemicals market size is estimated to reach USD 53.32 billion by 2031, growing at a CAGR of 7.2% during the forecast period (2023–2031).” The global production of oils and fats has increased dramatically in recent years. These resources are abundant or may be easily farmed (virgin vegetable oils) or inexpensively obtained (waste vegetable oils and animal fat) in practically every region globally. In the production of industrial chemicals, oleochemicals are becoming increasingly popular due to their ecological and monetary benefits. Fatty acids, methyl esters, fatty alcohols of these fatty acids, glycerol, and fatty amines are fundamental oleochemicals. In addition to minimizing the production process's environmental impact, converting waste materials into industrial fuels and chemicals stimulates market growth.
Increasing Demand for Green Chemicals Creates Tremendous Opportunities
The market is driven by rising consumer knowledge of renewable oleochemicals and environmental concerns. The market for green chemistry is projected to surpass the market for conventional chemicals over the forecast period. In addition, businesses are decreasing their usage of hazardous substances, developing safer products, and reducing the negative impact of their products on human health and the environment. Increasing crude oil prices and more stringent environmental regulations encourage firms to adopt green chemicals to offset the capital expenditures required to replace existing equipment and establish new facilities. These characteristics would generate profitable market opportunities.
Regional Analysis
Asia-Pacific is the most substantial global oleochemicals market shareholder and is expected to grow at a CAGR of 5.89% over the forecast period. Asia-Pacific is a large producer and user of oleochemicals used in products such as personal care and cosmetics, soaps and detergents, and pharmaceuticals. In addition, Malaysia and Indonesia manufacture palm oil-derived oleochemicals, such as fatty acids and fatty alcohols. They have drawn investments from most of the world's largest corporations, including Emery Oleochemicals, Wilmar, and BASF. This situation has altered substantially during the past few years. Nowadays, most manufacturing units are located in Asia-Pacific, and this region is also adding new capabilities. The extensive offshore manufacturing operations from Europe and North America to Asia-Pacific nations can be linked to the availability and affordability of labour.
Europe is anticipated to exhibit a CAGR of 5.49% over the forecast period. Due to EU rules prohibiting synthetic chemicals in personal care and cosmetics, and food and beverage products, Europe is the second-largest oleochemical market. In Europe, oleochemicals are predominantly employed in the food and beverage industry. Several personal care and cosmetics manufacturers utilize oleochemicals for their safety and superior nourishing effects. Similarly, due to imported feedstocks later developed by German firms such as BASF and Emery Oleochemicals, Germany is leading the expansion of the oleochemicals market in Europe.
Key Highlights
- Based on type, the global oleochemicals market is bifurcated into fatty acids, fatty alcohols, glycerine, methyl ester, and others. The fatty acids segment dominates the global market and is projected to grow at a CAGR of 5.96% over the forecast period.
- Based on raw material, the global oleochemicals market is divided into animal oil and tropical oils. The tropical oil segment is the most significant contributor to the market and is anticipated to exhibit a CAGR of 5.81% over the forecast period.
- Based on application, the global oleochemicals market is bifurcated into pharmaceuticals, personal care and cosmetics, food and beverage, soaps and detergents, and others. The soaps and detergents segment owns the highest market share and is predicted to grow at a CAGR of 5.82% over the forecast period.
Competitive Players
The key players in the global oleochemicals market are Croda, Evonik, BASF, Corbion, Stepan, Nouryon, Kao Corporation, Kuala Lumpur Kepong Berhad, Cargill, Emery Oleochemicals, Wilmar, Eastman Chemical Company, Corbion, IOI Oleochemical, Sabic, Godrej Chemicals, and Ecogreen Oleochemicals.
Market News
- In March 2023, Golden Agri Resources (GAR) aims to spend up to USD 240 million on capital expenditures (capex), a portion of which will be utilized to build its oleochemical plants in 2023.
- In February 2023, KLK Emmerich GmbH, a Kuala Lumpur Kepong Berhad (KLK) subsidiary and a worldwide integrated oleochemical manufacturer of oleochemical, derivatives, and specialty chemicals under its resource-based manufacturing division known as KLK OLEO, agreed to acquire a controlling stake in Temix Oleo, a Milan-based oleochemical company.
Global Oleochemicals Market: Segmentation
By Type
- Fatty Acid
- Fatty Alcohol
- Methyl Ester
- Glycerol
- Others
By Raw Material
- Animal Oil
- Tropical Oils
By Applications
- Pharmaceuticals
- Personal Care and Cosmetics
- Food and Beverages
- Soap and Detergents
- Others
By System Type
- Gravity-Based
- Pressure-Driven
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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