OLEOCHEMICALS MARKET INSIGHTS
The global oleochemicals market was valued at USD 27,594.15 million in 2020 and is expected to reach USD 38,577.16 million by 2026, growing at a CAGR of 5.74% during 2021-2026.
Oleochemical-based products provide various diversification opportunities for chemical companies. The shift towards global trends is expected to boost the oleochemicals industry. To match the increasing demand from the consumers, the manufacturers are focusing on oleochemicals as renewable, sustainable alternatives to petrochemicals in the chemical industry. The growing acceptance of performance-oriented oleochemicals is driving the growth of the market.
According to the recent trends, the cost hikes in petrochemicals spurred the significant growth of green chemicals. The marketplace for oleochemicals green chemistry is about to outpace the general global chemical industry during the forecast period. Small players are competing with multinational conglomerates and gain market share for specialty niche products.
OLEOCHEMICALS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Raw Material
OLEOCHEMICAL MARKET SEGMENTS
Type: The increase in spending on healthcare and rising awareness associated with the health consciousness of the people are boosting the demand for pharmaceutical products. The growing pharmaceutical industry demands more raw materials, excipients, and glycerin, resulting in the high growth of the whole oleochemicals industry.
Application: Oleochemicals in detergents are used to produce more lather and increasing cleansing properties. With the increasing concerns and environmental friendliness of oleochemicals, the manufacturers are promoting the adoption of oleochemicals across all detergents in the global market.
Raw Material: Tropical oils are healthy for consumption and use; this has encouraged manufacturers to adopt oleochemicals derived from tropical oil in multiple applications. The tropical oils in the global oleochemicals market to cross USD 30 billion by 2026.
North America: North America has been a traditional market for oleochemical. The US is the biggest market for oleochemicals in North America. The growing use of oleochemicals and regulations of the FDA has amplified the growth of oleochemicals in the North American region.
Europe: Germany dominates the oleochemicals market growth in the European regions due to the feedstocks being importer but later developed by German manufacturers like BASF and Emery oleochemicals.
APAC: Indian companies initiated using oleochemicals in agrochemicals in the APAC region. To capitalize on business opportunities in the APAC region, chemical companies are exploring partnerships and mergers with oleochemicals companies to boom in the market.
Latin America: A surge in demand for soybean crops is providing sustainable solutions to manufacturers. The favorable support by government regulations towards the use of eco-friendly products is driving the growth of Brazil and the Argentinian oleochemicals market in Latin America.
Middle East & Africa: The growth of the pharmaceutical and personal care industry in the Middle East & Africa is augmenting the growth in usage of oleochemicals which in turn is accelerating the growth of the market in the region.
Companies in the oleochemicals industry focus on mergers and acquisitions to strengthen their product portfolio and enter new markets. Regional players have started to expand their presence internationally to gain a high market share. Manufacturers are extensively investing in R&D to develop innovative products to get an edge over the competition. For instance, Emery oleochemicals have expanded its distribution partnership with Omya Inc. The company provides technical support to Emery’s US customers for Green Polymer additives products, such as lubricants and specialty plasticizers.
The global oleochemicals market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Fatty Acids
- Fatty Alcohols
- Methyl Ester
- Soaps and Detergents
- Personal Care and Cosmetics
- Food and Beverages
- Raw Material
- North America
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa