Oleochemicals Market Set to Soar Past USD 54.43 Billion by 2030
The global Oleochemicals market size is expected to reach USD 54.43 billion by 2030 and exhibit a CAGR of 6.3% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing demand from various end-use industries such as automotive, construction, and packaging, increasing population and urbanization leading to higher consumption of consumer goods, rising disposable income levels and changing lifestyles, technological advancements in production processes, availability of raw materials such as petroleum and natural gas are fueling the market’s growth.
Westford, USA, Aug. 23, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Oleochemicals market, increasing adoption of bio-based oleochemicals, growing focus on sustainability and environmental regulations, rising demand for speciality oleochemicals, expanding applications in the healthcare and pharmaceutical industries, increasing investment in research and development for innovative oleochemical products are the trends that aid in the market’s growth.
Browse in-depth TOC on “Oleochemicals Market”
- Pages – 165
- Tables – 65
- Figures – 75
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Oleochemicals are chemicals derived from fats and oils. They are used in various products, including soaps, detergents, cosmetics, lubricants, and plastics. Oleochemicals are a sustainable alternative to petrochemicals and are biodegradable and renewable.
Prominent Players in Oleochemicals Market
- Akzo Nobel N.V.
- BASF SE
- Cargill Incorporated
- Clariant AG
- Emery Oleochemicals Group
- Evonik Industries AG
- Evyap Oleo
- Godrej & Boyce Mfg. Co. Ltd.
- Kao Corporation
- KLK Oleo
- Myriant Technologies
- Oleon N.V.
- Procter & Gamble Company
- PTT Global Chemical Public Company Limited
- Royal DSM N.V.
- Sasol Limited
- SCG Chemicals
- The Chemours Company
- Wilmar International Ltd.
- Wilmar International Limited
- Vantage Oleochemicals Pte. Ltd.
- VVF Group
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Fatty Acid Demand to Grow Substantially in the Forecast Period
Fatty acid dominated the global market owing to its wide range of applications. It is also widely used in applications such as soaps, detergents, and personal care products due to its excellent cleansing and emulsifying properties. They also find extensive use in the manufacturing of lubricants, plasticizers, and surfactants. The demand for fatty acids is driven by their versatile nature and wide range of applications across multiple industries.
Personal Care Products is the Leading Application Segment
In terms of application, personal care products are the leading segment due to increasing demand and consumer awareness. In addition, oleochemicals, such as surfactants, emollients, and thickeners, play essential roles in personal care product formulations. They provide cleansing, moisturizing, emulsifying, and stabilizing properties, enhancing personal care products’ performance and sensory attributes.
Asia-Pacific is the leading Market Due to Economic Growth and Industrialization
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on economic growth. The region is home to a large population, with a significant portion belonging to the middle class. This growing middle-class population has led to increased demand for consumer goods, including personal care products, which rely heavily on oleochemicals. The rising disposable income levels in the region further drive the demand for oleochemical-based products.
A recent report thoroughly analyzes the major players operating within the Oleochemicals market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Oleochemicals.
Key Developments in Oleochemicals Market
- The Asia Pacific accounted for USD 15.08 billion. Asia Pacific dominated the global oleochemicals market because of the region’s high output of raw materials. The regional market is anticipated to grow as green alternatives are more adopted and raw materials become more readily available. For instance, the biggest producers of palm oil—the primary feedstock for oleochemical production—are Malaysia and Indonesia. Malaysia produced 25.8% of the world’s total palm oil, according to the Malaysian Palm Oil Council (MPOC).
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Key Questions Answered in Oleochemicals Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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