Business Global Oleochemicals Market Expected to Expand at an Impressive Rate by 2027

Specialty Oleochemicals Market: Introduction

Specialty oleochemicals are derived from plant-based feedstock such as palm oil, soybean oil, rapeseed oil, and sunflower oil. These specialty oleochemicals are used as natural materials in various applications such as cosmetics, biodegradable polymers, bio-surfactants, and lubricants. The products exhibit special characteristics including emulsifying properties and surface activity with beneficial biological properties.

Key Drivers of Global Specialty Oleochemicals Market

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The global specialty oleochemicals market growth is driven by its various characteristics. It is derived from plant-based raw materials and it is used in a wide range of applications globally. These chemical compounds are used in pharmaceuticals, food, personal care, and other consumer products, owing to its green nature as compared to other petrochemicals alternatives. Specialty oleochemicals are also used in paints, inks, drilling fluids, agrochemicals, deicing chemical agents, and textile materials.
The global specialty oleochemicals market has a presence of several major players. The companies are focusing on meeting environmental regulations, and easy access to raw materials is expected to augment the market growth in the near future.
Supportive regulatory framework by various regulatory bodies, such as FDA and EPA, is driving the specialty oleochemicals market globally

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Specialty Esters Segment to Dominate Global Market

Specialty esters segment dominated the global specialty oleochemicals market in 2018, owing to its extensive use in various industries, such as medical, food packaging, construction, automotive, and paints & coatings, for various applications, including lubricants, plasticizers, and coalescing agents. The specialty ester segment is anticipated to expand at a significant rate due to the rising demand for specialty esters for bonding, coatings, and additives.
Fatty esters are majorly used as food additives in baked goods, ice creams, and other processed products in order to stabilize, moisturize, and thicken the food product. The segment is expected to grow at a significant rate during the forecast period.

Glycerol esters include glycerol di-stearate, glycerol monostearate (GMS), oleates, medium chain triglycerides (MCT), and other glycerides. Glycerol esters have witnessed significant boost in demand in the form of an emulsifier and thickener in food and beverages and personal care products, owing to their chemical composition.

Personal Care & Cosmetics Application Segment to Expand at a Significant Rate

Personal care & cosmetics is estimated to emerge as the fastest growing application segment by 2027. Decrease in use of harmful chemicals, including aluminum salts, parabens, and phthalates coupled with adoption of sustainable raw material has contributed to high consumption of specialty oleochemicals in this application segment.
Rise in demand for sensitive skin products is also driving the adoption of bio-based skin care products. This, in turn, is anticipated to propel the demand for specialty oleochemicals in personal care & cosmetics industry in the near future.
Paints, inks, health & pharmaceutical products, food processing, and polymer & plastic additive sectors have also witnessed rise in the consumption of specialty oleochemicals
The textile industry in China and Southeast Asia has developed and witness intense competition, which has fueled the demand for specialty oleochemicals. The food & beverages sector has witnessed an upward trend in several countries and consumption of specialty oleochemicals in different food products, such as bakery and margarine.

Asia Pacific to Hold Significant Share of Global Specialty Oleochemicals Market

In terms of region, the global specialty oleochemicals market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific emerged as a major market for specialty oleochemicals. Southeast Asian countries, mainly Indonesia and Malaysia, are major producers of palm oil, a main raw material of specialty oleochemicals. Thus, the availability of raw materials in these countries and other Asia Pacific countries is expected to enhance the production of specialty oleochemicals in the region.
Growth of end-use industries in Asia Pacific is expected to boost the consumption of specialty oleochemicals in the region
This market in North America has witnessed significant growth. The region is experiencing high demand for personal care and pharmaceutical products obtained from natural derivatives.
Increase in demand for sustainable solutions and biodegradable products coupled with changes in the U.S. regulations, such as EPA, are driving the use of oleochemicals in the chemical industry of the country

Key Players Operating in Global Market

The global specialty oleochemicals market is highly consolidated with a few big players dominating the market. The market includes a large number of domestic and international market players. Integration by key players from procurement of raw material to distribution of the final product across the value chain is also a major strategy being adopted in this market. Additionally, specialty oleochemicals companies are also researching on low-cost production methods to produce chemicals by investing heavily in research and developmental activities.

Key players operating in the global specialty oleochemicals market include:

Emery Oleochemicals Sdn Bhd
KLK Oleo
IOI Corporation Berhad
Oleon NV
Evonik Industries AG
Kao Corporation
Vantage Specialty Chemicals, Inc.
Wilmar International

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