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Oleochemical Market Historical Analysis, Development Status, Future Growth, Competitive Landscape, Demand and Regional Forecast to 2026
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The oleochemicals market is anticipated to experience huge growth owing to huge potential provided by these drivers. Global focus on the usage of eco-friendly products, recyclable property of oleochemicals and consumer demand for eco-friendly products is fueling the oleochemicals market. Supportive government policies associated with financial incentives and tax benefits for bio-based chemical producers are influencing the market positively. The current trends in the oleochemicals market propose that dependency on petrochemical feedstock is progressively reducing and making way for oleochemicals applications that substitute petroleum-based products. Increasing adoption of oleochemicals in several end-use segments, such as personal care, surfactants, and home care is boosting its sales significantly.
Market players working in the oleochemicals market have recognized the need to invest in innovative products and implement new technologies to gain a competitive edge in the present market landscape. An increase in research and development activities, as well as the rising demand for eco-friendly products, are expected to generate new opportunities in the oleochemicals market. Research and development is a crucial part of the oleochemicals market. The end product manufacturers & associations are investing for technology modifications and advancements of oleochemicals to discover a diverse area of applications in personal care & cosmetics and, food industry, leading to create growth opportunities for the oleochemicals market during the forecast period.
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Asia-Pacific dominated the global market, due to high rate of consumption and production of oleochemicals in the region, government support for bio-based products, and easy availability of feedstock, rising economic growth rate, and others. The growing demand for green chemicals in the emerging countries of Asia-Pacific, such as China and India is boosting the growth of the global market. The raw materials used in the production of oleochemicals in the developed nations are primarily inclined towards sunflower, soya, corn, rapeseed, tallow and lard. Asia-Pacific is extending its market share with growing consumption of oleochemicals driven by end market expansion. Thus, Asia-Pacific as a consumer has improved control of the production and distribution of oleochemicals.
Oleochemicals market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide oleochemicals industry. However, the companies that hold the majority share of oleochemicals market are AkzoNobel N.V., Evonik Industries, Kao Corporation, Emery Oleochemicals, Wilmar International, Kuala Lumpur Kepong Berhad, BASF SE, IOI Group Berhad, Evyap, Cargill, Ecogreen Oleochemicals, Vantage Specialty Chemicals, Chemrez Technologies, Inc., Genomatica, Godrej Industries, JNJ Oleochemicals Inc., Sakamoto Orient Chemicals Corporation(SOCC), Stepan Company, Pan Century Surfactants Inc., Pepmaco Manufacturing Corp., and other prominent players.
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