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Oleochemicals Market Popular Trends & Technological Advancements, Forecast & Opportunities by 2030
Oleochemicals Market
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Rise in demand from the end user industries and growing inclination toward sustainable & biodegradable products drive the growth of the global oleochemicals market. On the other hand, fluctuation in the price of raw materials restrains the growth to some extent. However, surge in awareness regarding harmful chemicals in personal care products is expected to create lucrative opportunities for the key players in the industry.
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Covid-19 scenario-
The outbreak of the Covid-19 pandemic increased the demand for oleochemicals, as they are extensively used in products such as soap and disinfectants.
For instance, Wilmar expanded its production capacity of fatty amines. The aim of this expansion was to maintain supply for manufacturing disinfectants throughout the global health crisis. This increased demand for olechemicals is expected to remain stable post pandemic too.
The global oleochemicals market is analyzed across type, application, and region.
Based on type, the fatty acids segment accounted for the major share in 2020, holding nearly half of the global market. The fatty alcohol segment, on the other hand, would grow at the fastest CAGR of 8.6% throughout the forecast period.
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Based on application, the pharmaceutical segment generated the highest share in 2020, accounting for around one-fifth of the global market. The personal care & cosmetics segment, on the other hand, is projected to manifest the fastest CAGR of 8.6% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the lion's share in 2020, garnering around three-fifths of the global market. Europe, simultaneously, is expected to cite the fastest CAGR of 8.5% by 2030. The other provinces studied in the report include North America and LAMEA.
The key market players analyzed in the global oleochemicals market report include Wilmar International, Oleon NV, Musim Mas Group, Croda International, Chemical Associates Inc., IOI Group, Procter & Gamble Co., KLK Oleo, Twin River Technologies, and Emery Oleochemicals. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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