Oleochemicals Market Forecast: Exceeding $55.3 Billion by 2030 | Leading Companies and Strategic Growth Analysis

According to a new report published by Allied Market Research, titled, "Oleochemicals Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2020-2030," The oleochemicals market was valued at $25.6 billion in 2020 to reach $55.3 billion by 2030, and is anticipated to grow at a CAGR of 7.5% from 2021 to 2030. "Oleochemicals, derived from renewable resources like plant oils and animal fats, offer compelling alternatives to traditional petrochemical-based products. The escalating costs of crude oil are prompting manufacturers to shift towards oleochemicals, driven by the economic advantage of utilizing more cost-effective plant-based sources. This transition is further propelled by the inherent eco-friendly attributes of oleochemicals, which are biodegradable, environmentally benign, and less toxic. Key components like fatty acids, glycerol, and fatty alcohols serve as fundamental building blocks in the chemical industry.

The global market for oleochemicals is witnessing a surge in demand, fueled by the increasing preference for biodegradable products, the imperative for sustainable solutions, and government regulations advocating the adoption of environmentally friendly alternatives. Additionally, the versatility of oleochemicals is evident in novel applications such as biopolymers, biosurfactants, and biolubricants, which present viable replacements for petroleum-derived counterparts. Despite these promising prospects, the market's growth is tempered by the volatility in raw material prices."

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Soap & detergent was the leading application segment in 2020, and is anticipated to continue its lead during the forecast period. Oleochemicals are the basis for the manufacturing of different types of soaps, and there is an increase in demand of oleochemicals in modern synthetic detergent and soap manufacturing. These are basically used to manufacture soap bars, synthetic organic detergent, and inorganic alkaline detergent.

Asia-Pacific dominated the oleochemical market, owing to the recent developments and modernization in oleochemicals manufacturing plants in Asia that offers excellent raw material integration and gives producers competitive advantage above overseas competitors. The growth of oleochemicals market in this region is further driven by the escalating consumer preference for renewable products and low manufacturing costs.

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Key Market Players:
• Emery Oleochemicals
• Wilmar International
• Oleon NV
• KLK Oleo
• Musim Mas Group
• Croda International
• IOI Group
• Procter & Gamble Co.
• Twin River Technologies
• Chemical Associates Inc.
• Evyap Oleo
• Godrej Industries
• Cargill Inc.
• CREMER
• Pacific Oleochemicals Sdn Bhd.

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Impact of Covid-19 On The Global Oleochemicals Market
• The COVID-19 pandemic has triggered huge demand and supply gap in every industry. The impact of the viral infection has caused the implementation of several government rules and laws.
• A halt in manufacturing activities, social distancing, and transportation restrictions were implemented by various government. The chemical sector operations were temporarily halted, including the manufacturing of numerous basic chemicals, feedstock chemicals, and other chemicals. The virus outbreak in Wuhan has a significant impact on China, the world's largest manufacturer and user of oleochemicals.
• The production of China's industrial businesses fell by 14% in the first two months of 2020, according to data issued by the National Bureau of Statistics of China in 2020. The chemical industry was one of the highest hit, with a 21% drop in output and a 66% drop in profit. In addition, growing constraints and challenges with logistics, shortage of staff and labor resources, and lack of personal protective equipment all had a substantial impact on the production process. However, increased demand for pharmaceutical industry, owing to COVID-19 pandemic will boost the demand for oleochemicals.

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