Asia-Pacific Oleochemicals Market Trailblazing Trends Navigating Skyrocketing Market Size Landscape

According to a report published by Allied Market Research, the global Asia-Pacific oleochemicals market reached $14.8 billion in 2020 and is forecasted to grow to $26.5 billion by 2028, indicating a CAGR of 6.5% from 2021 to 2028.

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The increase in demand from end-user industries and the growing demand for sustainable and biodegradable products are driving the expansion of the Asia-Pacific oleochemicals market. However, fluctuations in raw material prices are limiting market growth. On the other hand, the growing awareness about the harmful chemicals in personal care products is expected to create profitable opportunities in the future.

The Covid-19 outbreak has impacted the demand and manufacturing of oleochemicals. Lockdowns in several countries led to the closure of manufacturing facilities in sectors such as automotive and construction, which negatively affected the demand for oleochemicals. The prolonged lockdowns disrupted the supply chain, reduced the workforce, and led to an increase in raw material prices.

The report divides the Asia-Pacific oleochemicals market based on type, application, and country.

In terms of type, the fatty acids segment was the largest in 2020, representing almost half of the market. However, the fatty alcohol segment is expected to have the highest CAGR of 7.4% during the forecast period.

By application, the personal care and cosmetics segment are expected to have the highest CAGR of 7.5% during the forecast period. Meanwhile, the soap and detergents segment dominated the market in 2020, contributing more than one-fifth of the market.

China had the largest market share in 2020, representing more than two-fifths of the market. However, the market in Vietnam is expected to have the highest CAGR of 8.9% during the forecast period.

The Asia-Pacific oleochemicals market includes an in-depth analysis of key market players such as Hancole, Ecogreen Oleochemical, Kao Corporation, KLK Oleo, IOI Corporation Berhad, P&G Chemicals, Sinarmas Cepsa Pte. Ltd., Musim Mas, Unilever Oleochemicals Indonesia, Timur Oleochemicals, Wilmar International Ltd., Emery Oleochemicals, Croda International Plc, Oleon NV, and Global Green Chemicals.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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