Press release
Oleochemicals Market Navigating Growth, Trends, Key Players And Forecast 2024-2033
Oleochemicals Market
The oleochemicals market size is expected to see rapid growth in the next few years. It will grow to $43.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to favorable government initiatives, increasing focus on organic personal care products, and lower cost and sustainability of raw materials will drive the growth. Major trends in the forecast period include focus on increasing investments, increasing online presence, partnerships and collaborations, introduction of new olechemicals production plants, and mergers and acquisitions.
Market Overview -
Oleochemicals refers to chemical compounds sourced from vegetables, plants, and animal oils that can be used as raw material in a variety of industries such as lubricants, pharmaceutical, plastic, rubber, and animal feed industries. Hydrolysis is the primary method for converting animal and plant oils and fats into oleo chemicals. When natural triglycerides are exposed to water, heat, and pressure, they separate into crude glycerin and mixed fatty acids.
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Rising Demand For Sustainable Plastics Drives Growth In The Oleochemical Market
The increased demand for sustainable plastics is expected to propel the oleochemical market. The use of plastic and other non-biodegradable materials has caused several environmental issues forcing industries and customers to adapt to sustainable plastics. The use of sustainable plastic is intended to reduce inefficiencies that contribute to environmental harm and aid in the optimization of business operations. This surge in consumer demand for environmentally friendly plastic opens up new markets, particularly in the cosmetics, pharmaceutical, fashion, and food industries for oleochemicals. For instance, In December 2020, European Bioplastics, an association representing the interests bioplastics industry in Europe, stated that global bioplastics production capacity is expected to rise from approximately 2.1 million tons in 2020 to 2.8 million tons in 2025 in Europe. Therefore, the increased demand for sustainable plastics is expected to boost the oleochemicals market during the forecast period.
Competitive Landscape -
Major companies operating in the oleochemicals market report are Wilmar International Limited, Kuala Lumpur Kepong Berhad, Kao Corporation, BASF SE, Evonik Industries AG, IOI Group, Emery Oleochemicals, Godrej Industries, Oleon Nv, Eastman Chemicals Company, Klk Oleo, Ecogreen Oleochemicals (Singapore) Pte Ltd, Pacific Oleochemicals Sdn Bhd, Ptt Global Chemical, Hangzhou Zanyu Oil Technology Co. Ltd, Jiangsu Meiaisi Corp Ltd, Taiko Palm-Oleo (Zhangjiagang) Co. Ltd, Evyap Oleo, Croda Industrial Chemicals, Mirriko, Pcc Group, Glycerine.Ru, Jedwards International Inc, Solvent Systems International, Ravago Chemicals North America, Vantage Oleochemicals, Oxiteno, Materia Hnos, Cremer Oleo Brazil, Gulf Chemicals And Industrial Oils Co, The Saudi Company Of Chemical Trading Ltd, African Chemicals, Refinex, Tristar
Strategic Partnerships And Collaborations Strengthen Positions Of Oleochemicals Market Players
Major companies operating in the oleochemicals market are entering partnerships and collaborations to strengthen their position in the market. For example, in February 2022, DKSH, a Switzerland-based leading distributor of specialty chemicals and ingredients partnered with Malaysia-based oleochemical producer, IOI Oleo. DKSH's Business Unit Performance Materials will provide business development, marketing, sales, logistics, and distribution services for IOI Oleo's range of oleochemical specialties in six key Asian Pacific markets, including Australia, New Zealand, the Philippines, Taiwan, South Korea, and Vietnam. Further, in March 2022, IMPAG AG, a Swiss company involved in procurement and distribution of raw materials for life science and material science industries, entered into a new distribution partnership with Hobum Oleochemicals, a German company involved in production and sale of oleochemicals. Together the companies will be able to offer further innovative bio-based solutions for existing and new industrial applications.
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Key Segments -
The oleochemicals market covered in this report is segmented -
1) By Product: Fatty Acid, Fatty Acid Methyl Ester, Glycerol Esters, Fatty Alcohol, Fatty Amines, Other Products
2) By Application: Personal Care And Cosmetics, Soap And Detergents, Food And Beverages, Pharmaceuticals And Nutraceuticals, Others Applications
3) By Sales Channel: Direct, Indirect
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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Oleochemicals Market Introduction
Oleochemicals are a type of compounds that are derived from plants and animal oils or fats. Basic oleochemical substances, such as glycerol and fatty acids, can be obtained by splitting the triglycerides structure of oils or fats, followed by the process of the chemical reaction of oleochemical substances, such as fatty acids, by modification of carboxylic acid group.
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