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Specialty Oleochemicals Market Size, Share Report And Industry Growth 2033
Specialty Oleochemicals Market Size
According to The Business Research Company's, The specialty oleochemicals market size has grown strongly in recent years. It will grow from $28.47 billion in 2023 to $30.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased demand for sustainable products, shift towards bio-based raw materials, awareness of environmental impact, regulatory support for renewable resources, diverse applications in end-use industries.
The specialty oleochemicals market size is expected to see strong growth in the next few years. It will grow to $41.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to rising preference for green chemistry, increasing demand in emerging economies, innovation in product development, expanding applications in the healthcare sector, strategic collaborations and partnerships. Major trends in the forecast period include increased use in the food and beverage industry, shift towards bio-based surfactants, technological innovations in oleochemical production, rising application in lubricants and greases, exploration of high-value specialty oleochemicals.
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Market Drivers and Trends:
The increasing consumer demand for beauty and cosmetics products is expected to propel the growth of the specialty oleochemicals market going forward. Beauty and cosmetic products include ingredients, textures, perfumes, and packaging. Oleochemicals are considered safe in beauty and cosmetic items as they are derived from natural sources. The consumer's demand for organic and safe products will promote the use of oleochemicals in beauty and cosmetics products. For instance, in April 2023, according to a report published by the International Trade Administration a US-based government agency, in China, sales of cosmetics and beauty products grew 10% from 2020 to reach $88 billion in 2021. Therefore, the increasing consumer demand for beauty and cosmetics products is driving the growth of the specialty oleochemicals market.
Product innovations are a key trend gaining popularity in the specialty oleochemicals market. Companies operating in the specialty oleochemicals market are innovating new products to sustain their position in the market. For instance, in September 2020, Emery Oleochemicals, a USA-based manufacturer of specialty chemicals and high-performance chemicals, launched a bio-based E fatty acid esters product. These fatty acid esters have high color stability, and a mild odor, and are easily degraded. EMERY E bio-based esters can be used as an eco-friendly replacement for petrochemical-based components in the formulation of several consumer and industrial systems.
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Major Key Players of the Market:
Evonik Industries AG; Vantage Speciality Chemicals Inc.; Emery Oleochemicals LLC; Wilmar International Ltd.; Kao Corporation; Ecogreen Oleochemicals GmbH; Oleon NV; IOI Corporation Berhad; KLK OLEO; HIG Capital LLC; The Vegetable Vitamin Foods Company Pvt. Ltd.; Corbion NV; Godrej Industries Limited; Alnor Oil Co Inc.; Ferro Corporation; Global Ecogreen Oleochemicals; Pan Century Oleochemicals; Timur Oleochemicals Malaysia; Pacific Oleochemicals Sdn Bhd; The Procter & Gamble Company; Musim Mas Holdings; VVF LLC; Evyap Sabun Yag Gliserin San ve Tic A.S.; Lubrizol Corporation; Newell Brands Inc.; Sensient Technologies Corporation; Emerald Performance Materials LLC; Chemtrade Logistics Inc.; Koster Keunen Inc.; Sasol Inc.
Specialty Oleochemicals Market 2024 Key Insights:
• The specialty oleochemicals market will grow to $41.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Consumer Demand For Beauty And Cosmetic Products Fuels Specialty Oleochemicals Market Growth
• Innovative Product Offerings Drive Momentum In Specialty Oleochemicals Market
• Asia-Pacific was the largest region in the specialty oleochemicals market in 2023
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