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Oleochemicals Global Market Report 2024 To 2033 | Wilmar International Limited, Kuala Lumpur Kepong Berhad, Kao Corporation, BASF SE, Evonik Industries AG, IOI Group
Oleochemicals Market Share
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According to The Business Research Company's, The oleochemicals market size has grown strongly in recent years. It will grow from $27.06 billion in 2023 to $29.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for sustainable plastics, and rise in crude oil price.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
Yamaha Corporation, Fender Musical Instruments Corporation, Roland Corporation, Steinway Musical Instruments Inc, Gibson Brands Inc, Casio Computer Co Ltd, Guangzhou Pearl River Piano Group Co Ltd, HOSHINO GAKKI CO LTD, Eastman Music Company, C.F. Martin & Co Inc, Aria Guitars Co, Ishibashi Music Corporation, Shimokura Musical Instruments, GT Mfg. Inc, Bhatia Musicals, National Musical Instruments Factory Ltd, Zhangqiu Tongxiang Musical Instrument Factory, Tianjin Leo Musical Instruments Co., Ltd, Jiyi Musical Instruments Co Ltd, Shenzhen Gmax Musical Instrument Ltd, Medeli Electronics (Shanghai) Co Ltd, Wuhan Eleca Electronics Co Ltd, Ridenour Clarinet Products U.K. Ltd, Clarinet Company, Andertons Music Co, Ackerman Music Ltd, John Packer Ltd, London Musical Instruments Ltd, Normans Musical Instruments, Presentation Rentals Ltd, Tony Bingham, Wharfedale, Centrum Muzyczne LEMAŃSKI, da capo - galeria instrumentów, Gitary Mayones s.c, Strunal Schönbach s.r.o, K&W MEYER Sp. z o.o, ŠIBA s.r.o, Portland Music Company, Strait Music Company, Harman International Industries, Shure Incorporated, Gemini Machines Export, Fabiollo Peselimaare, Central do, Borb Oliver Importacao e Comercio de Instrumentos Musicais Ltda, Drum Lugs International, Gope Instrumentos Musicais Ltda, POWER MUSIC, MusicMajlis, Ethnic Musical Instruments, Aiwa, X8 Drums, Avedis Zildjian Company, Agean Cymbals, Ase Müzik - Aydın Saz Evi, Show Gear Network, Am Discovery Musical Instruments, Musiekwêreld, Polliacks Music Instruments, Saramonic Music Instruments.
Oleochemicals Market 2024 Key Insights:
• 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%.
• Rising Demand For Sustainable Plastics Drives Growth In The Oleochemical Market
• Strategic Partnerships And Collaborations Strengthen Positions Of Oleochemicals Market Players
• Asia-Pacific was the largest region in the oleochemicals market in 2023, and it is also expected to be the fastest-growing region in the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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