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Rising Demand For Sustainable Plastics Drives Growth In The Oleochemical Market: An Emerging Driver Transforming The Oleochemicals Market Landscape
Oleochemicals
What Is the Projected Growth of the Oleochemicals Market?
In recent times, the oleochemicals market has been experiencing robust growth. The anticipated growth from $29.43 billion in 2024 to $32.13 billion in 2025, reckoning at a compound annual growth rate (CAGR) of 9.2%, reflects its strong position. Factors like sturdy economic growth in developing markets, rising demand for eco-friendly plastics, and an upswing in crude oil prices have significantly contributed to the growth during the historic period.
The market size of oleochemicals is projected to witness significant expansion in the coming years, growing to $49.69 billion in 2029 with an 11.5% compound annual growth rate (CAGR). This expected growth during the forecasted period is due to the supportive government initiatives, growing emphasis on organic personal care products, and the affordability and sustainability of raw materials. The key trends projected during this timeframe include increased investment, an expanded online footprint, collaborations and partnerships, the launch of new oleochemical manufacturing plants, and mergers and acquisitions.
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What Are the Different Oleochemicals Market 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
Subsegments:
1) By Fatty Acid: Saturated Fatty Acids, Unsaturated Fatty Acids, Specialty Fatty Acids
2) By Fatty Acid Methyl Ester (FAME): Biodiesel, Surfactants, Lubricants
3) By Glycerol Esters: Mono-, Di-, And Tri-Glycerides, Glycerol Monostearate, Glycerol Esters Of Fatty Acids
4) By Fatty Alcohol: Linear Fatty Alcohol, Branched Fatty Alcohol, Natural Fatty Alcohol
5) By Fatty Amines: Primary Fatty Amines, Secondary Fatty Amines, Tertiary Fatty Amines
6) By Other Products: Surfactants, Emulsifiers, Lubricants
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What Are the Primary Drivers Shaping the Oleochemicals Market?
The burgeoning need for eco-friendly plastics is predicted to stimulate the oleochemical market. The employment of plastic and other non-degradable substances has spawned numerous environmental problems, prompting industries and consumers to transition to sustainable plastics. The objective of utilising sustainable plastic is to lessen inefficiencies that perpetuate environmental damage and assist in the betterment of business procedures. This upswing in consumer demand for eco-friendly plastic unveils new markets, especially in the cosmetics, pharmaceutical, fashion, and food sectors for oleochemicals. For example, in April 2023, as per a report from the European Bioplastics e.V., a Germany-based organization promoting the bioplastics industry throughout Europe, the worldwide bioplastics production capacity is projected to escalate considerably, soaring from approximately 2.2 million tonnes in 2022 to an estimated 6.3 million tonnes by 2027. Hence, the heightened demand for sustainable plastics is anticipated to strengthen the oleochemicals market during the predicted timeline.
Which Companies Are Leading in the Oleochemicals Market?
Major companies operating in the oleochemicals market include 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
What Trends Are Expected to Dominate the Oleochemicals Market in the Next 5 Years?
Leading players in the oleochemicals market are forming collaborations and partnerships to solidify their market standing. In a recent instance, DKSH, a Swiss company that leads in the distribution of specialty chemicals and ingredients, teamed up with IOI Oleo, an oleochemical producer based in Malaysia. The Business Unit Performance Materials section of DKSH will be responsible for the business development, sales, marketing, logistics and distribution services for IOI Oleo's oleochemical specialties assortment in six crucial Asian Pacific markets. These include Taiwan, New Zealand, Australia, Vietnam, South Korea, and the Philippines. Additionally, another Swiss company, IMPAG AG, which specializes in providing and distributing raw materials for industries in material science and life science, inaugurated a new distribution partnership with Hobum Oleochemicals, a Germany-based company which specializes in the production and selling of oleochemicals. Together, both of these companies will be advancing innovative bio-based solutions to their existing and new industrial applications.
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What Are the Top Revenue-Generating Geographies in the Oleochemicals Market?
Asia-Pacific was the largest region in the oleochemicals market in 2024, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the oleochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Oleochemicals Market?
2. What is the CAGR expected in the Oleochemicals Market?
3. What Are the Key Innovations Transforming the Oleochemicals Industry?
4. Which Region Is Leading the Oleochemicals Market?
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