USD 34.90 billion
Report ID: SQSG15A2017 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Oleochemicals Market size was valued at USD 34.90 billion in 2021, and it is expected to reach a value of USD 55 billion by 2028, at a CAGR of 6.5% over the forecast period (2022 - 2028).
Oleochemicals are substances made from the natural oil and fat found in both plants and animals. These are made by separating the fatty acids and glycerol from the triglyceride structure of fats and oils. Oils and fats are subjected to methylation or hydrolysis to yield these compounds. Oleochemicals are used in a variety of products, including leather goods, rubber goods, hydraulic fluids, biodegradable base oils, culture media, soaps, shampoos, creams, and lotions for personal care and healthcare industries, soaps and detergents, and specialty culture media. They are also used as protective coatings in the paint and coatings industry. Additionally, these substances are used in the manufacture of waxes, biofuels, electronics, mining, and metal and foundry products. The opportunity for oleochemicals to enter the market and replace the conventional petroleum-based products now in use has been created by the ongoing tightening of environmental rules and the depletion of non-renewable resources. High consumer demand, simple access to raw materials, and a developing market for green chemicals are propelling the oleochemicals market expansion.
Oleochemicals producers mostly concentrate on agreements and partnerships to broaden their product line for a variety of applications and to increase their regional reach. The growth of the oleochemicals market in the Middle East, Brazil, and Asia-Pacific may be the secret to the success of manufacturers of oleochemicals.
Global Market Size
USD 34.90 billion
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The global oleochemicals market has been segmented based on type, application, and region. Based on type, the market is segmented into fatty acids, fatty alcohols, methyl esters, and glycerin. Based on the application, the market is segmented into food & beverages, chemicals, animal feed, and others. Based on region, the oleochemicals market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The fatty acids segment dominated the global oleochemicals market. The category is expected to grow as a result of rising demand for bio-based fatty acids from end-use industries such as personal care, cosmetics, chemicals, food & beverages, pharmaceuticals, and others. The increasing use of oleochemicals is predicted to result in significant demand for fatty alcohols and methyl esters. A strong growth rate in the glycerin category is projected due to rising product demand from the personal care and cosmetics industry.
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In 2021, the Asia Pacific region had a market worth US$ 15.08 billion. In 2021, the Asia Pacific region had the biggest market share for oleochemicals because of the region's high output of raw materials. The regional market is anticipated to grow as green alternatives are more adopted and raw materials become more readily available. For instance, the biggest producers of palm oil—the primary feedstock for oleochemical production—are Malaysia and Indonesia. Malaysia produced 25.8% of the world's total palm oil, according to the Malaysian Palm Oil Council (MPOC).
North America is a region that is rapidly expanding. The market is primarily driven by consumers' growing knowledge of the negative consequences of chemical compounds in personal care and cosmetic products.
Due to the increased need for biofuels, Europe is expected to grow significantly. Growth is anticipated to be facilitated by rising consumer knowledge of the sustainability of biodiesel and the number of manufacturers of cosmetics and personal care products. Due to the region's improved economic and social climate, significant growth is predicted. Leading palm oil producers are Guatemala, Ecuador, and Colombia. The local market is likely to be driven by this. Due to a large number of surfactant and soap-making enterprises, Middle East & Africa is predicted to experience significant expansion.
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To complete diverse research and development tasks, market leaders are taking strategic actions including partnerships and collaborations. They are able to offer cutting-edge products and keep their place in the global oleochemicals industry thanks to these activities. A good example of this is the collaboration between Genomatica and Covestro. Both businesses want to achieve market growth that is sustainable through this cooperation. The competitive environment for the worldwide oleochemicals market is somewhat fragmented as a result of the existence of numerous companies in it.
Top Players in the Global Oleochemicals Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our
analysis, by type, the fatty acid segment dominated the global oleochemicals
market in 2021 and is anticipated to maintain its dominance throughout the
forecast period. In 2021, Asia Pacific dominated the global oleochemicals
market owing to the region's increased output of raw materials.
|Market size value in 2021||USD 34.90 billion|
|Market size value in 2028||USD 55 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oleochemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oleochemicals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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