Oleochemicals Market is projected to reach US$ 39,849.2 Million by 2027| CAGR: 6.5%: Astute Analytica
NEW DELHI, March 2, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica the Global Oleochemicals Market was valued at US$ 27,294.7 Million in 2021 and is forecasted to reach US$ 39,849.2 Million by 2027. The market is expected to register a CAGR of 6.5% during the forecast period 2022-2027. In terms of volume, the market is anticipated to register 6.2% CAGR during the forecast period 2022-2027.
Global Oleochemicals Market is driven by the growing adoption of oleochemicals in pharmaceutical and cosmetic industry, increasing demand for sustainable and biodegradable products and increasing government regulation regarding the use of environmentally friendly products.
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Oleochemical products are organic compound which are derived from naturally stirring oils and fats from animal and vegetable sources. The formation of basic oleochemicals substances including fatty acids, fatty alcohols, fatty amines, fatty acid methyl esters (FAME) and glycerol's are by several chemical and enzymatic reactions. These oleochemicals exhibit low toxicity, are biodegradable and environment-friendly, also they also act as an intermediary in the pharmaceutical, rubber, paint and lubricant industries.
Fatty acids are the largest application for oleochemicals due to the high demand for applications in the pharmaceutical and food industries, waxes, lubricant, paints and coatings. Thus, oleochemicals market is expected to experience huge growth and is speeding up the industrial structure and transformation in the demand for oleochemicals in the marketplace.
The increasing government regulation regarding the use of environmentally friendly products boosts the market demand over the forecast period. Moreover, the rising demand for oleochemicals in the pharmaceutical and cosmetic industry for manufacturing of various lotions, creams, baby care products, soaps and food additives and so on is also acting as a major growth-inducing factor.
Also, increasing concerns regarding the effect of petrochemicals on the environment have prompted the use of bio-based and sustainable chemicals as their properties help build a product which is better for the environment and which can be manufactured from renewable raw materials. Furthermore, factors such as fluctuating prices of raw materials and inconsistent supply of key feedstock inhibit the market growth of oleochemicals market.
Market Segmentation
The fatty acids segment is estimated to have the highest market share during the forecast period
Based on product type, the oleochemicals market is segmented into fatty acids, fatty acid methyl ester, fatty amine, glycerol esters, alkoxylates, fatty alcohols, glycerin, triacetin, specialty esters and others. The fatty acids segment dominated the market with 42.2% share in 2021. The segment is further estimated to project the significant growth of almost 6.2% during the forecast period. Factors such as the increase in demand from pharmaceutical & personal care products manufacturers to use oleochemicals in the form of fatty acids for manufacturing of soaps and detergents, lubricants, surfactants and pharmaceuticals are the few factors that strengthen the market share of fatty acids in the global market.
The healthcare & pharmaceuticals segment is projected to grow at a fastest CAGR during the forecast period
Based on application, the oleochemicals market is categorized into industrial, food & beverages, healthcare & pharmaceuticals, consumer goods, paints & inks, personal care & cosmetics, polymer & plastic adhesives, soap and detergents, textiles and others. The soap and detergents segment dominated the market as oleochemicals are frequently used by soaps & detergent to enhance the formation of foams in detergents for dishwashing and fabrics as they are attractive due to its biodegradability. The growth in the healthcare and pharmaceuticals segment is due to rising number of pharmaceutical manufacturers as its usage increased in medicines and thus forecasted to grow at the fastest CAGR.
Direct segment dominated the Global Oleochemicals Market Share in 2021
Based on sales channel, the oleochemicals market is bifurcated into direct and indirect. The direct segment is estimated to have the highest market share during the forecast period. Direct sales channel is being utilized in order to have improved relationships with customers. Also, the rise in number of direct sales channel option in delivery of oleochemicals at end-use facilities further promote the demand for direct sales channel, which drives the market growth globally. The indirect segment is expected to grow at the fastest CAGR of 7.5% over the forecast period.
Asia-Pacific is projected to have the largest market share in the Global Oleochemicals Market
Asia Pacific is projected to have the maximum hold in the global oleochemicals market by 2027. Also, Asia-Pacific is estimated to grow at the fastest CAGR of 6.9% during the forecast period owing to the positive outlook of the pharmaceutical and personal care sectors in India, China and Indonesia. Moreover, with the rising preference for improving manufacturing sector along with the higher concentration of the market players are expected to further drive the market growth in the region. Europe is estimated to grow at a second-leading region in the global oleochemicals marketplace.
Company Profile
- Emery Oleochemicals is a Malaysian oleochemicals producing company which specializes in bio-based polyols, bio-lubricants, esters, bio-pesticides, plastic additives, fatty acids, fatty alcohols, glycerin, natural-based chemicals, natural-based agrichemicals, sustainable chemicals, global specialty chemicals manufacturer, sustainability, glycerin manufacturer, specialty chemicals R&D, value-added chemicals, customizable specialty chemical solutions and high-quality specialty chemicals. The company primarily aim to pioneer proprietary technology, in-depth market insights and superior technical knowledge in order to provide customize products to specific application needs in the growing sectors.
- FGV Holding Berhad is a Malaysia based global agriculture and Agri-commodities company which produces oil-palm and rubber plantation products, oleochemicals and sugar products. The company mainly focuses on the plantation sector, logistics & support business (LSB) sector and sugar sector. It further focuses on product development in order to have a competitive edge in the market. The company has a track record of making value for their customers which helps them to expand their profitable businesses with world-class execution globally. It further focuses on product development in order to have a competitive edge in the market. FGV Holding Berhad hold a revenue of US$ 3,481.8 Million in 2020.
- IOI Corporation Berhad is a palm oil producer company that majorly deals in the oil business which includes the upstream plantation in both Indonesia and Malaysia. IOI Corporation Berhad mainly focuses on providing products and services of superior quality in order to satisfy customer needs without compromising on the quality of the product. Plantation segment holds the highest share in terms of business revenue.
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Competitive Landscape
Global Oleochemicals Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include KLK Oleo, Kao Corporation, IOI Group, Wilmar International, Cargill, Oleon, Ecogreen Oleochemicals, Corbion N.V, Evonik Industries AG, Godrej Industries and Emery Oleochemicals among others.
Segmentation Overview
Global Oleochemicals Market is segmented based on product, application, sales channel and region. The industry trends in global oleochemicals market are sub-divided into different categories in order to get a holistic view of the global oleochemicals market.
Following are the different segments of the Global Oleochemicals Market:
- By Product Segment of the Global Oleochemicals Market is Sub- Segmented into:
- Alkoxylates
- Fatty Acid Methyl Ester
- Fatty Amines
- Glycerol Esters
- Fatty Acids
- Fatty Alcohols
- Glycerine
- Triacetin
- Specialty Esters
- Others
- By Application Segment of the Global Oleochemicals Market is Sub- Segmented into:
- Consumer Goods
- Food & Beverages
- Healthcare & Pharmaceuticals
- Industrial
- Paints & Inks
- Personal Care & Cosmetics
- Polymer & Plastic Additives
- Soap and Detergents
- Textiles
- Others
- By Sales Channel Segment of the Global Oleochemicals Market is Sub- Segmented into:
- Direct
- Indirect
- By Region Type Segment of the Global Oleochemicals Market is Sub- Segmented into:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Western Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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