Market Analysis
The global oleochemicals market Size is eyeing for a voluminous growth at an impressive CAGR over the assessment period (2022-2030). Oleochemicals put merely are chemical compounds that are derived from resources that are bio-based such as animal fats and plant oils. It offers high performance and sustainable alternatives to various petrochemical originated products. With the skyrocketing price of crude oils, manufacturers are switching over from petrochemicals to oleochemicals as sources that are plant-based are affordable. Oleochemicals are widely used in different applications as they are pollution free, has low toxic levels and are biodegradable. It has a huge demand and vast uptake from numerous end-use industries namely personal care, lubricants, coatings, intermediates, soaps and detergents and others.
There are numerous factors that is driving the growth of the oleochemicals. These factors according to MRFR (Market Research Future) report include penchant for biodegradable products in different consumer applications, favorable government policies concerning financial incentives and tax benefits for bio-based chemical producers, product innovation, rising scope of application, increasing pharmaceutical production, growing automobile production and sales, increasing consumption of lubricants, increasing disposable income, and rapid urbanization. On the contrary, scarcity of raw materials and fluctuating raw material prices is predicted to deter the oleochemicals market growth.
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Market Segmentation
MRFR report offers a complete segmental analysis of the oleochemicals market on the basis of type and application.
Based on type, it is segmented into glycerol, methyl ester, fatty alcohols, fatty acids and others. Of these, fatty acids will dominate the oleochemicals market over the assessment period.
Based on application, the oleochemicals market is segmented into personal care, rubber, lubricants, coatings, plastics, intermediates, soaps and detergents and others. Of these, soaps and detergents will have the maximum share in the market.
Regional Analysis
By region, the oleochemicals market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, APAC will rule the oleochemicals market due to ample availability of labor force needed for oleochemicals production and affordable raw materials. The increasing incorporation of oleochemicals in various end-use industries is driving market growth. Moreover, the growing automotive sector in Thailand, Japan, Malaysia, China and India is projected to propel the growth of the oleochemicals market in this region. In North America, the oleochemicals market will remain lucrative owing to increasing economic growth rate, increasing production capacities and increasing consumption potential. The burgeoning demand for oleochemicals coupled with the growth in the production of crude oil particularly in the US is adding to the growth of the market. The oleochemical market in Europe will be promising. Countries such as the UK, Russia, Germany, France, Russia and Spain are expanding significantly due to huge uptake of oleochemicals in end-use industries that are well-penetrated, innovation activities, and investments in research and development. Existence of key automobile manufacturers and rising economy particularly in Germany is also boosting the growth of the market. Countries in Latin America such ad Colombia, Argentina and Brazil are likely to have a moderate growth owing to emergence of novel inventions and technologies in oleochemicals and increasing consumer investment on passenger cars. In the Middle East and Africa, the oleochemicals market is predicted to have a steady growth. The increasing investments in countries such as UAE, Saudi Arabia, Oman and Qatar is likely to impact the growth of the oleochemicals market in this region positively.
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Key Players
Leading players profiled in the oleochemicals market include Emery Oleochemicals (U.S.), Arizona Chemical Company, LLC (U.S.), PTT Global Chemical Public Company Limited (Thailand), Godrej Industries Limited (India), Evonik Industries AG (Germany), Cargill, Incorporated (U.S.), Eastman Chemical Company (U.S.), Procter & Gamble (U.S.), Wilmar International Ltd. (Singapore) and BASF SE (Germany).
March 2019- EA (Energy Absolute) Plc is planning to start complete operation of its biggest wind power farm, Hanuman in Chaiyaphum this year. This company aims to grow quickly in the oleochemical industry, charging stations for EVs (electric vehicles), renewable energy and storage of energy from lithium-ion batteries. For its oleochemical industry, the company is planning to develop biodiesel products of higher value.
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