COVID19:Oleochemicals Market — Global Industry Analysis and Forecast 2020 to 2027
Global Oleochemicals Market: Key Highlights
- According to the new market research report “Oleochemicals Market by Type (Fatty Acid, Fatty Alcohol, Glycerol, Others), by Application (Personal Care, Soap & Detergents, Food & Beverage, Plastics, Paper, Lubricants & Greases, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global oleochemicals market is estimated to reach USD 32.7 Billion by 2027 at a CAGR of around 5.7% during the review period.
- Oleochemicals are chemical compound derived from natural sources including plant and animal fats
- The formation of basic oleochemical substance like fatty acid is derived through various chemical and enzymatic reactions
- Oleochemicals are widely used in home and personal care industries, and also are used as raw materials or as an intermediary for pharmaceuticals, plastic, rubber, paints and lubricant industries
Global Oleochemicals Market: Key Market Dynamics
- Oleochemicals are cost associated with waste disposal, due to these benefits consumers and manufactures are tending to choose more sustainable and biodegradable chemicals which are further expected to drive the oleochemicals market
- Volatility in the prices of these materials is a major factor likely to hamper the market growth during the assessment period
- Recent Advancement in these chemicals has to lead to new applications in polymer and bio-surfactants in addition to soap and detergents has anticipated surging the product demand
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Global Oleochemicals Market: Regional Overview
The Asia-Pacific is expected to dominate in the oleochemicals market during the forecasted period. This is attributed to the presence of a large number of manufacturers such as China, India, and Japan. Moreover, the easy availability of feedstock and rapid expansion of major end-use industries such as food and beverages, and others has expected to surge the demand for oleochemicals.
Europe oleochemicals market is expected to have sustainable growth during the forecasted period. This can be attributed to the strength regulation imposed against genetically modified products. For instance, according to the European Commission, imposed Regulation (EC) 1829/2003 on genetically modified food and feed with an aim to protect human and animal health and the environment, and increase the traceability.
Global Oleochemicals Market: Key Players Overview
- BASF SE:
BASF SE is one of the largest chemical producers across the globe. The group comprises of joint ventures and subsidiaries in more than 80 countries and operates six integrated production sites and 390 other production sites across the globe. In 2017, BASF SE experienced a 7% increase in sales of care chemicals. Increased prices of oleochemical surfactants and fatty alcohols reflected a positive effect on sales growth for the same year.
- Wilmar International Ltd:
Wilmar International Ltd incorporated in 1991 and is Asia’s largest agribusiness group. Its business activities include oil palm cultivation, oilseed crushing, edible oils refining, sugar milling and refining, manufacturing of consumer products, specialty fats, oleochemicals, biodiesel and fertilisers as well as flour and rice milling. In 2018, Wilmar implemented Inventure Supercritical Technology in China. This technology is aimed to produce fatty acid methyl esters for oleochemicals and also to manufacture bio-based oleochemicals.
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