Oleochemicals Market Registering a Strong Growth by 2028
In the last few years, oleo chemicals have emerged as an ideal substitute for products derived from petroleum due to their low levels of toxicity. Growing environmental concerns have encouraged the growth of oleo chemicals applications across a range of industrial domains including, food & beverage, personal care & cosmetics, soaps & detergents, polymers, and pharmaceuticals among others. In addition, the biodegradability of oleo chemicals has allowed them to gain noteworthy popularity especially in the food industry where they are widely used as emulsifiers in food products such as, cake, confectionary, bread, and others.
The growth of palm oil products coupled with surging crude oil prices have encouraged the adoption of oleo chemicals in developing nations. The current trends in the oleo chemicals market suggest that dependency on petrochemical feedstock is gradually reducing and making way for oleo chemicals applications that replace petroleum-based products.
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Market players operating in the oleo chemicals market have identified the growing need to invest in product innovation and adoption of newer technologies to gain a competitive edge in the current market landscape. In addition, an increase in R&D activities along with the growing demand for eco-friendly products is likely to create new opportunities in the oleo chemicals market in the foreseeable future.
Oleochemicals are highly beneficial chemicals that are sourced from plant and animal fats. Oleochemicals are sourced from natural raw materials such as, castor oil, vegetable oil, soybean oil, animal oils & fats and also from petrochemical feedstock. Oleochemicals are witnessing increasing popularity as they can be substituted for the petroleum-derived products. The growing environment concerns are driving the adoption of biodegradable chemicals, which is further fueling the growth in the oleochemicals market.
Growing adoption of oleochemicals in various end use segments, such as surfactants, personal care, and home care is driving their sales significantly. The production of key feedstock for polyurethane production, polyols, is also based on oleochemical routes, thereby providing impetus to the growth in the oleochemicals market.
Several companies with robust R&D capabilities are eying business expansion in oleochemicals by introducing novel molecules with wider applications. Many leading chemical manufacturing companies, such as BASF, Solvay, Arkema, and DuPont have transitioned their primary business capabilities towards using plant-based biochemicals for making specialty products and polymers. This trend remains lucrative for companies involved in creating downstream potential of oleochemicals, such as acid esters, fatty alcohols and glycerol. These factors are likely to augment growth in the oleochemicals market.
Global Oleochemicals Market: Snapshot
Oleochemicals are synthetic substances that are gotten from plants and creature fats. Numerous a times they are practically equivalent to petrochemicals which are gotten from oil. During the 1970’s, when there were significant measure of benefits created from oil based items, the market for characteristic oils and fats-based synthetic concoctions saw a diminishment in the profits. Be that as it may, when the petrochemical business encountered a lofty dive in the raw petroleum costs, the consideration got moved from petrochemicals to regular feedstock.
Different food and beverages utilize oleochemicals for the most part as emulsifiers in bread, cake, cakes, and confectionaries. Customized oils and margarine are made by utilizing oleochemicals. Another significant utilization of oleochemicals is in the production of nutrition enriched substances that are broadly utilized as a part of packaged food products. Besides, these synthetic concoctions are additionally generally used to create both plain and seasoned frozen yogurts.
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Ideal government strategies as far as tax cuts and money related motivators for bio-based concoction makers are required to positively affect the market development. The application improvement combined with item development is predicted open new doors for organizations working in the market over the forthcoming years.
Oleochemicals are chemicals mainly derived from natural raw materials such as, soybean oil, linseed oil, vegetable oil, castor oil, animal oils & fats and, also from petrochemical feedstock. Oleochemicals in general have low toxicity as compared to petrochemicals. Oleochemicals are gaining popularity as they can be substituted for the petroleum-based products. Oleochemicals are biodegradable and considered to be environment friendly. Oleochemicals come under green products category and are used extensively in a wide range of applications and several emerging applications, namely, personal care, cosmetics, soaps & detergents, food additives among, others. With the rising environmental concerns, oleochemicals also find applications in the growing paints and coatings industry, rubber industry, paper, animal feed, lubricants and printing industry.
Global Oleochemicals Market: Dynamics
The primary driver for the oleochemicals market is the food industry. Advancement in processed foods, marketing strategies of companies, and consumer awareness in emerging economies is driving the food industry globally and therefore, the increase in demand for biodegradable products is anticipated to influence the growth of oleochemicals market throughout the forecast period. Rising demand for oleochemicals from natural raw materials is another factor driving the oleochemicals market. Biodegradability of products has become a quite popular trend these days owing to the stringent regulations focused towards maintaining product quality and health risk which promotes the use of natural raw material derived products such as oleochemicals. This, in turn, drives the global oleochemicals market throughout the forecast period.
In addition to this, the decreasing dependency on petrochemical feedstock and the expanding applications of oleochemicals in replacing petroleum-based products is projected to create opportunity paths for the oleochemicals market. Opportunities for the oleochemicals market lies within its growing use in cosmetics and personal care products, pharmaceuticals, soaps & detergents, food & beverages, polymers among others.
The competition of oleochemicals from other substitutes might be a major threat to the oleochemicals market. Biodiesel products have been showing consistent growth which might create substantial demand for oleochemicals, in turn, decreasing the market growth of oleochemicals. Environmental concerns related to plantations and land availability are other factors hampering the growth of oleochemicals. In addition, the increasing demand for bio-diesel may cause a hike in biodiesel prices and is anticipated to directly affect the overall economics of oleochemicals based products, which might act as a restraining factor for the oleochemicals market.
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Research and development is a key part of the oleochemicals market. The end product manufacturers & associations and, manufacturing companies invest for technology modifications and future advancements of oleochemicals to find a wide area of applications in personal care & cosmetics and, food industry, thereby, creating growth opportunities for the oleochemicals market throughout the forecast period.
Global Oleochemicals Market: Segmentation
On the basis of type, the global oleochemicals market can be segmented into:
- Fatty acid
- Fatty alcohol
- Methyl Ester
On the basis of application, the global oleochemicals market can be segmented into:
- Food and Beverage Industry
- Personal care & cosmetics industry
- Soaps and detergents
Global Oleochemicals Market: Region-wise Outlook
Growing demand for bio-degradable products in food and beverage industry is fueling the demand for oleochemicals globally. In regards to region, strict regulations in Europe against genetically modified (GM) food products drives the demand of oleochemicals market. Asia-Pacific is anticipated to dominate the oleochemicals market in terms of both value and volume. The increase in plantation activities in Indonesia, Malaysia, and the Philippines, in order to manufacture various cosmetics and personal care products from oleochemicals, is projected to boost the demand for the oleochemicals market in the region.
Global Oleochemicals Market: Key Players
Some of the key players identified across the value chain of the global oleochemicals market are
- Emery Oleochemicals
- Wilmar International
- Du Pont
- Oleon NV, KLK Oleo
- Musim Mas Group
- Procter & Gamble Co
- Croda International
- IOI Group
- Cargill Inc
- Chemical Associates Inc
- Twin River Technologies,
- Evyap Oleo
- Godrej Industries
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.