According to the latest report by IMARC Group, titled "Oleochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global oleochemicals market reached a value of US$ 22.5 Billion in 2021. Oleochemicals refer to organic compounds obtained by the hydrolysis of plant oils and animal fats, such as soybean, sunflower and fish oils. These chemicals are widely replacing conventionally utilized petrochemical-based products due to their low toxicity, renewable nature, biodegradability and high efficiency. Some of the most common types of oleochemicals include fatty acids, fatty alcohols, glycerin, amines, oleic acids and methyl esters. They are widely used in the formulation of numerous personal care and household products, including soaps, surface cleaners, fabric softeners, dishwashing cleaners, degreasers and various hygiene products. These compounds find extensive applications across various industrial verticals, such as the food, personal care, and chemical sectors. They are also employed as intermediaries in the paint, plastic, rubber, pharmaceutical and lubricant industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Oleochemicals Market Trends:
The market is primarily driven by the increasing demand for sustainable chemicals across industries. Various companies are now shifting from petrochemicals to oleochemicals due to their renewable nature. The escalating prices of petrochemicals and their high-toxicity levels are further facilitating the uptake of oleochemicals across the globe. These compounds are widely used in the production of biodiesel, biopolymers and green solvents. This, along with the enhanced focus on sustainable development, is expected to provide an impetus to the market growth. Moreover, these compounds are extensively utilized in the production of multiple fast-moving consumer goods (FMCG) and personal care products. In addition to this, the growing preference for organic product variants among the masses is providing a thrust to the market growth. Furthermore, oleochemicals form an essential component in the preparation of bio-based lubricants. These lubricants are replacing synthetic alternatives as they improve the overall efficiency of automobiles. Numerous key players are also investing in research and development (R&D) activities to integrate these compounds with metabolic engineering strategies using renewable feedstocks, which is anticipated to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 7.2% during 2022-2027.
- On the basis of the type, the market has been divided into fatty acids, fatty alcohols, glycerin, and others.
- Based on the form, the market has been bifurcated into liquid and solid (flakes, pellets, beads and others).
- On the basis of the application, the market has been classified into soaps and detergents, plastics, paper, lubricants, rubber, coatings and resins, personal care products, and others.
- On the basis of the feedstock, the market has been categorized into palm, soy, rapeseed, sunflower, tallow, palm kernel, coconut and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Akzo Nobel N.V., BASF SE, Cargill, Incorporated, Emery Oleochemicals Group, Evonik Industries AG, Evyap-Oleo, Godrej & Boyce Mfg. Co. Ltd., Kao Corporation, KLK OLEO, Myriant Technologies, Oleon NV, Procter & Gamble Company, PTT Global Chemical Public Company Limited, TerraVia Holdings, Inc., and Wilmar International Limited.
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