Global Oleochemicals Market to Reach US$ 44.0 Billion by 2032, Impelled by Growing Focus on Sustainable Development

March 20, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled "Oleochemicals Market Report by Type (Fatty Acids, Fatty Alcohols, Glycerine, and Others), Form (Liquid, Solid), Application (Soaps and Detergents, Plastics, Paper, Lubricants, Rubber, Coatings and Resins, Personal Care Products, and Others), Feedstock (Palm, Soy, Rapeseed, Sunflower, Tallow, Palm Kernel, Coconut, and Others), and Region 2024-2032," the global oleochemicals market size reached US$ 25.8 Billion in 2023. Oleochemicals are chemical compounds that are derived from plants and animals by various enzymatic and chemical reactions. They contain less number of carcinogens, which makes them a safer option than synthetic chemical alternatives. They are used in a broad range of products and industries, from industrial products like automotive greases and fuel additives to personal care products. Some of the intermediate chemical substances produced from oleochemicals include alcohol ethoxylates and sulfates, quarterner ammonium substances, alcohol ether sulfates, monoacylglycerols (MAG), structured triacylglycerols (TAG), diacylglycerols (DAG) and sugar esters. The demand for oleochemicals is increasing across the globe with the rising product usage in the production of paints and coatings.

Global Oleochemicals Market Trends:

The global market is primarily driven by an enhanced focus on sustainable development among the masses. This can be attributed to the growing pollution levels due to the emission of harmful greenhouse gases. In line with this, numerous leading players are focusing on renewable and inexpensive feedstocks to produce oleochemicals with low toxicity and environmental impact and high biodegradability, thus providing a boost to the market. With the increasing prices of crude oil across several countries, there has been a considerable rise in the adoption of oleochemicals. Apart from this, the escalating dependency of the cosmetics industry on oleochemicals to manufacture safe products, including lipsticks and eyeshadows for its consumers, is creating a positive market outlook. Along with this, the growing product utilization in the formulation of surfactants, cleansing agents, emulsifiers, foam boosters and degreasers are significantly supporting the oleochemical market. Furthermore, the increasing adoption of oleochemicals in the production of food packaging and sanitizers for food contact surfaces is acting as a growth-inducing factor. Other factors, including rapid industrialization and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 44.0 Billion by 2032, exhibiting a CAGR of 5.9% during 2024-2032.

Market Summary:

  • On the basis of the type, the market has been segmented into fatty acids, fatty alcohols, glycerine and others. Fatty acids currently account for the largest market share.
  • Based on the form, the market has been classified into liquid and solid (flakes, pellets, beads and others). Among these, liquid form exhibits a clear dominance in the market.
  • On the basis of the application, the market has been segregated into soaps and detergents, plastics, paper, lubricants, rubber, coatings and resins, personal care products and others. Soaps and detergents presently represent the leading market segment.
  • Based on the feedstock, the market has been classified into palm, soy, rapeseed, sunflower, tallow, palm kernel, coconut and others. Palm feedstock currently dominates the market.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Europe (Germany, France, 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 the Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others). Among these, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Akzo Nobel N.V., BASF SE, Cargill, Incorporated, Emery Oleochemicals Group, Evonik Industries AG, Evyap-Oleo, Godrej & Boyce Manufacturing Company Limited, Kao Corporation, KLK OLEO, Myriant Corporation, Oleon NV, Proctor and Gamble Company, PTT Global Chemical Public Company Limited, Corbion N.V., and Wilmar International Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Form, Application, Feedstock, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered 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, Corbion N.V. and Wilmar International Ltd.
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Global Oleochemicals Market to Reach US$ 44.0 Billion by 2032, Impelled by Growing Focus on Sustainable Development
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