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The global oleochemicals market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Oleochemicals are organic compounds derived from the hydrolysis of natural vegetable oil, such as soybean, sunflower, corn; and animal fats, such as rendered fats, tallow, lard and fish. Currently, fatty acids, glycerine, methyl esters and fatty alcohols are the most common types of oleochemicals available in the market. They exhibit low toxicity, are biodegradable, environment-friendly and are rapidly replacing traditionally used petrochemicals. In addition to this, oleochemicals find extensive application in the production of biodiesel, bioplastics, green solvents, while acting as an intermediary in the pharmaceutical, rubber, paint and lubricant industries.
The increasing demand for biodiesel, along with the rapid growth of the fast-moving consumer goods (FMCG) sector, represent as the key factors driving the growth of the market. Furthermore, the growing adoption of oleochemicals by chemical manufacturers for the production of bio-surfactants, bio-lubricants and biopolymers, as sustainable alternatives to petrochemicals, is also acting as a major growth-inducing factor. Additionally, there is an increasing consumer preference for natural ingredients in cosmetics, baby care products, soaps and food additives. For instance, oil-based oleochemicals are combined with caustic soda, sodium, fragrances and preservatives to manufacture organic soaps. Rapid industrialization across the globe is another factor contributing to the growth of the market. Oleochemicals are utilized as softening, polishing and vulcanizing agents for rubber products, and in the production of industrial lubricants, hydraulic fluids and base oils. Other factors, including enhanced research and development (R&D) to utilize metabolic engineering strategies for the production of oleochemicals using renewable and sustainable feedstocks, are projected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global oleochemicals market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, type, form, application and feedstock.
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The report has also analyzed the competitive landscape of the market with some of the key players being Akzo Nobel N.V., BASF SE, Cargill Inc., Emery Oleochemicals Group, Evonik Industries, Evyap Oleo, Godrej & Boyce, Kao Corporation, KLK Oleo, Myriant, Oleon NV, Procter & Gamble Company, PTT Global Chemical Public Company, TerraVia Holding Inc., Wilmar International Ltd., etc.
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