NEW YORK, June 9, 2016 /PRNewswire/ -- Oleochemicals are chemicals extracted from plants and animal fats that are similar to petrochemicals derived from petroleum. The formation of base oleochemical substances including fatty acids, fatty alcohols, and fatty amines happens through numerous enzymatic reactions and chemicals. Some of the intermediate chemical substances produced by using base oleochemical substances are alcohol ethoxylates, alcohol ether sulfates, alcohol sulfates, sugar esters, and others.
Supply – Demand Scenario:
The global oleochemicals market grew from $19.5 billion in 2014 to $20.5 billion in 2015 at a year-on-year growth rate of 5.13%. In addition, the market is expected to grow at a CAGR of 5.8% for the period 2015-2020, to reach $28.2 billion by 2020.
Growth by Region:
Asia Pacific is the fastest growing market in the global oleochemicals market. The global oleochemicals market was dominated by Asia Pacific with more than 65% of the global market share in 2014. Europe was the second largest market with 18% of the global oleochemicals market.
Drivers vs. Constraints:
The increasing demand for sustainable products and biodegradable products in order to reduce the dependence on petrochemicals is predicted to be a major driving factor for the global oleochemicals market during the forecasted period.
Growing demand for environment friendly products is anticipated to drive the global oleochemicals market. However, rising feedstock cost will restrain the growth of oleochemicals in global market.
Industry Structure and Updates:
Eastman Chemical is buying Solutia Inc SOA.N, chemicals provider for products from iPads to tires, for about $3.5 billion in cash and stock in a bid to drive its sluggish growth and focus on emerging markets, particularly the Asia-Pacific region.
Eastman Chemical Company announced the completion of its acquisition of Taminco Corporation a global specialty chemical company, for a total of $2.9 billion in cash and assumed debt.
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