The oleochemical market is expected to reach USD 38,577.16 million by 2026, growing at a CAGR of 5.74% during 2021-2026.
Oleochemical-based products provide various diversification opportunities for chemical companies. The shift towards global trends is expected to boost the oleochemicals industry.
To match the increasing demand from the consumers, the manufacturers are focusing on oleochemicals as renewable, sustainable alternatives to petrochemicals in the chemical industry. The growing acceptance of performance-oriented oleochemicals is driving the growth of the market.
OLEOCHEMICAL MARKET SEGMENTS
Type: The increase in spending on healthcare and rising awareness associated with the health consciousness of the people are boosting the demand for pharmaceutical products. The growing pharmaceutical industry demands more raw materials, excipients, and glycerin, resulting in the high growth of the whole oleochemicals industry.
Application: Oleochemicals in detergents are used to produce more lather and increasing cleansing properties. With the increasing concerns and environmental friendliness of oleochemicals, the manufacturers are promoting the adoption of oleochemicals across all detergents in the global market.
Raw Material: Tropical oils are healthy for consumption and use; this has encouraged manufacturers to adopt oleochemicals derived from tropical oil in multiple applications.
Companies in the oleochemicals industry focus on mergers and acquisitions to strengthen their product portfolio and enter new markets. Regional players have started to expand their presence internationally to gain a high market share. Manufacturers are extensively investing in R&D to develop innovative products to get an edge over the competition.
For instance, Emery oleochemicals have expanded its distribution partnership with Omya Inc. The company provides technical support to Emery's US customers for Green Polymer additives products, such as lubricants and specialty plasticizers.
The growing demand for bio-based eco-friendly products is surging the growth of oleochemicals in multiple applications across North America.
In recent years, tropical oils have been environmentally friendly and animal cruelty-free, gaining high traction in the global industry. The tropical oil market will grow at a faster rate during the forecast period.
The personal care sector is witnessing rapid growth in emerging economies such as China, India, and Latin American countries, which in turn, is fueling the demand for oleochemicals.
Croda International plc
Other Prominent Vendors
Kuala Lumpur Kepong Berhad
Eastman Chemical Company
Vantage Specialty Chemicals
Sakamoto Yakuhin Kogyo
Archer Daniels Midland Company (ADM)
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope Of The Study