Global Oleochemicals Market Size 2024, Forecast To 2033
11 Mar, 2024
The oleochemicals market has witnessed robust growth, expanding from $27.06 billion in 2023 to $29.62 billion in 2024, with a compound annual growth rate (CAGR) of 9.5% during the historic period. This growth is attributed to strong economic expansion in emerging markets, increased demand for sustainable plastics, and a rise in crude oil prices. Looking ahead to 2028, the market is anticipated to experience rapid growth, reaching $43.94 billion at a CAGR of 10.4%. The forecasted growth is linked to favorable government initiatives, an increasing focus on organic personal care products, and the lower cost and sustainability of raw materials driving growth. Notable trends in the forecast period encompass a focus on increasing investments, enhancing online presence, fostering partnerships and collaborations, introducing new oleochemicals production plants, and engaging in mergers and acquisitions.
Global Oleochemicals Market Key Driver
The oleochemical market is poised for growth due to the increased demand for sustainable plastics. The shift towards sustainable plastics, driven by environmental concerns related to non-biodegradable materials, has led industries and consumers alike to seek eco-friendly alternatives. Sustainable plastics, designed to mitigate environmental impacts and optimize business processes, are gaining traction across various sectors, including cosmetics, pharmaceuticals, fashion, and food. European Bioplastics projects a rise in global bioplastics production capacity from 2.1 million tons in 2020 to 2.8 million tons in 2025. This surge in demand for sustainable plastics is expected to contribute to the growth of the oleochemical market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Oleochemicals Market ReportGlobal Oleochemicals Market Segments
The oleochemicals market covered in this report is segmented –
1) By Product: Fatty Acid, Fatty Acid Methyl Ester, Glycerol Esters, Fatty Alcohol, Fatty Amines, Other Products
2) By Application: Personal Care And Cosmetics, Soap And Detergents, Food And Beverages, Pharmaceuticals And Nutraceuticals, Others Applications
3) By Sales Channel: Direct, Indirect
By Geography:The regions covered in the oleochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the oleochemicals market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the oleochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Oleochemicals Industry Players
Wilmar International Limited, Kuala Lumpur Kepong Berhad, Kao Corporation, BASF SE, Evonik Industries AG, IOI Group, Emery Oleochemicals, Godrej Industries, Oleon Nv, Eastman Chemicals Company, Klk Oleo, Ecogreen Oleochemicals (Singapore) Pte Ltd, Pacific Oleochemicals Sdn Bhd, Ptt Global Chemical, Hangzhou Zanyu Oil Technology Co. Ltd, Jiangsu Meiaisi Corp Ltd, Taiko Palm-Oleo (Zhangjiagang) Co. Ltd, Evyap Oleo, Croda Industrial Chemicals, Mirriko, Pcc Group, Glycerine.Ru, Jedwards International Inc, Solvent Systems International, Ravago Chemicals North America, Vantage Oleochemicals, Oxiteno, Materia Hnos, Cremer Oleo Brazil, Gulf Chemicals And Industrial Oils Co, The Saudi Company Of Chemical Trading Ltd, African Chemicals, Refinex, Tristar
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Oleochemicals Market Overview
Oleochemicals refers to chemical compounds sourced from vegetables, plants, and animal oils that can be used as raw material in a variety of industries such as lubricants, pharmaceutical, plastic, rubber, and animal feed industries. Hydrolysis is the primary method for converting animal and plant oils and fats into oleo chemicals. When natural triglycerides are exposed to water, heat, and pressure, they separate into crude glycerin and mixed fatty acids.
Oleochemicals Global Market Report 2023 provides data on the global oleochemicals market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oleochemicals market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.