According to a new report published by Allied Market Research, titled, Oleochemicals Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2016-2023, the oleochemicals market was valued at $17,964 million in 2016, and is estimated to reach $28,728 million by 2023, registering a CAGR of 7.0% from 2017 to 2023. In 2016, the fatty acid type segment accounted for more than two-thirds share of the total market.
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Oleochemicals are
chemical compounds derived from bio-based resources such as plant oils and
animal fats and offer sustainable and high performance alternatives to many
petrochemical originated products. As the price of crude oil increases,
manufacturers switch to oleochemicals from petrochemicals as plant-based
sources are cheaper. Oleochemicals are widely preferred in several applications
as they are biodegradable, pollution free, and low toxic levels. Basic
oleochemicals such as fatty acid, glycerol, fatty alcohol, and fatty methyl
ester are considered as the building blocks of the chemical industry.
Increase in demand for
bio-degradable products coupled with sustainable solutions and government
regulations regarding the use of environmentally friendly products increase the
demand for oleochemicals in the global market. Further, several new applications
of oleochemicals such as biopolymers, biosurfactants, and biolubricants, which
emerge as replacement for petroleum-based products, delivering growth
opportunities in the global market. However, volatile prices of raw material
restrain the growth of the global market.
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Fatty acid is the
leading oleochemicals type segment, owing to its high demand in pharmaceutical
& food industries, soap & detergent, candle, waxes, lubricant, and
paints & coatings. Further, industries related to fatty acids such as
plastics, rubber, and surface active agent industries are speeding up their
industrial structure and transformation in the mode of development boost the
demand for fatty acid.
Soap & detergent
was the leading application segment in 2016 and it is anticipated to continue
its lead during the forecast period. Oleochemicals are the basis for the
manufacturing of different types of soaps and there is an increase in demand of
oleochemicals in modern synthetic detergent and soap manufacturing. These are
basically used to manufacture soap bars, synthetic organic detergent, and
inorganic alkaline detergent.
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Key Findings of the
Oleochemicals Market:
- In
2016, Asia-Pacific dominated the global market, with more than two-third
share, in terms of both revenue and volume.
- In
2016, China dominated the Asia-Pacific oleochemicals market, with more
than two-third share, in terms of both revenue and volume.
- Fatty
alcohol oleochemical segment is estimated to grow at a highest CAGR of
7.7% from 2017 to 2023 in terms of revenue.
- Personal
care & cosmetics application segment is estimated to grow at a highest
CAGR of 8.3%, in terms of revenue.
- In
2016, soap & detergent was the leading application segment accounted
for one-fourth of the total market share, in terms of revenue.
In 2016, Asia-Pacific
dominated the global market, the recent developments and modernization in
oleochemicals manufacturing plants in Asia that offers excellent raw material
integration and gives producers competitive advantage above overseas
competitors. The growth of oleochemicals market in this region is also driven
by the escalating consumer preference for renewable products and low
manufacturing costs. Europe is the second leading region, which is expected to
register a CAGR of 7.1% in terms of revenue.
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The key companies
profiled in the report include Emery Oleochemicals, Wilmar International, Oleon
NV, KLK Oleo, Musim Mas Group, Croda International, IOI Group, Procter &
Gamble Co., Twin River Technologies, and Chemical Associates Inc.
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