According to SPER Market Research, the Global Oleochemicals Market is Rising need for renewable, sustainable, and bio-based chemicals in the personal care & cosmetics, food & beverage, pharmaceutical, and other industries is likely to propel product demand throughout the projected period. Demand for the product will rise as a result of the high price of petrochemical goods and consumers’ shifting preferences for environmentally friendly products.
In the following years, it is also projected that the consumption of oleochemicals in the form of fatty acids, which are used to create pharmaceuticals, surfactants, lubricants, varnishes, soaps, and detergents, will drive market growth. Specialty esters, along with glycerol esters, alkoxylates, and other basic oleochemicals, are one of the most significant product categories. Fatty acids from animal fats, plant oils, and vegetable oils are required for several industrial, personal care & cosmetic, food & beverage, and industrial applications. The expansion of the market is predicted to be fuelled by an increase in the use of specialised esters in end-use industries like cosmetics and personal care products throughout the course of the forecast period. According to predictions, the growing need for sustainable and biodegradable products to reduce reliance on petrochemicals will continue to be one of the major reasons driving market advancement. Manufacturers are making efforts to replace products with chemicals generated from chemicals with bio-based chemicals in order to save the time and cost involved in reformulation and re-equipment.
Oleochemicals Market Overview:
- Forecast CAGR (2022-2032): 7.79%.
- Forecast Market Size (2032): 47.87 billion.
Impact of COVID-19 on the Global Oleochemicals Market:
As a result of the global COVID-19 crisis, manufacturers, vendors, distributors, and consumers are among the stakeholder groups pushing for action. Due to a drop in business and decreased demand from a few important markets, the profitability of manufacturers and suppliers of oleochemicals has been put under pressure. However, we expect that the negative effects of COVID-19 on oleochemicals will be counteracted over time. The value chain for the oleochemical market was interrupted as a result of COVID-19 and the shutdown in significant countries. The COVID-19 outbreak increased the demand for oleochemicals even further because of their use in soaps and disinfectants. Fatty alcohols fared better because the majority of them are used to create household and personal care goods, but the pandemic put pressure on the market for fatty acids due to weak downstream businesses like industrial lubricants and tyres. Since COVID-19, the majority of the market for oleochemicals is currently driven by the pharmaceutical industry and personal hygiene. The main fugitive emissions into the environment as a result of the production of fatty acids are volatile organic molecules. Volatile organic compounds have the potential to release odours due to the presence of low molecular weight breakdown products. The development of the global oleochemical market is hampered by these factors.
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Oleochemicals Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Fatty Acid Methyl Ester
- Fatty Amines
- Glycerol Esters
- Specialty Esters
- Consumer Goods
- Food & Beverages
- Healthcare & Pharmaceuticals
- Household Care
- Paints & Inks
- Personal Care & Cosmetics
- Polymer & Plastic Additives
- North America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Oleochemicals Market Key Players:
The Global Oleochemicals Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: BASF SE, Cargill Inc, Chemrez Technologies, Inc., Corbion N.V, Croda International plc, Edenor Technology Sdn Bhd, Emery Oleochemicals, Evonik Industries, Godrej Industries, IOI Group Berhad, Kao Chemicals, Kuala Lumpur Kepong Berhad, Nouryon, Oleon Nv, P&G Chemicals, Pan Century Surfactants Inc., Sakamoto Yakuhin Kogyo Co. Ltd, Stepan Company, Twin River Technologies Inc, Vantage Specialty Chemicals, Inc., Wilmar International Ltd.
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