New York, Aug. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Oleochemicals Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” – https://www.reportlinker.com/p06485362/?utm_source=GNW
Global Oleochemicals market is expected to register impressive growth through 2028 owing to the growing demand for sustainable products. In 2021, approximately 27% of respondents in the United States stated that their main reason for purchasing products that are environment-friendly or socially responsible as that they are better for the earth and environment.
Oleochemicals are chemicals derived from natural fats and oils.These fats and oils can come from a variety of sources, including plant and animal sources.
The production of oleochemicals involves a process called saponification, which breaks down fats and oils into their constituent parts.These constituent parts can then be used to produce a range of oleochemicals, including fatty acids, fatty alcohols, and glycerin.
Oleochemicals have a wide range of applications across various industries.In the personal care industry, oleochemicals are used to produce soaps, shampoos, and other cosmetic products.
They are also used in the production of pharmaceuticals, as well as in the food and beverage industry as food additives and emulsifiers. Oleochemicals are also used in the production of biofuels and as lubricants in the industrial sector.
Types of Oleochemicals consist of fatty acids, which are one of the most common types of oleochemicals and are used in a range of industries, including food, cosmetics, and pharmaceuticals.They are used as emulsifiers, surfactants, and as an ingredient in many personal care products.
Fatty alcohols are produced by hydrogenating fatty acids and are used in a range of applications, including as an emollient in personal care products and as a lubricant in the textile industry.Glycerol is a by-product of the saponification process and is used as a humectant in personal care products, as a plasticizer in the production of polyols, and as a component in the production of explosives and antifreeze.
Esters are produced by reacting fatty acids with alcohols and are used in a range of industries, including as a solvent, plasticizer, and as lubricant in the production of PVC.Soap is produced by the saponification of fats and oils with an alkali.
It is used as a surfactant and as a cleaning agent in a range of applications, including personal care, cleaning products, and the textile industry.
Oleochemicals have a wide range of applications across various industries.In the personal care industry, oleochemicals are used to produce soaps, shampoos, and other cosmetic products.
They are also used in the production of pharmaceuticals, as well as in the food and beverage industry as food additives and emulsifiers. Oleochemicals are also used in the production of biofuels and as lubricants in the industrial sector.
Oleochemicals are chemicals derived from plant and animal fats and have a wide range of applications in industries such as food and beverages, personal care and cosmetics, pharmaceuticals, and soaps and detergents. The oleochemicals market is expected to witness significant growth in the coming years, driven by various factors such as increasing demand for bio-based products, rising awareness regarding the harmful effects of synthetic chemicals, and favorable government regulations.
Increasing Demand for Bio-Based Products and Favorable Governmental Solutions is Driving Market Growth
Governments around the world are promoting the use of bio-based products as part of their efforts to reduce greenhouse gas emissions and promote sustainable development.Many countries have implemented policies and regulations to encourage the use of renewable resources and reduce dependence on fossil fuels.
For example, the European Union has set targets to increase the use of renewable resources in various industries, including the oleochemicals industry. Such favorable government regulations are expected to drive the growth of the oleochemicals market during the forecast period.
The increasing demand for bio-based products is one of the major growth drivers of the oleochemicals market.With the rising awareness of the harmful effects of synthetic chemicals, consumers are increasingly opting for natural and sustainable products.
Oleochemicals are derived from renewable resources such as vegetable oils and animal fats, making them a sustainable and eco-friendly alternative to synthetic chemicals. As a result, the demand for oleochemicals is expected to increase during the forecast period, especially in the food and beverages, personal care and cosmetics, and pharmaceutical industries.
Technological Advancements and Increasing Demand for Personal Care and Cosmetics Products are Driving Market Growth
The personal care and cosmetics industry is one of the major consumers of oleochemicals.Oleochemicals are widely used in the production of soaps, shampoos, creams, lotions, and other personal care and cosmetics products.
With the growing demand for personal care and cosmetics products, the demand for oleochemicals is also expected to increase. Moreover, the trend toward natural and organic personal care and cosmetics products is expected to further drive the growth of the oleochemicals market in this industry.
The oleochemicals industry has witnessed significant technological advancements in recent years, leading to the development of new and improved products.For example, the development of enzyme-based technologies has enabled the production of oleochemicals with higher purity and yield.
Moreover, the use of novel feedstocks, such as algae and waste oils, is expected to further expand the scope of the oleochemicals market.
Competition from Other Chemicals and Fluctuations in the Prices of Raw Materials are Major Challenges to the Oleochemicals Market
The oleochemicals market faces tough competition from other types of chemicals, such as petrochemicals and synthetic chemicals.Petrochemicals are derived from petroleum, which is a cheaper and more abundant raw material than vegetable oils and animal fats.
Synthetic chemicals, on the other hand, can be produced in large quantities with greater consistency and purity compared to oleochemicals. The competition from these chemicals is a major challenge faced by the oleochemicals market.
The prices of raw materials used in the production of oleochemicals, such as vegetable oils and animal fats, are subject to fluctuations based on various factors such as weather conditions, global supply and demand, and government policies.Such fluctuations can impact the cost of production and profitability of oleochemicals manufacturers.
The unpredictability of raw material prices is a major challenge faced by the oleochemicals market.
While oleochemicals are considered to be more environment-friendly compared to petrochemicals and synthetic chemicals, there are still concerns about the impact of their production on the environment.The production of vegetable oils and animal fats requires land and water resources and can lead to deforestation and other environmental issues.
Additionally, the processing of oleochemicals can result in the release of greenhouse gases and other pollutants. These environmental concerns are a major challenge faced by the oleochemicals market.
The availability of raw materials used in the production of oleochemicals is limited in some regions.For example, vegetable oils are produced mainly in tropical regions, while animal fats are produced mainly in developed countries.
This limited availability of raw materials can impact the supply chain and increase the cost of production for oleochemicals manufacturers.
Recent Trends and Developments
In recent years, there has been a growing demand for sustainable products across various industries.The oleochemicals market has responded to this demand by focusing on the production of sustainable oleochemicals.
This includes the use of renewable raw materials, such as waste cooking oil and palm oil mill effluent, as well as the implementation of sustainable production processes. This trend is expected to continue in the coming years as consumers and manufacturers become more conscious of their environmental impact.
Several companies in the oleochemicals market have announced plans to expand their production capacity in the last three years.This includes companies such as Wilmar International, Emery Oleochemicals, and IOI Oleochemicals.
The expansion of production capacity is driven by the increasing demand for oleochemicals, particularly in the Asia-Pacific region. This trend is expected to continue in the coming years as the demand for oleochemicals continues to grow.
There have been several mergers and acquisitions in the oleochemicals market in the last three years.For example, in 2020, Cargill acquired the vegetable oil-based polyol business of bio-based Technologies.
In 2021, KLK Oleo acquired Aarhus United UK, a manufacturer of natural fatty acids and glycerine. These mergers and acquisitions are driven by the need to expand product portfolios, increase production capacity, and enter new markets.
Market Segmentation
Global Oleochemicals Market is segmented on the basis of type, end-user, and region.Based on type, the market is categorized into fatty acids, fatty alcohols, fatty acid derivatives, and fatty acid methyl esters.
Based on end-user, the market is segmented into personal care & cosmetics, rubber and plastics, soaps and detergents, coatings and resins, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa.
Market Players
BASF SE, Oleon NV, Evonik Industries AG, Croda International plc, Emery Oleochemicals, Akzo Nobel N.V, Archer-Daniels-Midland Company, Cargill, Incorporated, Sasol Limited, and P&G Chemicals are some of the key players in the Global Oleochemicals Market.
Report Scope:
In this report, global Oleochemicals market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Oleochemicals Market, By Type:
o Fatty Acids
o Fatty Alcohols
o Fatty Acid Derivatives
o Fatty Acid Methyl Esters
• Oleochemicals Market, By End User:
o Personal Care and Cosmetics
o Rubber and Plastics
o Soaps and Detergents
o Coatings and Resins
o Others
• Oleochemicals Market, By Region:
o North America
United States
Mexico
Canada
o Europe
France
Germany
United Kingdom
Spain
Italy
o Asia-Pacific
China
India
South Korea
Japan
Singapore
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
South Africa
Saudi Arabia
UAE
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in Global Oleochemicals market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
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