DUBLIN, Sept. 3, 2021 /PRNewswire/ — The «Global Oleochemicals Market, By Product (Alkoxylates, Fatty Acid MethylEster, Glycerin, Fatty Alcohol, Others), By Application (F&B, Textiles, Industrial, Paints & Inks, Others), By Sales Channel (Direct, Indirect), Estimation & Forecast, 2017 – 2027» report has been added to ResearchAndMarkets.com’s offering.
The global oleochemicals market was valued at USD 25,815.1 Million in 2020 and is projected to reach USD 39,849.2 Million by the year 2027. The market is expected to register a CAGR of 6.5% during the forecast period. The volume of oleochemicals in the market was 18,969,803 tonnes in 2020.
Oleochemicals are a bunch of a range of fatty acid-containing compounds used for manufacturing paints, surfactants, detergents, soaps, lubricants, varnishes, pharmaceutical aids, and copolymers. The market is majorly driven by government regulations regarding the use of environmentally friendly products and the rising usage of oleochemicals in the cosmetic & pharmaceutical industry. Furthermore, the growing demand for sustainable and biodegradable products is also anticipated to drive market growth.
In addition, the COVID-19 pandemic positively impacted the oleochemicals market, due to the increase in demand for cleaning products, sanitizers, and disinfectants, for manufacturing of which oleochemicals are used. However, due to travel restrictions, the supply chains were disrupted.
Government initiatives regarding the use of environment friendly products
Rising awareness regarding the ill effects caused by the harmful chemical-based products on the environment, the government of various countries have initiated many movements and regulations to encourage the use of environment-friendly products. Since oleochemicals are derived from natural oils and fats, they are safe for the environment.
The US Environmental Protection Agency introduced ecolabels and standards for greener products. These are marked on eco-friendly products so that consumers can identify them easily. Such initiatives are expected to boost the demand for environmentally friendly products, hence boosting the growth of the oleochemicals market.
Rising use in the cosmetic and pharmaceutical industry
Oleochemicals find application in the nutraceutical and pharmaceutical industry, as they can be used as thickening agents, preservatives, and as emollients. Isopropyl myristate, a type of oleochemical is used as moisturizers in topical medicinal products and as a thickening agent or emollient in other pharmaceutical applications.
In the cosmetic industry, oleochemicals such as octyl stearate, a palm derivative are used as an emollient for eyeshadow & lipstick and polyhexanide, a water-based preservative & an antibacterial chemical is used in many makeup products. Therefore, the rising usage of oleochemicals in the cosmetic, as well as the pharmaceutical industry, is estimated to fuel the market growth.
Growing demand for biodegradable and sustainable products
Since non-renewable resources are depleting and the environmental regulations are also getting stringent, demand for oleochemicals as sustainable alternatives is also rising. Oleochemicals are abundantly available, which further makes them the preferred product of choice in many industries. The production of such sustainable chemicals is increasing since consumers are becoming aware of the environment and the cost benefits that oleochemicals can provide. The demand for oleochemicals is increasing more and more as the movement for environmentally-friendly products progresses and as the cost of the oil rises.
Key players operating in the global oleochemicals market are present majorly in Indonesia, Malaysia, and the Philippines. The cumulative market share of the fourteen major players is near about 60%. Therefore, it can be concluded that there is high competition in the market.
All these players are involved in various strategic developments, such as mergers & acquisitions, product launches, collaborations, and expansions, among others.
- Emery Oleochemicals Group
- FGV Holdings Berhad
- Greenwell Oleochemicals Sdn Bhd
- IOI Corporation Bhd
- KLK OLEO
- Malaysian Oleochemical Manufacturers Group
- Pacific Oleochemicals Sdn Bhd
- Sime Darby
- Timur Oleochemicals Malaysia Sdn Bhd
- Aribhawana Utama
- Cisadene Raya
- PHG (Permata Hijau Group)
- Sinar Mas Group
- Chemrez Technologies, Inc.
- JNJ Oleochemicals, Incorporated
- Pan Century Surfactants Inc.
- Pepmaco Manufacturing Corp.
- Philippine International Dev., Inc. (Phidco, Inc.)
- Alnor Oil Co, Inc.
- BASF SE
- Cargill Incorporated
- Corbion N.V
- Eastman Chemical Company
- Evonik Industries
- Evyap Sabun Ya? Gliserin San
- Godrej Industries
- Isosciences LLC
- Kao Chemicals
- Musim Mas
- Oleon NV
- P&G Chemicals
- PTT Global Chemical Public Company Limited
- Sakamoto Yakuhin kogyo Co., Ltd.
- Stepan Company
- Vantage Specialty Chemicals, Inc.
- Wilmar International Ltd.
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