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Oleochemicals market Size – USD 27.05 Billion in 2020, Growth - CAGR of 4.1%, Trends – Increasing application in automotive.
NEW YORK CITY, NY, UNITED STATES, February 22, 2022 /EINPresswire.com / -- The Oleochemicals Market is forecast to reach USD 37.12 Billion by 2028, according to a new report by Reports and Data. Rapid growth in the production of kernel oil and palm oil is one of the significant factors in oleochemicals market growth. Reliable, efficient, and cost-effective oleochemical plants are ready to cater to incrementing demands. There is a rise in the acceptance of bio-based lubricants and they are replacing the traditional and synthetic lubricants, which in turn is improving the efficiency of vehicles.
Waste vegetable oils as a low-cost, sustainable, and low-toxicity feedstock are garnering more interests for the production of oleochemicals, which are ideal substitutes for petroleum-based chemicals widely prevalent in the petroleum industry. The compounds resulting from transesterification-epoxidation-sulfonation of waste vegetable oils have great potential as bio-based surface-active agents with extensive application in the petroleum industry. The oleo-surfactant from vegetable oils is gaining attention as an alternative to the costlier and non-biodegradable petrochemical-based surfactants currently in use.
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These economic and ecological advantages are responsible for the growing demand for oleochemicals as energy resources and intermediates for manufacturing in industrial chemicals. This is responsible for the renewed research interest in oleochemicals as one of the most cost-effective and widely available substitutes for a number of industrial chemicals and fuels currently derived from fossil fuels.
Key participants include:
BASF SE, Arizona Chemical Company LLC, Emery Oleochemicals Group, Cargill Incorporated, and Emery Oleochemicals Group, Wilmar International Ltd., Godrej Industries, Eastman Chemical Company, Evonik Industries, P&G Chemicals, among others.
Market Overview:
Chemical and manufacturing industry largely caters to a broad range of commodity-related manufacturing and include a wide variety of materials such as sand, gravel, stone, and chemicals. Increasing focus on development of sustainable chemicals and materials, advancements in the development of smart materials such as nanocomposites and other advanced composites, and growing popularity of 3D printing have significantly contributed to revenue growth of the market. In addition, rising emphasis on green building and construction have increased use of renewable resources and this is also a key factor driving market growth.
Key companies are engaged in developing advanced materials having robust characteristics and forming strategic alliances such as mergers and acquisitions, joint ventures, collaborations, and product launches among others to gain a robust footing in the market. The competitive landscape section offers a comprehensive analysis of the competitive landscape along with profiles of the companies, their product portfolios, and lucrative business strategies undertaken by them.
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The report further segments the Oleochemicals market based on product types, applications, technology, end-use, and region, among others. The report also offers insights into key factors influencing the revenue growth of each segment and sub-segment along with market revenue share and CAGR.
Further key findings from the report suggest
Oleochemicals also act as an intermediary in pharmaceutical, rubber, plastic, paint and lubricant industries. The shift in demographics in the industrial structure of plastics, rubber, and surface-active agent industries coupled with transformation in the mode of development are fueling the fatty acids market.
An important advantage of the fatty acid industry is the byproduct glycerin that is automatically generated when fats or oils are hydrolyzed. The amount generated depends on the material, such that, the harder oils generate more glycerin than the majority of softer oils or animal fats.
Short-chain fatty acids can be utilized in multiple industries: personal care ingredients, agrochemical actives, flavor & fragrances, adjuvant ingredients, and food and feed additives. Industrial applications include aerospace, automotive, and industrial lubricants. Medium and long-chain fatty acids find their applications in several sectors, such as emulsifiers, textile chemicals, and plastic and rubber additives.
Oleochemicals are derived from natural sources, including animal and plant fats. The formation of basic oleochemical substances like fatty acids by various chemical and enzymatic reactions. High demand for natural oleochemicals is increasing owing to its easy availability, cost-effective nature, and growing concern for the environment.
The Asia-Pacific region is providing lucrative growth opportunities for the growth of the market. High growth in population, economic development across major countries, and rise in the standard of living are augmenting market demand. Easy availability of feedstock and growing support from the government for bio-based products are also propelling the demand of the market.
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For the purpose of this report, Reports and Data have segmented into the global Oleochemicals market on the basis of raw material, type, application, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
Fatty Acid
Fatty Alcohol
Glycerin
Others
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
Pharmaceutical and Personal Care
Food and Beverage
Soaps and Detergents
Polymers
Others
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
North America
Europe
Asia Pacific
MEA
Latin America
Thank you for reading our report. For further inquiry or query about customization, kindly get in touch with us to know more. Our team will clear your doubts and ensure the report is customized to meet your requirements.
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