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The Oleochemicals Market is projected to register a CAGR of 4.20% between 2022 and 2031 to reach $25,917.57 million by 2031. Asia-Pacific held the largest share in 2022 with China being the leading country. In the more saturated markets of North America and Europe, low growth is expected while the developing regions of Asia-Pacific are predicted to show high growth. Growth in the North American region is expected to be low because of the saturation in current market and no new applications being developed for the product.
The World Integrated Trade Solution (WITS) of the World Bank recorded the United States to be the largest exporter of chemicals in the world, amounting for an export value of about USD 345.65 billion, followed by China with USD 158.75 billion worth of exports.
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Furthermore, there is an ever-increasing demand for chemicals that are more environment-friendly, backed with the imposition of stringent government regulations to control pollution on a global level. It is calculated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2022. On the other hand, estimations also show that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. This in turn, is projected to raise the in-flow of investments by market players for the development of new technologies to manufacture products with reduced toxicity.
Partnerships & Agreements was the most preferred strategy among the major players in the oleochemicals market, globally. Asia-Pacific was the more preferred region for expansions from 2010 to 2022. More than half of the developments took place in North America for the given period. The major players are also enhancing their technological base, product portfolio, and geographical reach by acquiring other companies.
Expansion was the second most preferred strategy among the key players in the oleochemicals market, globally. The key players are enhancing their product portfolio and regional reach by expanding production operations into various developing regions.
The major players in the oleochemicals market are BASF SE (Germany), Cargill (U.S.), Evonik Industries (Germany), Godrej (India), PTT Public Limited Company (Thailand), P&G Chemicals (U.S.), Wilmar International (Singapore), and Eastman Chemical Company (U.S.). These companies showed significant presence among other players in the global oleochemicals market.
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Many companies, offering oleochemicals, are actively trying to increase their product portfolio and regional presence to cater to different regional markets. They are primarily focused on entering the less explored markets in the developing regions.
These regions are further sub-segmented into the following:
- North America (U.S. & Canada),
- Latin America (Argentina, Mexico, Brazil, Rest of Latin America),
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe),
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), and the
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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