(MENAFN- GlobeNewsWire - Nasdaq) The market has witnessed considerable growth in the recent past owing to the rising demand for biodegradable and sustainable products coupled with strict regulations on derivatives of petrochemicals.Westford, US, Oct. 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global oleochemicals market size will reach a value of USD 54.43 Billion by 2031, with a CAGR of 6.3% during the forecast period (2024-2031). The market has witnessed considerable growth in the recent past owing to the rising demand for biodegradable and sustainable products coupled with strict regulations on derivatives of petrochemicals. The growing inclination towards green alternatives and modernization in product applications also fuels the market. Furthermore, increasing demand for chemicals from the food & beverages industry is impacting market growth.
Browse in-depth TOC on the "Oleochemicals Market" Pages – 197 , Tables – 95 , Figures – 76
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Oleochemicals Market Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $35.43 Billion |
| Estimated Value by 2031 | $54.43 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Mounting Demand for Biofuels |
| Key Market Drivers | Growing Demand from Numerous End-Use Industries like Personal Care and Cosmetics |
Growing Demand for Personal Care Products to Propel Fatty Acids Segment
By type, the fatty acids segment held maximum share of the oleochemicals market in 2023 with a remarkable revenue share owing to its easy availability and rising demand for organic personal care goods in the globe. Moreover, these acids function as better surfactants in soaps and detergent because of their amphipathic properties. These are vital raw materials to produce numerous downstream derivatives like biocides, toiletry, elastomers, wax, and softeners for multiple industries, thus impacting the segment's growth. Glycerin is anticipated to lead the market owing to its broader use in industrial and food applications. They are also widely used to preserve and develop botanical extracts that are further used as flavoring agents in different products.
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Growing Health Trends and Heavy Adoption in Food to Drive Food & Beverages Domain
By application, the food & beverages segment registered for a considerable share of the market and will lead over the forecast period as well owing to increased adoption of stabilizers, bio-based thickeners, and several food additives in the food industry. Moreover, rising awareness for healthier and natural ingredients is fueling the demand for oleochemicals than other synthetic substitutes. On the other hand, the chemicals segment is expected to progress on the back of increased demand for eco-friendly or green alternatives for petroleum-based chemicals. These chemicals are extensively used in wide applications like detergents, surfactants, lubricants, and more, increasing their significance in diverse industries.
Availability of Ample Raw Materials and Growing Urbanization to Fuel Market in Asia-Pacific
Geographically, Asia-Pacific led the Oleochemicals market in 2023 owing to the availability of abundant raw materials and speedy urbanization and industrialization. The region is a leading producer of several vegetable oils including palm oil, thus offering a steady amount of feedstock for the production of oleochemicals. Speedy industrialization and growing urbanization, along with rising disposable incomes in emerging nations are fueling the demand for personal care products, consumer goods, and food and beverages. This ultimately impacts the market growth.
North America is expected to be the fastest growing region owing to the established industry infrastructure and heavy demand for sustainable products. The region holds a well-established production base with prominent companies that have broad experience in manufacturing oleochemicals. Also, there is an increased demand for biodegradable, sustainable, and eco-friendly products, raising interest in oleochemicals than petrochemicals, thus fueling the market growth in the region.
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Oleochemicals Market Insight
Drivers:
Growing Sustainability Trends
Strict Regulations for Synthetic Chemicals
Growing Applications in Diverse Industries
Restraints:
Competition from Petrochemicals
Fluctuating Prices of Raw Materials
Low Availability of Feedstock
Prominent Players in Oleochemicals Market
BASF SE Procter & Gamble Chemicals Wilmar International Ltd. IOI Oleochemicals Emery Oleochemicals Group Kuala Lumpur Kepong Berhad Godrej Industries Limited Cargill, Inc. Kao Chemicals Vantage Specialty Chemicals
Key Questions Answered in Oleochemicals Market Report
What are the leading drivers of the oleochemicals market? Which type segment held the maximum share of the market in 2023 and why? Which strategies are adopted by the key players profiled in the market?
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This report provides the following insights:
Analysis of key drivers (growing health consciousness, shift towards renewable resources, growing urbanization and population), restraints (lack of awareness and associated benefits, regulatory challenges, economic fluctuations or downturns), opportunities (rising demand for biodegradable products, heavy R&D investment, innovations in applications), and challenges (supply chain disturbances, heavy competition from synthetic alternatives, time-consuming and costly production technologies) influencing the growth of oleochemicals market.
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the market. Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the market. Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market. Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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SkyQuest Technology
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USA (+1) 351-333-4748
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