Zion Market Research has published a new report titled “Oleochemicals Market (Fatty acid, Fatty alcohol, Glycerin, and Others) for Personal Care & Pharmaceutical, Food & Beverages, Soaps & Detergents, Polymers, and Other Applications – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global oleochemicals market was valued at USD 18.6 billion in 2016, is expected to reach USD 26.8 billion in 2022 and is anticipated to grow at a CAGR of 6.3% between 2017 and 2022.
Oleochemicals are the chemicals derived from natural oils and fats from animals and plants. The oleochemicals are analogous to the petrochemicals derived from petroleum. Oleochemicals have the potential to replace a significant portion of petrochemicals, as these chemicals are derived from the renewable resources and are eco-friendly. Additionally, oleochemicals have various favorable properties, such as useful biological properties, emulsifying properties, and excellent surface activity.
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Oleochemicals are used in a variety of applications such as manufacturing soaps & detergents, personal care products, cosmetics, lubricants, and also used in pharmaceuticals; and food and beverages. Hence, growing demand from end-user industries fuel the oleochemicals market. Furthermore, demand for environment-friendly products drives global oleochemicals market in the forecast period. However, volatility in feedstock prices may negatively impact the oleochemicals market in future. Moreover, increased preference for green substitutes is expected to provide new avenues to the market.
The global oleochemicals market is segmented on the basis of product, application, and geography. The products in this market include fatty acids, fatty alcohols, glycerin, and others. In 2016, the fatty acid segment dominated the oleochemicals market accounting for around 53% of the overall oleochemicals market share in 2016. Among the various applications of oleochemicals, the personal care & pharmaceutical segment is expected to grow at a significant rate in the forecast period.
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Asia Pacific dominated the overall oleochemicals market in terms of revenue in 2016. Asia Pacific is one of the largest consumers and producers of the oleochemicals. Robust growth in Asia Pacific oleochemicals market can be attributed to the increasing demand for naturally derived raw materials for personal care and soaps industry. Rising consumer spending on eco-friendly products and increasing awareness regarding the harmful effects of chemicals used in cosmetic products has resulted in an upsurge in preference for oleochemicals in the country, especially over the last few years. China accounted for the largest regional share for oleochemicals followed by India. Furthermore, availability of raw material at an economic rate in countries such as Malaysia and Indonesia is expected to drive the global oleochemicals market. Hence, Indonesia is a largest producer of coconut oil, which is used as a feedstock for producing oleochemicals.
The oleochemicals market in North America is mature. New end-user applications in the refined glycerin segment are expected to keep the market stable. The presence of regulatory authorities in North America and the general awareness among the people has aided this shift and the substantial demand growth for oleochemicals in the region. Europe was one of the leading players in oleochemicals market in 2016. Europe is expected to witness a moderate growth in future. Due to the additional advantages to the human health, there has been growing focus on oleochemical derived products on account of high awareness among the European population. This in turn is expected to fuel the oleochemicals in the region.
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Latin America regions are anticipated to witness a surge in oleochemicals demand owing to growing pharmaceutical industry. Brazil is the largest consumer in the region in 2016. Middle East & Africa is expected to register decent growth. MEA is expected to witness increasing oleochemicals demand due to growing end-user industries in forecast period.
Some of the important players in the global oleochemicals market are BASF SE, PTT Global Chemical Public Company Limited, Evonik Industries, Alnor Oil Co, Inc., Eastman Chemical Company, Cargill Incorporated, Godrej Industries, Isosciences LLC, P&G Chemicals, Arizona Chemical Company LLC, Emery Oleochemicals Group, and Myriant.
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The report segments the global oleochemicals market into:
Global Oleochemicals Market: Product Segment Analysis
- Fatty acid
- Fatty alcohol
- Global Oleochemicals Market: Application Segment Analysis
- Personal Care & Pharmaceuticals
- Food & Beverages
- Soaps & Detergents
Global Oleochemicals Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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