Oleochemicals Market by Type (Fatty Acid, Fatty Alcohol, Glycerol, and Others) and Application (Pharmaceuticals, Personal Care & Cosmetics, Food & Beverages, Soap & Detergents, Polymers, and Others): Global Opportunity Analysis and Industry Forecast, 2021

Oleochemicals Market by Type (Fatty Acid, Fatty Alcohol, Glycerol, and Others) and Application (Pharmaceuticals, Personal Care & Cosmetics, Food & Beverages, Soap & Detergents, Polymers, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

The oleochemicals market was valued at $25.6 billion in 2020 to reach $55.3 billion by 2030, and is anticipated to grow at a CAGR of 7.5% from 2021 to 2030.

Oleochemical is a chemical compound obtained from oils and natural fats that can be used as raw material or additive in various industries. Major types for oleochemicals include fatty acids, fatty alcohols, and glycerin. Chemical techniques such as hydrogenation, alcohol-based alcoholysis, and water-based hydrolysis are used to make oleochemicals. Oleochemicals have fewer carcinogens than synthetic chemical alternatives, making them a safer and better option. Oleochemicals can be used as a substitute for petroleum-based products known as petrochemicals, as their properties help build a product, which is better for the environment and can be manufactured from renewable raw materials. These are used in lubricants, coatings, sealants, elastomer, personal care & cosmetics, elastomer, household & industrial cleaning, grease & metalworking, food, and pharmaceuticals & nutraceuticals.

Surge in demand for green chemicals, high demand from end-use industries, and easy availability of raw materials are the factors driving the demand for oleochemicals. Furthermore, environmental regulations are becoming increasingly stringent and non-renewable resources are depleting, thus allowing oleochemicals to enter the market and replace the currently used petroleum-based products. In addition, manufactures are looking to replace chemical products with biobased ecofriendly products to meet the demand for biobased products. This is expected to reduce pollution and save time and cost.

Asia-Pacific is the largest producer of oleochemicals, accounting for more than half of global output. This substantial share can be attributable to the rapid expansion of end-use industries and ample availability of feedstock. In addition, China, Japan, and India are the most lucrative markets for oleochemicals. Moreover, consumers are becoming aware of the environmental benefits and economic effectiveness of oleochemicals, which is driving their demand in the pharmaceutical and personal care industries, thus notably contributing toward the overall market growth.

Furthermore, oleochemicals are used in the production of food packaging approved by FDA as well as food contact surface sanitizers. In the food & beverage industry, triple pressed stearic acid is utilized as a mold-release agent. Thus, increase in use of oleochemicals in food industry coupled with growing food industry in developing countries create remunerative opportunity for the expansion of the oleochemicals market. In addition, oleochemicals are used in the production of household and industrial cleaning products such as surfactants, cleansing agents, emulsifiers, foam boosters, and degreasers, thus escalating their demand.

KEY MARKET BENEFITS FOR STAKEHOLDERS

This report provides an extensive analysis of the current & emerging market trends and dynamics of the global oleochemicals market.
In-depth analysis of all regions is conducted by constructing the market estimations for key segments between 2021 and 2030 to identify the prevailing opportunities.
The report assists to understand the strategies adopted by the companies for market expansion.
This study evaluates the competitive landscape to understand the market scenario across various regions.
Extensive analysis is conducted by following the key player positioning and monitoring the top competitors within the market framework.

IMPACT OF COVID-19 ON THE GLOBAL OLEOCHEMICALS MARKET

COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
In many countries, the economy has dropped due to the halt of several industries, especially demand and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic.
Owing to scarcity of resources in various parts of the world, the COVID-19 pandemic has negatively impacted the cosmetic and personal care industry. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge.
Substantial increase in pharmaceutical product sales during the pandemic may contribute to the market recovery in the near future. Owing to the pandemic, spending on medications, vaccines, and other therapeutic sectors has grown significantly, which is likely to boost the demand for oleochemical during the forecast period.

Key Market Segment


By Type

Fatty Acid
Fatty Alcohol
Ethoxylate
Others
Glycerol
Others

By Application

Pharmaceuticals
Personal Care & Cosmetics
Food & Beverages
Soap & Detergents
Polymers
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Thailand
Vietnam
Philippines
Indonesia
Malaysia
Singapore
Japan
South Korea
India
China
Australia
Rest of APAC
LAMEA
Brazil
Argentina
South Africa
Rest of LAMEA