Specialty Oleochemicals Market in the US 2017-2021
About Specialty Oleochemicals
Oleochemicals are produced from animal and plant fats. These feedstocks are renewable and safe for the environment. Thus, oleochemicals are gaining prominence over their petroleum-based counterparts. They have the same functions as petroleum-based chemicals, but advantageous in terms of biodegradability. Specialty oleochemicals are used for specific applications in various industries including cosmetics, industrial, paints and coatings, food processing, polymers, plastics, additives, and others. For instance, glycerides and fatty acids are used mainly in paints and coatings.
Technavio’s analysts forecast the specialty oleochemicals market in the US to grow at a CAGR of 4.54% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the specialty oleochemicals market in the US for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Technavio's report, Specialty Oleochemicals Market in the US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Specialty Oleochemicals Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the specialty oleochemicals market in the US: Emery Oleochemicals, Evonik Industries, Kao Corporation, Vantage Specialty Chemicals, and Wilmar International.
Other Prominent Vendors in the market are: Amyris, Cailà & Parés, Cargill, Croda International, Evyap-Oleo, Godrej Industries, P&G Chemicals, PMC Group, and Prod'Hyg.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is development of new products and applications through oleochemicals. The need for sustainable products and government regulations are driving the development of new products. Traditionally, oleochemicals were used for various application such as surfactants, personal care products, and food additives. Some of the new applications are bio-lubricants, biopolymers, and bio-surfactants.”
According to the report, one driver in the market is increase in the use of bio-based feedstocks in products. Oleochemicals are used as an analog for petrochemicals, as they have the same functions. Consumers are becoming more aware of the health hazards regarding the use of fossil fuels and changing their attitude towards purchasing products. They prefer the use of safer and renewable ingredients in the products they use, especially the ones they consume or apply. This attitude has been driven by the adverse effects of petrochemical feedstock that contain carcinogenic substances such as 1,4-dioxane.
Further, the report states that one challenge in the market is storage and transportation of vegetable oils and animal fats. Vegetable oils and animal fats are the major raw materials used in the production of oleochemicals. The US EPA has set regulations for their storage and transportation, which must be met by the producers of oleochemicals, vegetable oils, and animal fats. These are regulated under 40 CFR 112. This regulation has the same requirements for petroleum and non-petroleum oils as they share similar physical properties. The major problem is the spilling of vegetable oils and animal fats that can form a coating on animals and plants.
Emery Oleochemicals, Evonik Industries, Kao Corporation, Vantage Specialty Chemicals, and Wilmar International, Amyris, Cailà & Parés, Cargill, Croda International, Evyap-Oleo, Godrej Industries, P&G Chemicals, PMC Group, and Prod'Hyg.