The global market of Oleochemicals Market has reached USD 21.4 Billion in 2019 and projected to reach USD 35.7 Billion by 2026 with a significant CAGR of 7.6% during the forecast period 2020-2026. High demand from consumer markets, an increasing market for green chemicals, and easy availability of raw materials, are some of the factors advancing the market growth.
The oleochemicals market is anticipated to experience huge growth owing to huge potential provided by these drivers. Global focus on the usage of eco-friendly products, recyclable property of oleochemicals and consumer demand for eco-friendly products is fueling the oleochemicals market. Supportive government policies associated with financial incentives and tax benefits for bio-based chemical producers are influencing the market positively.
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The current trends in the oleochemicals market propose that dependency on petrochemical feedstock is progressively reducing and making way for oleochemicals applications that substitute petroleum-based products. Increasing adoption of oleochemicals in several end-use segments, such as personal care, surfactants, and home care is boosting its sales significantly. Oleochemicals are observing increasing popularity as they can be replaced for the petroleum-derived products. The rising environmental concerns are propelling the adoption of biodegradable chemicals, which is further driving the growth in the oleochemicals market.
Fatty alcohol is the most lucrative segment in the market, followed by fatty acids. There is a rising demand for fatty alcohol in range of products such as lubricants & plasticizers, cosmetic & personal care, and food products. Whereas, these are majorly used in the production of surfactants and detergents. Widespread use of fatty acids for the manufacturing of day to day personal care and household products such as skin care lotions soaps, surfactants and detergents has led to fatty acids segment to dominate the market during the forecast period.
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Asia-Pacific dominated the global market, due to high rate of consumption and production of oleochemicals in the region, government support for bio-based products, and easy availability of feedstock, rising economic growth rate, and others. The growing demand for green chemicals in the emerging countries of Asia-Pacific, such as China and India is boosting the growth of the global market. The raw materials used in the production of oleochemicals in the developed nations are primarily inclined towards sunflower, soya, corn, rapeseed, tallow and lard. Asia-Pacific is extending its market share with growing consumption of oleochemicals driven by end market expansion.
Oleochemicals market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide oleochemicals industry. However, the companies that hold the majority share of oleochemicals market are AkzoNobel N.V., Evonik Industries, Kao Corporation, Emery Oleochemicals, Wilmar International, Kuala Lumpur Kepong Berhad, BASF SE, IOI Group Berhad, Evyap, Cargill, Ecogreen Oleochemicals, Vantage Specialty Chemicals, Chemrez Technologies, Inc., Genomatica, Godrej Industries, JNJ Oleochemicals Inc., Sakamoto Orient Chemicals Corporation(SOCC), Stepan Company, Pan Century Surfactants Inc., Pepmaco Manufacturing Corp., and other prominent players.
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