The global oleochemical market size was USD 22.24 Billion in 2022 and is expected to reach USD 33.05 Billion in 2032, and register a revenue CAGR of 4.5% during the forecast period. The demand for sustainable products, the popularity of bio-based products, and the growing demand for eco-friendly products in the personal care and healthcare sectors are major factors driving the market revenue growth.
With the growing knowledge of negative effects Petrochemical-based goods have on the environment, oleochemical demand is rising. Oleochemicals are an environmentally benign and sustainable alternative to petrochemicals because they are made from natural oils and fats. They are utilized in a variety of products, such as biodiesel, lubricants, soaps, and Detergents. Since oleochemicals are used to make a variety of personal care products, including shampoos, conditioners, lotions, and creams, the personal care industry is a significant user of them. Oleochemicals offer a safe and environmentally friendly substitute for synthetic chemicals that are frequently used in personal care products. Revenue growth of the oleochemical market is being driven by rising demand for natural and Organic Personal Care products.
The economic and ecological benefits of oleochemicals as energy resources and intermediates for industrial chemicals are driving demand in the industry. Oleochemicals are also used as intermediaries in the pharmaceutical, rubber, plastic, paint, and lubricant industries. The fatty acid industry has the added advantage of generating glycerin as a byproduct, which is automatically produced when fats or oils are hydrolyzed.
Short-chain fatty acids have applications in multiple industries such as personal care, agrochemicals, and food and feed additives. Medium and long-chain fatty acids are used in emulsifiers, textile chemicals, and plastic and rubber additives. Natural oleochemicals are highly sought after due to their easy availability, cost-effectiveness, and growing concern for the environment.
The Asia-Pacific region provides lucrative growth opportunities for the market, as it has a high population growth rate, economic development, and a rising standard of living. The region also has easy availability of feedstock and growing support from the government for bio-based products.
Key players in the market include BASF SE, Wilmar International Ltd., Godrej Industries, Eastman Chemical Company, Evonik Industries, PG Chemicals, Arizona Chemical Company LLC, Emery Oleochemicals Group, and Cargill Incorporated, among others. The report segments the global oleochemicals market based on raw material, type, application, and region.
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Oleochemicals Market: Drive factors
The growth of the oleochemicals market is primarily driven by the rapid production of kernel oil and palm oil. Additionally, the market is being fueled by the increasing demand for bio-based lubricants, which are replacing traditional and synthetic lubricants, thus improving vehicle efficiency. Waste vegetable oils are also being used as a low-cost and sustainable feedstock for the production of oleochemicals, which are considered ideal substitutes for petroleum-based chemicals. The production of byproduct glycerin from the hydrolysis of fats and oils is also a significant advantage of the fatty acid industry. The availability of natural oleochemicals, cost-effectiveness, and growing concern for the environment are also driving the market. The Asia-Pacific region is providing lucrative growth opportunities due to high economic development, support from the government for bio-based products, and easy availability of feedstock.
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