Global Oleochemicals Market Report and Forecast 2023-2028

Global Oleochemicals Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global oleochemicals market is being aided by the growth of fatty alcohol and fatty acids markets. fatty alcohols industry attained a production volume of 3.93 million metric tons in 2022. Aided by the intensifying call for sustainable and eco-friendly alternatives to petrochemicals and the escalating applications of oleochemicals across multiple sectors, the market is expected to grow significantly by 2028.

Oleochemicals are chemical compounds derived from natural fats and oils, primarily from animal and plant sources. These biodegradable compounds, ranging from fatty acids, fatty alcohols, to glycerol, are establishing a strong foothold in various industries, replacing synthetic chemicals. Their advantages not only span biodegradability but also encompass cost-effectiveness and versatility in applications.

The underlying force steering the oleochemicals market growth trajectory is the global shift towards greener solutions. As environmental concerns intensify, industries worldwide are seeking sustainable alternatives to conventional petrochemicals. Oleochemicals, being derived from renewable biological sources, fit perfectly into this evolving narrative, thereby experiencing amplified demand.

As per the oleochemicals market analysis, with the rise in health and wellness awareness, consumers are opting for products that are natural, environmentally friendly, and devoid of harmful chemical constituents. This shift is notably observed in the cosmetics and personal care industry, where oleochemicals, given their natural origin, are becoming a staple. They impart moisturising, emulsifying, and stabilising properties to various products, making them indispensable in formulations of creams, lotions, and cleansers.

In the food and beverage sector, oleochemicals are gaining traction due to their utility as emulsifiers, stabilisers, and other functional ingredients. The demand for processed foods and the need for longer shelf-life products necessitate the use of ingredients that can ensure product stability and consistency. Oleochemicals, with their diverse functional roles, are ideally suited to meet these requirements.

Furthermore, the expanding realm of oleochemical applications doesn't stop at personal care and food industries. In the pharmaceutical sector, they are integral in the formulation of medicines, acting as emollients, solvents, or other auxiliary agents. Their bio-based origin often results in reduced side-effects, making them a preferred choice in sensitive formulations. Hence, the growing research and development activities in the pharmaceutical sector is fuelling the oleochemicals market demand.

The manufacturing and automotive sectors, too, are joining the oleochemical bandwagon. As industries veer towards sustainability, the role of bio-lubricants and bioplastics is growing. Oleochemicals, being at the core of these products, are witnessing an uptick in demand, further pushing the market's boundaries.

Market Segmentation

The market can be divided based on type, application, and region.

Market Breakup by Type

• Fatty Acid
• Fatty Alcohol
• Glycerine
• Ester
• Others

Market Breakup by Application

• Soap and Detergent
• Intermediate Plastic
• Coating and Resin
• Lubricants and Grease
• Paper
• Rubber
• Personal care
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global oleochemicals market. Some of the major players explored in the report by Expert Market Research are as follows:

• BASF SE
• Wilmar International Ltd
• Kuala Lumpur Kepong Berhad
• IOI Corporation Berhad
• Kao Corporation
• Ecogreen Oleochemicals Pte. Ltd
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.