July 21, 2024
OLEOCHEMICALS MARKET

The Global Oleochemicals Market Driven By Growing Use In Various Industries

The global Oleochemicals Market is estimated to be valued at Us$ 24.22 Bn in 2023 and is expected to exhibit a CAGR Of 6.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The Global Oleochemicals Market Demand is expected to witness high growth. The market size is projected to reach US$ 44.91 Bn by 2030 from US$ 24.22 Bn in 2023, expanding at a CAGR of 6.9% during the forecast period.

Regional analysis

Asia Pacific dominates the global oleochemicals market, both in terms of production and consumption. China, India, Indonesia, and Malaysia are the major markets owing to easy availability of raw materials and growing end-use industries.

Key players

Key players operating in the Oleochemicals Market are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated. They compete on factors such as product pricing and quality to increase their market share.

Market key trends

One of the key trends in the oleochemicals market is the shift towards sustainable and natural ingredients in personal care and cosmetics industry. Consumer demand for natural beauty products with eco-friendly formulations is encouraging personal care manufacturers to increasingly utilize plant-based oleochemical ingredients such as fatty acids, fatty alcohols, and glycerin in production of various skincare and hair care items. These green chemicals allow formulation of natural creams, lotions, and other personal hygiene products without the use of harsh or synthetic substances. The clean label trend is thus propelling consumption of oleochemicals in personal care sector.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the oleochemicals market is moderate. Establishing manufacturing facilities requires large capital investments and R&D capabilities which pose a entry barriers for new players.

Bargaining power of buyers: The bargaining power of buyers in the oleochemicals market is high. Buyers can negotiate on price and quality standards due to availability of substitutes.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Feedstock availability plays a crucial role and suppliers can influence prices to some extent.

Threat of new substitutes: Threat from substitutes is moderate in the oleochemicals market. Advancements have led to substitute production but established products still have demand.

Competitive rivalry: The competitive rivalry in the oleochemicals market is high. Major players compete on factors like pricing, product differentiation and expanding applications.

The oleochemicals market consists of various fatty acid derivatives that are commonly used as an alternative to petroleum-based feedstocks and in production of biosurfactants, lubricants, additives, and specialty chemicals. Some key products in the oleochemicals market include fatty acids, fatty alcohols, glycerol, and methyl esters. Oleochemicals find wide applications in industries such as pharmaceuticals, soaps & detergents, food & beverages, plastics, coatings, and personal care due to their eco-friendly nature and excellent performance properties. The growing preference for green chemicals over petroleum-based products to achieve sustainability goals is propelling the demand for oleochemicals globally.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it