Oleochemicals Market Growth & Trends
The global oleochemicals market size is expected to reach USD 39.08 billion by 2030, expanding at 7.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the increasing demand in the global markets for biopolymers.
The global oleochemical industry remains robust and is largely dependent on the movement of application markets. Personal care and cosmetics take up a majority share of the market on a global scale due to increasing consumer awareness about the benefits of using personal care products and increased expenditure on cosmetic products. Seeking the opportunity, globally, several multinational brands have emerged with premium cosmetic and personal care products to capture a significant share of the market.
Additionally, the fluctuating petrochemical prices are one of the major factors driving the shift in the trend toward sustainable chemicals. Moreover, the consumption of oleochemicals is expected to rise significantly in the coming years as a consequence of increasing demand for personal care products, pharmaceuticals, and food items.
Major firms that are vertically integrated throughout the value chain continue to define the market dynamics. The oil palm plantation, which includes independent farmers or plantation businesses, is where the value chain originates. Large worldwide firms with extensive presences across the value chain, like Vantage Specialty Chemicals; Emery Oleochemicals; Ecogreen Oleochemicals; and Kao Corporation, hold a sizeable share of the global oleochemicals industry.
Vegetable and animal oils & fats are utilized as common raw materials in the production of oleochemicals. They come from petrochemical feedstock as well. Rapeseed oil is a significant vegetable oil, as are those made from palm, castor, sunflower, soybean, peanut, and corn. Any fluctuations in the prices and availability of these raw materials affect the overall cost of production and as a result, increase the end cost of the product
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Oleochemicals Market Report
Oleochemicals Market Report Highlights
- The fatty acid methyl ester segment is expected to register the fastest growth rate of more than 8.7% during the forecast period, owing to the increase in demand for biodiesel and detergents as it is used in the production of these products
- The personal Care & Cosmetics application segment witnessed the fastest growth rate of approximately 7.9% due to the growing demand for oleochemicals in anti-aging and organic products to maintain an aesthetic appeal
- Asia Pacific region is expected to grow at the fastest growth rate of 7.8% from 2023 to 2030, on the account of overall development in the end-use application industries like personal care & cosmetics, food processing, pharmaceutical, and consumer goods
- In countries like India, China, Indonesia, and Malaysia, there has been a rapid increase in the number of food processing, cosmetics, pharmaceutical, and textile startup companies. This is expected to create a lucrative growth opportunity for various oleochemicals in the industry
- The global oleochemicals industry is highly competitive due to the presence of various dominant manufacturing companies such as Evonik Industries AG; Wilmar International Ltd.; Kao Chemicals Global; Corbion, Cargill; Incorporated; and Godrej Industries
