Global Oleochemicals Market is Expected to Reach USD 35.76 Billion by 2025 : Fior Markets

Newark, NJ, Feb. 20, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global oleochemicals market is expected to grow from USD 22.76 Billion in 2017 to USD 35.76 Billion by 2025 at a CAGR of 5.81% during the forecast period 2018-2025. Recyclable property of oleochemicals, global emphasis on the use of eco-friendly products and consumer demand for environment-friendly products are the factors fuelling the oleochemicals market. Favorable government policies regarding financial incentives and tax benefits for bio-based chemical producers are positively impacting the industry.

Oleochemicals are extracted from natural sources including plant and animal fats. To counter the rapid rise in Crude Oil prices in the 1970’s, manufacturers were forced to switch from petrochemicals to oleochemicals as plant-based oils processed from palm kernel were cheaper. Thus, ushering the era of oleochemicals. Focus on using eco-friendly biodegradable products in FMCG goods such as detergents, soaps, food, and beverages is driving the global oleochemicals market.

Rising demand for biofuels as well as bio-lubricants and bio-polymers coupled with consumer demand for environment-friendly bio-based products is boosting the global oleochemicals market. Whereas volatility in raw material prices and the problem of production overcapacity are proving to be the major restraining factors for the growth.

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Key players operating in the global oleochemicals market include SABIC, BASF SE, Cargill Inc., Akzo Nobel N.V., TerraVia Holdings Inc., Wilmar International Ltd., Evonik Industries AG, Emery Oleochemicals, Evyap, Godrej Industries Ltd., Ecogreen Oleochemicals Pvt Ltd, Genomatica, Myriant, Amyris, Solazyme, Goldschmidt, Kao Chemicals, Oleon among others. To enhance their market position in the global oleochemicals market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

For instance Emery Oleochemicals, a world leading, natural–based chemicals producer and the largest oleochemicals manufacturer in North America announced the launch of renewable polymer additives portfolio by its Green Polymer Additives division that includes lubricants, plasticizers and antifogging agents at the Vinyltec 2018 Conference, taking place in Chicago, Illinois, USA from October 23–25.
To cater ever increasing demand for green eco-friendly polymers and lubricants firms are undertaking research and development activities and come up with innovative products. Stringent environmental regulations being imposed worldwide, especially in North America and Europe are leading to the development of novel bio lubricants which are environmentally less damaging as compared to conventional ones For instance Emery Oleochemicals exhibited DEHYLUB Esters are on the LuSC-List, thus offering formulators the benefit of creating finished fluids that will be readily granted the European Ecolabel approval and that can be used in marine lubricant applications per the EPA’s VGP regulations.
For instance, in June 2019 Genomatica, a technology leader for bio-based chemicals, had acquired certain assets of the REG Life Sciences division (REG LS) of Renewable Energy Group, Inc. (REGI), the largest supplier of advanced biofuels in North America. This acquisition had brought powerful technology and talent to help Genomatica to increase the sustainability of everyday products. The acquisition had increased Genomatica’s ability to make “long-chain” chemicals from renewable feedstocks. These chemicals (Oleochemicals) are widely used to make products such as surfactants, cosmetics, solvents, polymers, fuels and food ingredients.

Fatty acid segment accounted for USD 13.30 billion revenue in 2017

Type segment is divided into fatty acids, fatty alcohol, glycerine and others. Widespread utilization of fatty acids for the manufacturing of day to day personal care and household products such as surfactants, skincare lotions soaps and detergents has led to fatty acids segment dominate the market with USD 13.30 billion revenue in 2017. Glycerine segment is projected to grow at the highest pace among all segments at a CAGR of 7.54% over the forecast period owing to increasing demand for glycerine derivatives for the production of confectioneries, bakery, and protein drinks.

Food and Beverages segment is anticipated to grow at a CAGR of 8.06% in 2018-2025

Application segment is categorized into personal care, pharmaceuticals, soap and detergents, food and beverages, polymers and others. Increasing consumer preference for natural products and rise in awareness about ill effects of synthetic chemical products has propelled the food and beverages segment to grow at the highest CAGR of 8.06% over the forecast period. Soap and detergents segment accounted for 42.17% of total global oleochemicals volume in 2017.

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Regional Segment Analysis of the Oleochemicals Market

North America (U.S. , Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the market for oleochemicals in 2017 with 42.10% of total global revenues. Asia Pacific region being home to largest population on earth generates massive demand for personal care products, detergents and soaps, coupled with being the hub for production of raw material required for production of oleochemicals has led Asia pacific being the largest market for oleochemicals. Increased awareness about the natural products and change in consumer preference towards use of bio based eco-friendly products in North America region is expected to acquire for a significant market share over the forecast period. Imposition of strict emission norms in form of EURO 6 regulations has generated huge demand for biofuels like biodiesel which is expected to drive the demand within the Europe region.

About the report:

The global oleochemicals market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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