Pune, India, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The global oleochemicals market size is expected to reach USD 52.04 billion by 2028, exhibiting a CAGR of 6.4% during the forecast period. The growing demand from the food & chemical sector will have a tremendous impact on the market growth, states Fortune Business Insights in a report titled “Oleochemicals Market, 2021-2028.” The market size stood at USD 31.42 billion in 2020.
COVID-19 Impact:
The COVID-19 has broken conventional assumptions and thrown demand and supply networks in every area into disarray. As a result of the viral infection, many government standards and laws have been activated, prompting them to take action. Lockdown, a halt in production operations, social isolation, and transit limitations were among the rules. Chemical sector operations were temporarily suspended, including manufacturing different basic chemicals, feedstock chemicals, and other chemicals. The global Oleochemicals market share has been majorly affected by the epidemic, causing considerable damage to the manufacturing and production activities in the chemical industry.
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The Report Lists the Key Companies in the Oleochemicals Market:
- Cargill Inc. (Minnesota, U.S.)
- Kuala Lumpur Kepong Berhad (Perak, Malaysia)
- BASF SE (Ludwigshafen, Germany)
- Oleon N.V. (Ranst, Belgium)
- IOI Group Berhad (Putrajaya, Malaysia)
- Wilmar International (Singapore)
- Kao Chemicals (Tokyo, Japan)
- Twin Rivers Technologies (Massachusetts, U.S.)
- Croda Industrial Chemicals (Snaith, U.K.)
- Evonik Industries (Essen, Germany)
- Emery Oleochemicals (Selangor, Malaysia)
- Godrej Industries (Vikharoli, India)
Market Segments:
Based on type, the market is classified into fatty acids, fatty alcohols, methyl ester, and glycerin.
Based on application, the market is divided into food & beverages, chemicals, and animal feed. The food & beverages segment is expected to hold the largest share during the forecast period due to the growing adoption of bio-based thickeners, stabilizers, and other food additives in the food industry.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The report reveals:
- Exceptional insights into the industry
- Imperative data with in-depth research
- Factors exhibiting market growth
- A comprehensive study about main regions
- COVID-19 impact on the market
- Prime developments in the industry
Segmentation:
By type, the market is divided into:
- Alcoholic
- Non-alcoholic
Based on distribution channel, the market is segregated into:
- Mass Merchandisers
- Specialty Stores
- Online Retail
- Others
On the basis of geography, the global market is separated into:
- North America
- Europe
- Rest of the World
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Driving Factor:
Growing Shift towards Sustainable Feedstocks to Intensify Market
Oleochemicals are produced from plant and animal feedstocks. Waste vegetable oil is a low-cost, low-toxicity, renewable source of raw material for oleochemical synthesis. They're a great alternative to petroleum-based compounds. Surface active agents (Biosurfactants) are made from compounds derived from trans-esterification, epoxidation, and sulfonation of waste vegetable oils. They have a wide range of uses in petroleum applications.
Furthermore, sustainable raw materials provide several advantages over petroleum-based feedstocks. Palm oil, for example, is a popular raw resource due to its low cost, high efficiency, and productivity. Palms are perennial plants that use less fertilizer, insecticides, and energy than other plants. This market is projected to increase as a result of this.
Regional Insights:
Rising Need for Biofuels to Aid Expansion in Europe
North America is one of the fastest-growing regions on the planet. The market is largely driven by consumer knowledge of the harmful effects of chemical additions in personal care and cosmetic goods. Various cosmetic, skincare, and haircare firms, for example, have prohibited the use of methylene chloride and bithionol in their products. The rise of veganism has accelerated the use of plant-based components in personal care products. Because of the rising need for biofuels, Europe is anticipated to expand significantly. Consumer knowledge of biodiesel's long-term viability and the depletion of fossil fuels is boosting demand.
Furthermore, the existence of a large number of cosmetics and personal care firms is projected to boost growth. Latin America is anticipated to experience significant development as a result of improved economic and social circumstances. Colombia, Ecuador, and Guatemala are among the top producers of palm oil. The regional market is likely to benefit from this.
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Competitive Landscape:
Major Companies Hold a Substantial Share in the Industry
The market is rigorous in nature, with a few global companies taking a substantial share. Some of the market's major companies are BASF, Evonik, Emery Oleochemicals, Twin River Technologies, Cargill Inc., and Croda Industrial Chemicals.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Oleochemicals Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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Key Development:
January 2020: IOI Group announced its plan to construct a new Oleochemical plant worth RM220 million in Penang. The construction of a new plant is expected to increase the company's production capacity by 110000 tons per year to 890000 tons per year.
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