The primary driver for the oleochemicals market is the food industry. Advancement in processed foods, marketing strategies of companies, and consumer awareness in emerging economies is driving the food industry globally and therefore, the increase in demand for biodegradable products is anticipated to influence the growth of oleochemicals market throughout the forecast period. Rising demand for oleochemicals from natural raw materials is another factor driving the oleochemicals market. Biodegradability of products has become a quite popular trend these days owing to the stringent regulations focused towards maintaining product quality and health risk which promotes the use of natural raw material derived products such as oleochemicals. This, in turn, drives the global oleochemicals market throughout the forecast period.
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In addition to this, the decreasing dependency on petrochemical feedstock and the expanding applications of oleochemicals in replacing petroleum-based products is projected to create opportunity paths for the oleochemicals market. Opportunities for the oleochemicals market lies within its growing use in cosmetics and personal care products, pharmaceuticals, soaps & detergents, food & beverages, polymers among others.
The competition of oleochemicals from other substitutes might be a major threat to the oleochemicals market. Biodiesel products have been showing consistent growth which might create substantial demand for oleochemicals, in turn, decreasing the market growth of oleochemicals. Environmental concerns related to plantations and land availability are other factors hampering the growth of oleochemicals. In addition, the increasing demand for bio-diesel may cause a hike in biodiesel prices and is anticipated to directly affect the overall economics of oleochemicals based products, which might act as a restraining factor for the oleochemicals market.
Research and development is a key part of the oleochemicals market. The end product manufacturers & associations and, manufacturing companies invest for technology modifications and future advancements of oleochemicals to find a wide area of applications in personal care & cosmetics and, food industry, thereby, creating growth opportunities for the oleochemicals market throughout the forecast period.
Global Oleochemicals Market: Segmentation
On the basis of type, the global oleochemicals market can be segmented into:
- Fatty acid
- Fatty alcohol
- Methyl Ester
On the basis of application, the global oleochemicals market can be segmented into:
- Food and Beverage Industry
- Personal care & cosmetics industry
- Soaps and detergents
Global Oleochemicals Market: Region-wise Outlook
Growing demand for bio-degradable products in food and beverage industry is fueling the demand for oleochemicals globally. In regards to region, strict regulations in Europe against genetically modified (GM) food products drives the demand of oleochemicals market. Asia-Pacific is anticipated to dominate the oleochemicals market in terms of both value and volume. The increase in plantation activities in Indonesia, Malaysia, and the Philippines, in order to manufacture various cosmetics and personal care products from oleochemicals, is projected to boost the demand for the oleochemicals market in the region.
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Global Oleochemicals Market: Key Players
Some of the key players identified across the value chain of the global oleochemicals market are
- Emery Oleochemicals
- Wilmar International
- Du Pont
- Oleon NV, KLK Oleo
- Musim Mas Group
- Procter & Gamble Co
- Croda International
- IOI Group
- Cargill Inc
- Chemical Associates Inc
- Twin River Technologies,
- Evyap Oleo
- Godrej Industries
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