With the emergence and long-term Impact of COVID-19, Global Oleochemicals Market to reach USD 57.76 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Oleochemicals Market points towards a potential rise to USD 57.76 Billion by 2030. Oleochemicals are a class of chemicals derived from natural oils and fats, primarily obtained from plants and animals. These renewable feedstocks undergo a process called saponification or hydrolysis to yield a variety of oleochemical products. Common sources include palm, coconut, soybean, and rapeseed oils. Oleochemicals find applications in various industries, such as personal care, pharmaceuticals, food, and industrial sectors, due to their versatility. The Oleochemicals Market is expanding because of factors such as rising demand for natural and organic personal care products, increasing demand for pharmaceutical drugs and surge in demand for green chemicals.
Geographically, the global Oleochemicals market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022. This can be credited to the significant concentration of manufacturers in the market, particularly in Malaysia and Indonesia. Moreover, the region’s expansive captive market and abundant availability of raw resources such as palm oil and palm kernel oil have incentivized manufacturers to augment their production capacity in the area.
Europe is expected to grow at the fastest rate over the forecast period. The anticipated expansion of the oleochemicals industry in Europe is expected to be propelled by supportive regulatory measures, particularly those implemented by the Registration, Evaluation, and Authorization of Chemicals (REACH), aiming to encourage sustainable chemicals and alternatives to petrochemicals. Additionally, the growing interest in biodiesel as a substitute for traditional petroleum-based fuels is foreseen to drive increased demand for specific oleochemicals such as glycerin and methyl ester sulfonate in the region.
The global Oleochemicals market is highly competitive owing to the presence of several key players such as Cargill Inc. Kuala Lumpur Kepong Berhad BASF SE Oleon N.V. IOI Corporation Berhad Wilmar International Ltd Kao Chemicals Global Twin Rivers Technologies Inc Croda International Plc Evonik Industries, and others.
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Key findings of the study suggest:
- Global Oleochemicals Market is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2023-2030.
- In the Type segment, Fatty Acids emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the significant concentration of manufacturers in the market, particularly in Malaysia and Indonesia. Moreover, the region’s expansive captive market and abundant availability of raw resources such as palm oil and palm kernel oil have incentivized manufacturers to augment their production capacity in the region.
- North America is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Fatty Acids
- Fatty Alcohols
- Methyl Esters
- Glycerin
By Application:
- Food & Beverages
- Chemicals
- Animal Feed
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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