The global oleochemicals market size was valued at USD 19.46 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.57% from 2021 to 2028. Rising consumption of renewable, sustainable, and bio-based chemicals in personal care & cosmetics, food & beverages, pharmaceuticals, and other industries is anticipated to drive the product demand over the forecast period. Moreover, the high costs of petrochemical products and shifting preference for eco-friendly products will boost the product demand further.
The consumption of specialty esters in the end-use industries, such as personal care products and cosmetics, is rising, which is expected to propel the market growth over the forecast period. The increasing demand for sustainable and biodegradable products for reducing petrochemical dependence is estimated to remain a primary factor driving the market growth.
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Manufacturers are taking initiatives aimed at replacing chemically-derived products with bio-based chemicals to minimize the reformulation and re-equipping time and cost. The rising demand for bio-based plastics is also expected to have a positive influence on market growth.
Key Player Mentioned:
- Cargill, Inc.
- SABIC
- Kuala Lumpur Kepong Berhad
- BASF SE
- Oleon N.V.
- IOI Group Berhad
- Wilmar International
- Kao Corp.
Product Segment Analysis:
- Specialty Esters
- Fatty Acid Methyl Ester
- Glycerol Esters
- Alkoxylates
- Fatty Amines
- Others
Application Segment Analysis:
- Personal Care & Cosmetics
- Consumer Goods
- Food & Beverages
- Textiles
- Paints & Inks
- Industrial
- Healthcare & Pharmaceuticals
- Polymer & Plastic Additives
- Others
Some of the basic 0leochemicals products include specialty esters, glycerol esters, alkoxylates, and others among which specialty esters represent one of the largest product segments. Fatty acids based on animal fats, plant oils, and vegetable oils are used in numerous applications in the industrial, personal care & cosmetic products, and food & beverages sectors.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Companies are also focusing on acquisitions and mergers to strengthen their product portfolio, manufacturing capacities, and serve the customers globally. For instance, in November 2019, Emery Oleochemicals expanded its distribution partnership with Omya Inc. the company is leveraging the capabilities of Omya to provide technical support to Emery’s U.S. customers for Green Polymer Additives (GPA) products, such as release agents, antifogging, lubricants, and specialty plasticizers.
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