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Oleochemicals Market to Rise Significantly Due to Demand from Chemical and Food Industries

December 22, 2022 | Chemicals & Materials

The global oleochemicals market size is anticipated to show strong progress by reaching USD 54.43 billion by 2029. Fortune Business Insights™ in its report titled “Oleochemicals Market Size, Share & COVID-19 Impact Analysis, By Type (Fatty Acids, Fatty Alcohols, Methyl Esters, and Glycerin), By Application (Food & Beverages, Chemicals, Animal Feed, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 33.10 billion and USD 35.43 billion in 2022. The market is expected to witness a strong CAGR of 6.3% during 2022-2029. Increasing demand from the food and chemical industries is projected to drive market growth. Awareness amongst people regarding the harmful effects of the exploitation of fossil fuels and petrochemical resources will increase market expansion.


Joint Venture Between PT Apical Kao Chemicals and Apical Group to Propel Market Progress


In May 2019, PT Apical Kao Chemicals, a joint venture of Kao Corporation and Apical Group Ltd., a producer of fatty acids, completed a new plant. This joint venture resulted in increase in production capacity and promote stable supply of oleochemicals. This new plant is expected to drive the market growth. It is anticipated to offer the products to an expanded customer base.    


Low Cost and Sustainability of Chemicals to Fuel Market Expansion


Oleochemicals are derived from animal feedstock and vegetable feedstock which is expected to aid the market growth. Waste vegetable oil is renewable in nature and has low cost and low toxicity, which is projected to surge the demand for such chemicals. The raw materials have remarkable benefits compared to petroleum feedstock as these living feedstocks have high efficiency and productivity. For example, palm oil is a significant raw material attributed to its low costs, high efficiency, and productivity.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/oleochemicals-market-106250


Decline in Various End-use Industries to Inflate Market Trajectory


The COVID-19 pandemic led to a decline in various sectors due to disruptions in supply chains. Halt in manufacturing activities, social distancing, and transportation restrictions in many countries occurred due to lockdown since the spread of COVID-19. According to the Malaysian Palm Oil Council (MPOC), the demand has been high after COVID-19. Growth for the product was related with increased demand for sanitizers, disinfectants, and cleaning products. However, the pandemic impacted the market but the manufacturers are returning with their full production operation activities.


Market Players Upgraded their Product Portfolio to Strengthen their Market Position


Key market players are BASF, Evonik, Emery Oleochemicals, Twin River Technologies, Cargill Inc., and Croda Industrial Chemicals. They have been updating and elevating their product portfolios for enhancing their market share. For example, in April 2021, KL-Kepong Oleomas Sdn Bhd is the production site of KLK OLEO Group. It added sodium lauryl sulfate and sodium lauryl ether sulfate to its product portfolio. Such industrial development is set to bring in a competitive advantage.


Key Industry Development



  • April 2022: Oleon N.V. launched the construction for a new plant in Baytown, Texas. The company invested USD 50 million to establish a new plant for international expansion.    


List of Key Companies Profiled in the Report:



  • Cargill Inc. (U.S.)

  • Kuala Lumpur Kepong Berhad (Malaysia)

  • BASF SE (Germany)

  • Oleon N.V. (Belgium)

  • IOI Group Berhad (Malaysia)

  • Wilmar International (Singapore)

  • Kao Chemicals (Japan)

  • Twin Rivers Technologies (U.S.)

  • Croda Industrial Chemicals (U.K.)

  • Evonik Industries (Germany)

  • Emery Oleochemicals (Malaysia)

  • Godrej Industries (India)


Further Report Findings



  • The market in Asia Pacific stood at USD 16 billion in 2021 due to growing awareness about the harmful effects of the exploitation of fossil fuels and petrochemical resources, which is expected to increase the global oleochemicals market share during the forecast period.

  • The majority demand in the region is backed by ASEAN countries and China which is estimated to increase the market share across the region.

  • In North America, the market is expected to have a considerable growth due to growing market for the chemical sector in the U.S., which is expected to drive the market in the country.


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Type, Application, and Geography



By Type




  • Fatty Acids

  • Fatty Alcohols

  • Methyl Esters

  • Glycerin



By Application




  • Food & Beverages

  • Chemicals

  • Animal Feed

  • Others



By Geography




  • North America (By Type, By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Type, By Application, By Country)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Type, By Application, By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Indonesia (By Application)

    • Other ASEAN (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Type, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Type, By Application, By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East (By Application)




Global Oleochemicals Market
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  • 2021
  • 2018-2020
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