Global Oleochemicals Market Size to Reach USD 42.03 Billion in 2030 | Emergen Research
Recyclability is a significant factor driving global oleochemicals market revenue growth.
Vancouver, Aug. 16, 2023 (GLOBE NEWSWIRE) — The global oleochemicals market is poised to achieve a significant milestone, with an anticipated valuation of USD 42.03 Billion by 2030, underscored by a steadfast revenue compound annual growth rate (CAGR) of 4.2%, as outlined by the latest comprehensive analysis conducted by Emergen Research. This robust trajectory is chiefly propelled by a key driving force: the escalation of government regulations mandating the utilization of environmentally friendly products. Oleochemicals have emerged as compelling sustainable alternatives, gaining prominence in response to tightening environmental regulations and the depletion of non-renewable resources.
A confluence of factors fuels the growth of the oleochemicals market, encompassing abundant availability of raw materials, a discernible surge in consumer demand, and the expanding domain of green chemicals. The versatility of oleochemicals finds application across a spectrum of industries, notably in personal care, detergents, food, and beverages, heralding an era where sustainable solutions are progressively integrated into diverse products.
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Within this landscape, glycerol is poised to experience accelerated growth in the coming years, driven by its burgeoning popularity across personal care, as well as the food and beverage sectors. The attributes of glycerol, coupled with its versatile utility, position it as a pivotal component in a range of consumer products.
A recent trend within the market underscores the deployment of oleochemicals in the food and beverage domain. These compounds assume a pivotal role in crafting sanitizers for food contact surfaces, alongside securing FDA approval for food packaging. Notably, calcium stearate serves as a flow agent and emulsifier in confectionery production, while triple-pressed stearic acid finds utility as a mold-release agent and hardening additive within the food and beverage industry, alongside applications in lubricants, grease, and metalworking.
Oleochemical lubricants and greases, tailored to reduce friction and seal mechanical gaps, are particularly prevalent in the automotive and industrial realms. Dioctyl sebacate emerges as a prime choice for engine lubricating fluids, boasting resilience in both cold and high-temperature conditions. Similarly, rubber grade stearic acid emerges as a superior choice for crafting lubricants and grease due to its optimal C18 composition.
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Scope of Research
|Market Size in 2021||USD 28.78 Billion|
|Revenue Forecast to 2030||USD 42.03 Billion|
|Base Year for Estimation||2021|
|Quantitative Units||Revenue in USD Million and CAGR in % from 2022 to 2030|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Type, application, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa|
|Key Companies Profiled||Wilmar International Ltd., BASF SE, Eastman Chemical Company, Procter & Gamble, Cargill, Incorporated, Evonik Industries, Godrej Industries Limited, PTT Global Chemical Public Company Limited, Arizona Chemical, and Emery Oleochemicals|
|Customization Scope||10 hours of free customization and expert consultation.|
Major Companies and Competitive Landscape
The global oleochemicals market is fairly consolidated, with a few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective oleochemicals products. Some major players included in the global oleochemicals market report are:
- Wilmar International Ltd.
- BASF SE
- Eastman Chemical Company
- Procter & Gamble
- Cargill, Incorporated
- Evonik Industries
- Godrej Industries Limited
- PTT Global Chemical Public Company Limited
- Arizona Chemical
- Emery Oleochemicals
On 18 September 2020, Emery Oleochemicals announced the release of its EMERY E general-purpose fatty acid esters product line. These fatty acid esters offer good color stability, low odor, and good biodegradability. EMERY E bio-based esters are a sustainable alternative to petrochemical-based materials and can be used in formulation of a wide range of consumer and industrial systems including bio-diluent, solvent, or plasticizer in ink, adhesive, coating applications, plastic additives, pigment binding, and dispersing co-agents.
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Some Key Highlights From the Report
- The fatty acid segment is expected to account for a large revenue share over the forecast period. This is attributed to its increasing adoption of microbial fatty acid biosynthesis. Sustainable and inexpensive techniques for creating renewable chemicals and fuels are needed to serve the expanding population and economy while cutting carbon emissions. Oleochemicals are petrochemical substitutes that are often manufactured from limited resources such as animal and plant fats. There is a lot of interest in microbial fatty acid biosynthesis since it offers a way to make renewable oleochemicals. According to several studies, Escherichia coli has been genetically modified to create a range of oleochemicals including alkanes that can be used right away as biofuels. On the other hand, yeast Saccharomyces cerevisiae is more suited for industrial scale production due to its robustness, tolerance to challenging fermentation conditions, and widespread use in synthesis of bioethanol.
- The pharmaceuticals and personal care segment is expected to account for a large revenue share in the global market over the forecast period owing to increasing application of oleochemicals. Oleochemicals can be used in pharmaceutical and nutraceutical sectors as emollients, thickeners, and preservatives. Isopropyl myristate functions as a moisturizer in topical medicinal treatments in addition to being used as an emollient or thickening agent in other pharmaceutical applications. Glycerin 99.7% is a humectant that is utilized in creation of dental care items as well as cough syrups. Oleochemicals are important ingredients in personal care products for maintaining healthy skin and hair and have increased in popularity, due to their potential to be free of allergies and carcinogens. Glycerin, also known as glycerol, is commonly used owing to its hydrating properties and is made from lipids found in plants. AHCOHOL 1618 is mostly made from vegetables, hypoallergenic, and a combination of synthetic and natural sources.
- The North America market is expected to account for largest revenue share during the forecast period, which is primarily attributed to the region’s key market players’ increasing R&D activities and launch of new and innovative products. For instance, Univar offers over 150 oleochemicals with a natural base to producers in over 25 different industries in North America. They provide a wide variety of fatty acids, fatty alcohols, and fatty acids made from plant, animal, and vegetable oils. Products, such as food, personal care items, and numerous industrial uses, all employ these things. As a result, the region’s top market players are becoming more active, which is rising demand for oleochemicals and, in turn, driving market revenue growth.
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Emergen Research has segmented the global oleochemicals market based on type, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Fatty Acid
- Fatty Alcohol
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Pharmaceuticals & Personal Care
- Food & Beverages
- Soaps & Detergents
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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