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Oleochemicals
Market
The Oleochemicals Market is estimated to be valued at US$ 24.22 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oleochemicals are organic chemicals obtained from plant and animal fats and
oils. They include fatty acids, fatty acid methyl esters, glycerol, etc. Oleochemicals
are used in a wide range of end use industries including food & beverages,
personal care & cosmetics, pharmaceuticals, soaps & detergents among
others. They offer advantages like biodegradability, renewable nature and wide
availability as compared to petrochemicals.
Market key trends:
The global oleochemicals market growth is driven majorly by rising demand from
end-use industries such as personal care & cosmetics, soaps &
detergents and food & beverages. The personal care & cosmetics industry
has been a major consumer of oleochemicals due to their emollient properties
and natural attributes. Glycerin, fatty acids, and esters find wide usage in
formulations of skin care products, hair care products and make-up products.
Further, increasing consumer preference for natural and bio-based personal care
products will propel the demand for oleochemicals in this segment. The rapidly
growing demand from end-use industries is expected to accelerate the global
oleochemicals market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up of
production infrastructure requires large capital investments. Bargaining power
of buyers: The bargaining power of buyers is moderate to high as some buyers
can switch between oleochemical producers. Bargaining power of suppliers: The
bargaining power of suppliers is high since raw materials constitute a major
part of the production cost. Threat of new substitutes: Threat of new
substitutes is moderate as new greener substitutes may emerge over time.
Competitive rivalry: is high due to existence of many regional and
international players.
SWOT Analysis
Strengths: Eco-friendly nature of oleochemicals and wide range of applications
in industries such as soaps & detergents, food & beverages,
pharmaceuticals etc. Weaknesses: Volatility in availability and prices of raw
materials. Varying quality and specifications of fatty acids/esters produced
from different feedstock. Opportunities: Growing demand for bio-based and
sustainable chemicals. Increasing consumption in emerging economies. Threats:
Stringent regulations regarding usage of certain chemicals. Fluctuations in
crude oil prices affecting production economics.
Key Takeaways
The global Oleochemicals
Market Share is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period,
due to increasing preference for environmentally sustainable chemicals. The
Asia Pacific region dominated the global market in 2023, accounting for
approximately 40% share. China, India, Indonesia, and Malaysia are considered
the major markets in the region due to the availability of raw materials and
aggressive biofuels targets set by regional governments. Key players operating
in the oleochemicals market are Vantage Specialty Chemicals, Inc., Emery
Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V,
Cargill, Incorporated, and KLK OLEO.
Read More,
https://www.newsstatix.com/oleochemicals-market-trends-size-and-share-analysis/
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