Global Oleochemicals Market is foreseen to amass around US $38.61 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
The burgeoning demand for the naturally obtained products across industries including food & beverages, pharmaceuticals, chemicals, etc. is slated to impel the growth of the global oleochemicals market. Oleochemicals are essentially chemical products which are sourced from animals or vegetable triglycerides, although they contain elements that originate from petrochemical products. Oleochemicals generally include fatty acids, fatty alcohols, methyl esters, and glycerin.
According to the report, the industry contenders with strong potential of research & development are focusing on introducing new formulations. Several companies, as well as countries, have been taking initiatives to develop novel formulations of these chemicals to meet the specific requirements of various end-users. The demand for these chemicals is propelled by the recent shift to bio diesel, however, strict regulations for blending are likely to increase the price of bio oil, which might lead to a fall in the demand for these chemicals.
This risk has mostly been alleviated due to the shift towards shale gas. In spite of such challenges, the demand for oleochemicals would continue to increase by virtue of their benefits over the petrochemical-based chemicals, claim market analysts.
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The report cites that the shift in consumer demand for nutritious and healthy foods derived from natural sources is one of the macroeconomic factors that is anticipated to fuel the demand for these products. The industry holds an unfathomable potential for profit-making, because of the depleting fossil reserves, which will boost the usage of biodiesel. Owing to these advantages, the demand for these products is projected to augment significantly in the coming eight years.
The product gamut of the worldwide oleochemicals market includes fatty alcohol, fatty acid, glycerin, and others. While, on the basis of application landscape, the global market is fragmented into personal care, food & beverages, polymers, detergents & soaps, and others.
Based on the geographical presence, the global organic seeds market consists of five major regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As per the findings of the report, Asia Pacific is quoted as the largest regional oleochemicals market. Growing production of palm oil and palm kernel in the region, the rapidly rising palm production capacity, and its strong integration of raw materials are among the primary factors driving the demand for oleochemicals in the regional market. The enhanced pressure from high-scale, highly productive manufacturers in the region is poised to influence the worldwide industry. The dominant industry participants in the region are currently strategizing to acquire the existing production facilities in Europe and the US, cites the report.
The well-known companies operating in the global oleochemicals market include Godrej Industries, Ecogreen Oleochemicals, Kuala Lumpur KepongBerhad, Oleon, Vantage Specialty Chemicals, SABIC, China Sanjiang Fine Chemicals, Evyap, Kao Chemicals, Kao Chemicals, Emery Oleochemicals, TerraVia, Evonik Industries, AkzoNobel, Wilmar International, BASF, PTT Global Chemical Public Company Limited, Cargill, Eastman Chemical Company, Alnor Oil Co. Inc., Isosciences LLC, Berg + Schmidt, MYRIANT, and Vegetable Vitamin Foods Company.
The latest report entails an exhaustive analysis of the global oleochemicals market drivers, restraints, and opportunities, in addition to the current market scenario & future trends. A brief overview of the prevailing industry trends, Porter's five forces, PEST analysis, value chain, regional landscape, competitive ranking analysis, and competitive vistas has also been included in the report.