Specialty Oleochemicals Market is anticipated to witness lucrative growth over 2017-2026, 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.
For the record, specialty oleochemicals are plant-based chemicals that are highly-priced and offer high-profit margins. These chemicals exhibit features like surface activity, emulsifying properties, and other favorable biological characteristics. The product also offers a crucial advantage of being environmentally friendly compared to its petrochemical counterparts.
According to the report, the specialty oleochemicals market is primarily driven by sustainability factor like its plant-based raw materials and wide range of application worldwide. These chemicals are widely used in pharmaceuticals, food, personal care, and other consumer products. Moreover, they are used in drilling fluids, agrochemicals, paints, inks, textile materials, and in deicing chemical agents.
Rising economic growth in several developing economies worldwide coupled with increase in standard of living and disposable income has bolstered production of consumer goods and commodities, which make use of specialty chemicals. Additionally, rising consumer awareness regarding the utilization of environmentally sustainable products have led to increased demand for products made from specialty oleochemicals, further supplementing market growth.
Supportive regulatory frameworks have also contributed to the growth of global specialty oleochemicals industry. The product can potentially replace petrochemical-based products in end-use applications like inks, textiles, paints, and plastic & polymer additives. A key factor that is expected to drive immense growth in specialty oleochemicals market over the forecast period.
In terms of regional share, Asia Pacific has emerged as a dominant region in global specialty oleochemicals market. Export of palm oil, a key feedstock for specialty oleochemicals, is led by the Southeast Asian countries like Indonesia and Malaysia, further driving market growth. Moreover, rapid increase in palm cultivation in such countries is anticipated to positively impact the environment.
North America has also witnessed momentous growth in specialty oleochemicals industry. The region has recorded high demand for natural derivative based pharmaceuticals and personal care products. Moreover, some minor applications like inks and drilling fluids have also grown substantially in terms of demand, cites the report.
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Reportedly, the specialty oleochemicals market has been moderately competitive. It comprises of large number of local and international market players, some of which include KLK Oleo, IOI Group, Emery Oleochemicals, Oleon, Evonik Industries, Kao Corp., Wilmar International, and Vantage Specialty Chemicals.
The company profiles of these firms are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments. The report also provides an extensive quantitative and qualitative analysis of potential growth prospects and future trends in specialty oleochemicals market between 2017-2026.