The global Oleochemicals market size is expected to be worth around US$ 31.3 billion by 2027, according to a new report by Vision Research Reports.
The global Oleochemicals market size was valued at US$ 20.0 billion in 2019 and is anticipated to grow at a CAGR of 5.7% during forecast period 2020 to 2027.
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The growth in the market can be attributed to increasing prices of and a shift in the trend toward sustainable chemicals. In terms of production and product penetration, increasing demand for biopolymers is also projected to positively influence market growth.
Rising crude oil prices have resulted in a significant shift toward the utilization of vegetable oils, such as palm and palm kernel oil, as a primary feedstock for oleochemical production. In 2016, around 8% of the total volume and 70% of the total palm kernel oil volume were consumed for the production of oleochemicals. Easy availability of raw materials and minor toxicity levels and green image of the products are some of the key factors driving the market growth.
Glycerol is estimated to be the fastest-growing product segment due to increasing demand for technical-grade refined glycerin in the manufacturing of metalworking fluids, adhesives & sealants, polyols, agrochemicals, oilfield chemicals, and solvents
In 2019, Linoleic (C18:2) acid emerged as the largest fatty acid product segment, both in terms of volume and revenue owing to the high product demand in the production of dietary supplements, paints & varnishes, food flavoring agents, and surfactants
Soaps & detergents is projected to be the leading application segment, both in terms of volume and revenue
The growth in this segment can be attributed to increasing product demand from industrial & institutional cleaning and textile sectors
Key PlayersCargill, Incorporated SABIC Vantage Specialty Chemicals, Inc. Kuala Lumpur Kepong Berhad Emery Oleochemicals Kao Chemicals Evonik Industries Nouryon IOI Corporation Berhad Wilmar International Ltd. Godrej Industries Oleon NV Chemrez Technologies, Inc. Corbion NV.
Oleochemicals Product OutlookFatty Acids Fatty Acids, By Product C6 C8 C8-10 C10 C12 C12-14 C14 C16 C18:0 C18:1 C18:2 C18:3 Other Fatty Acids, By Application Soaps & Detergents Intermediates Plastics Rubber Paper Lubricants & Greases Personal Care Other Fatty Alcohols Fatty Alcohols, By Product C6-C10 C11-C14 C15-C22 Other Fatty Alcohols, By Application Soaps & Detergents Personal Care Lubricants Amines Other Glycerol Glycerol, By Product Crude Refined Glycerol, By Application Personal Care & Pharmaceuticals Alkyd Resins Polyether Polyols Foods & Beverages Tobacco Humectants Others
Oleochemicals Regional OutlookNorth America U.S. Canada Mexico Europe Germany France U.K. Italy Spain The Netherlands Belgium Asia Pacific China India Japan Malaysia Indonesia Philippines Middle East & Africa Central and South America Brazil Argentina Colombia Ecuador Chile