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Oleochemicals Market Set to Reach USD 41.09 Billion by 2031, Fueled by Sustainable Product Demand

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According to a comprehensive report by SNS Insider, the oleochemicals market was valued at USD 23.96 billion in 2023 and is projected to expand to USD 41.09 billion by 2031, exhibiting a robust compound annual growth rate (CAGR) of 6.8% during the forecast period of 2024-2031.

The versatility of oleochemicals across multiple industries is fueling this market expansion.

In the personal care and cosmetics sector, oleochemicals are key ingredients in a wide range of products, including skincare creams, hair care formulations, sun care products, and oral care essentials. The rising demand for naturally derived cosmetics and personal care products, driven by consumer preferences for hypoallergenic, non-carcinogenic, and chemical-free ingredients, is a major catalyst for market growth. Furthermore, the food and beverage industry is increasingly adopting oleochemicals in food packaging and as thickening and flow agents. The demand for bio-based and sustainable chemicals in food processing and packaging is expected to further propel the market forward.

  • For example, in August 2022, The Kuala Lumpur KepongBerhad Group launched DavosLife E3, a versatile oleochemical with potential applications in food and nutrition.

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Some of the Key Players Included are:

The major key players are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Kao Chemicals Global, Ecogreen Oleochemicals, Corbion, Cargill, Incorporated, Oleon NV, Godrej Industries, IOI Corporation Berhad, KLK OLEO, Evyap Sabun Yag Gliserin San ve Tic A.S., JNJ Oleochemicals Incorporated, Sakamoto Yakuhin kogyo Co., Ltd., Stephan Company, Pepmaco Manufacturing Corporation, Philippine International Dev., Inc. (Phidco, Inc.), and other key players mentioned in the final report

The oleochemicals market presents a wealth of opportunities, particularly in the realm of sustainable and environmentally friendly products.

As consumers become more conscious of the environmental impact of their choices, the demand for bio-based alternatives to traditional petrochemicals is on the rise. Oleochemicals, derived from renewable resources, perfectly align with this growing sustainability trend.

  • For example, in April 2023, Emery Oleochemicals introduced INFIGREEN 420R, a new product derived from post-industrial waste, highlighting the industry’s commitment to sustainability.

One of the key growth factors in this market is the abundance of raw materials, such as vegetable oils and animal fats. This availability ensures a stable and cost-effective supply chain for oleochemical production. Additionally, advancements in oleochemical processing technologies are continuously improving the efficiency and quality of these products, making them even more appealing to various industries.

Make Enquiry About Oleochemicals Market Report@ https://www.snsinsider.com/enquiry/2703 

Recent Developments

  • In April 2023, KLK Oleo completed the acquisition of Temix Oleo, diversifying its product portfolio and expanding its market presence.
  • In July 2022, BASF SE introduced the first Rainforest Alliance-certified personal care ingredients based on coconut oil, showcasing the growing emphasis on responsible sourcing.
  • In April 2022, Oleon N.V. commenced construction of a new plant in Baytown, Texas, underscoring its global expansion efforts.

Segment Analysis

By Product, Glycerol esters dominated the market in 2023, accounting for 35.6% of revenue, primarily due to their extensive use in food & beverages and personal care & cosmetics. Specialty Esters are poised for significant growth due to their ability to replace petroleum-based chemicals and materials, aligning with environmental regulations. By Application, the personal care & cosmetics segment held the largest revenue share in 2023, driven by the increasing demand for natural and sustainable personal care products.

By Product

  • Specialty Esters
  • Fatty Acid Methyl Esters
  • Glycerol Esters
  • Alkoxylates
  • Fatty Amines
  • Others

By Application

  • Personal Care & Cosmetic
  • Consumer Goods
  • Food Processing
  • Textiles
  • Paints & Inks
  • Industrial
  • Healthcare & Pharmaceuticals
  • Polymer & Plastic Additives
  • Others

Impact of the Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has had a notable impact on the oleochemicals market. Disruptions in the supply of sunflower oil, a key raw material for oleochemical production, have led to price volatility and supply chain challenges. This has prompted manufacturers to explore alternative sources and adjust their production strategies.

Regional Landscape

Asia Pacific region dominated the market in 2023 (41.2%), driven by the substantial presence of manufacturers in Malaysia and Indonesia. The abundant availability of raw materials like palm oil and palm kernel oil in the region has also contributed to its dominance. Favorable regulatory frameworks, such as REACH, are fostering the growth of the oleochemicals market in Europe. The increasing interest in biodiesel as a renewable fuel source is also boosting demand for oleochemicals. The U.S. and Canada are major players in the oleochemicals market in North America, with established manufacturers and abundant raw material resources.

Key Takeaways

  • The oleochemicals market is experiencing significant growth, driven by the increasing demand for sustainable and bio-based products.
  • The Roundtable on Sustainable Palm Oil (RSPO)is a prime example of how the oleochemicals industry is addressing sustainability concerns. The RSPO certification ensures that palm oil is produced in a way that minimizes environmental impact and respects the rights of workers and communities. This initiative has gained traction in recent years, with major brands and consumers increasingly seeking RSPO-certified palm oil-based products.

Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Oleochemicals Market Segmentation, By Product
  9. Oleochemicals Market Segmentation, By Application
  10. Regional Analysis
  11. Company Profiles
  12. Competitive Landscape
  13. Use Case and Best Practices
  14. Conclusion

Buy the Latest Version of Oleochemicals Market Report 2024-2031 @ https://www.snsinsider.com/checkout/2703 

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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Akash Anand – Head of Business Development & Strategy

info@snsinsider.com

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