Rising Adoption of Bio-based Plastic To Propel Oleochemicals Sales Past US$ 48.61 Bn by 2032
Oleochemicals Market to Reach US$ 28.76 Bn in 2022 Driven by High Biodiesel Production
Fact.MR's detailed analysis on the global oleochemicals market offers readers with a 360-degree view for the forecast period of 2022 to 2032. The report further reveals key information regarding future trends, opportunities, hindrances, and growth drivers across various segments, including type, application, and region.
NEW YORK, July 19, 2022 /PRNewswire/ -- The global oleochemicals market size is expected to be valued at US$ 48.61 Bn in 2032. Increasing usage of bio-based and renewable chemicals in pharmaceuticals, food & beverages, and personal care & cosmetics industries is projected to foster growth in forthcoming years.
High demand for biodegradable and sustainable chemicals for reducing the dependence on petrochemicals is also set to aid growth. As per Fact.MR, sales in the global oleochemicals market are anticipated to reach US$ 28.76 Bn in 2022, exhibiting growth at a CAGR of 5.4% over the forecast period (2022-2032).
Increasing initiatives by manufacturers to replace chemically-derived products with bio-based chemicals to lower reformulation, as well as re-equipping cost and time are likely to bolster growth. In addition to that, high demand for bio-based plastics from various end-use industries is anticipated to augur well for the market.
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Moreover, demand for glycerol is set to surge with the decreasing consumption of synthetic products, such as propylene glycol and Diethylene Glycol (DEG). It would further promote biodiesel production and enable companies to invest in the development of alternative methods for purifying crude glycerin.
Surging demand for oleochemicals in the pharmaceutical industry for the manufacturing of a wide range of drugs is another vital factor that would propel growth. Rising inclination of millennials towards organic and natural personal care products is also expected to spur growth.
Besides, increasing production of palm oil and palm kernel in the U.S. is projected to push sales of oleochemicals in the country. China, on the other hand, is set to exhibit considerable growth stoked by rising government initiatives to accelerate the production of green chemicals.
Key Takeaways:
- The U.S. oleochemicals market is anticipated to record steady growth at a CAGR of 6% in the forecast period from 2022 to 2032.
- High demand for fatty acid methyl ester to push the China oleochemicals market at 6.2% CAGR in 2032.
- Based on type, the fatty acid segment is projected to generate a market share of about 52.1% during the forthcoming years.
- By application, the pharmaceuticals and personal care category is set to hold a 32.1% market share in 2032.
- North America is likely to generate a lion's share of about 33.1% in the oleochemicals market by 2032.
Growth Drivers:
- Shifting preference for eco-friendly products and high cost of petrochemical products are expected to push growth.
- Usage of oleochemicals as fatty acids for the production of varnishes, lubricants, surfactants, detergents, and soaps is likely to drive growth.
Restraints:
- Pre-treatment of low-quality glycerin solutions can often release Volatile Organic Compounds (VOCs), which may hamper growth.
- Decomposition of small molecules with low weight may lead to odor emissions and decline sales of oleochemicals.
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Competitive Landscape:
The global oleochemicals market is consolidated with the presence of a few key players occupying a high share. The majority of these key players are investing huge sums in R&D activities, as well as striving to produce bio-based lubricants by using oleochemicals, such as soybean oil.
Meanwhile, some of the other companies are aiming to strengthen their product portfolio, expand customer base, and develop new manufacturing facilities by focusing more on mergers and acquisitions.
For instance,
- In June 2021, Arkema, a specialty chemicals and advanced materials manufacturer based in France, expanded its global production capacity of Oleris advanced bio-materials by 50%. The newly developed production capacity will be a part of the company's previously announced bio-factory that is currently under construction in Singapore.
- In September 2020, Emery Oleochemicals, a leading manufacturer of high-performance specialty chemicals headquartered in the U.S., unveiled its latest product line of general-purpose fatty acid esters named EMERY E. The product line would act as an eco-friendly alternative to petrochemical-based materials.
Key Companies Profiled by Fact.MR
- Emery Oleochemicals
- BASF
- Wilmar International
- Du Pont
- Solvay
- Musim Mas Group
- Croda International
- IOI Group
- Cargill Inc.
More Valuable Insights on Oleochemicals Market
In the latest study, Fact.MR offers a detailed study on global oleochemicals market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of oleochemicals through detailed segmentation as follows:
By Type:
- Fatty Acids
- Fatty Alcohol
- Glycerin
- Other Types
By Application:
- Pharmaceuticals & Personal Care
- Food & Beverages
- Soaps & Detergents
- Polymers
- Other Applications
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Oleochemicals Market Report
- What is the projected value of the oleochemicals market in 2022?
- At what rate will the global oleochemicals market grow until 2032?
- Which are the factors hampering the growth in the oleochemicals market?
- Which region is expected to lead in the global oleochemicals market during 2022-2032?
- Which are the factors driving the oleochemicals market during the forecast period?
- What is the expected market value of the oleochemicals market during the forecast period?
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