USD 33.1 billion
Report ID: SQMIG15A2276 | Region: Global | Published Date: July, 2023 | Pages: 165 | Tables: 65 | Figures: 75
Oleochemicals Market size was valued at USD 33.1 billion in 2021 and is poised to grow from USD 35.43 billion in 2022 to USD 54.43 billion by 2030, growing at a CAGR of 6.3% in the forecast period (2023-2030).
The global oleochemicals market size is projected to grow at a positive CAGR between 2023 and 2030. Oleochemicals are organic compounds that are obtained from renewable sources such as animal fats, and vegetable oils. It is widely used across several industries such as food and beverages, cleaning products, and industrial applications. The market size is anticipated to grow owing to the shift towards bio-based products and increase in consumer awareness for eco-friendly alternatives.
Oleochemicals are produced through oleochemistry which includes the chemical transformation of glycerides that are found in fats and oils. The common materials used in oleochemical production comprise coconut oil, soybean oil, and rapeseed oil. The major types of oleochemicals include fatty esters, derivatives, and fatty alcohols.
Oleochemicals market is significantly driven by the growing demand for chemicals in the food and beverage industry. Apart, the expansion in the food industry in emerging countries is expected to drive more demand for oleochemicals in the forthcoming years.
US Oleochemicals Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 33.1 billion
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Oleochemicals market is segmented based on type, application, and region. Based on type, the market is segmented into fatty acids, fatty alcohols, methyl esters, and glycerin. Based on the application, the market is segmented into food & beverages, chemicals, animal feed, and others. Based on region, the oleochemicals market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Oleochemicals Market Analysis by Type
The fatty acids segment dominated the global oleochemicals market. The category is expected to grow as a result of rising demand for bio-based fatty acids from end-use industries such as personal care, cosmetics, chemicals, food & beverages, pharmaceuticals, and others. The increasing use of oleochemicals is predicted to result in significant demand for fatty alcohols and methyl esters. A strong growth rate in the glycerin category is projected due to rising product demand from the personal care and cosmetics industry.
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In 2022, Asia Pacific accounted for USD 17 billion in 2022 and held the biggest market share for oleochemicals because of the region's high output of raw materials. The regional market is anticipated to grow as green alternatives are more adopted and raw materials become more readily available. For instance, the biggest producers of palm oil—the primary feedstock for oleochemical production—are Malaysia and Indonesia. Malaysia produced 25.8% of the world's total palm oil, according to the Malaysian Palm Oil Council (MPOC).
North America is rapidly expanding and the market is primarily driven by consumers' growing knowledge of the negative consequences of chemical compounds in personal care and cosmetic products. Due to the increased need for biofuels, Europe is expected to grow significantly. The market growth is anticipated to be facilitated by rising consumer knowledge of the sustainability of biodiesel and the number of manufacturers of cosmetics and personal care products. Due to the region's improved economic and social climate, significant growth is predicted.
Leading palm oil producers are Guatemala, Ecuador, and Colombia. The local market is likely to be driven by these factors. Due to a large number of surfactant and soap-making enterprises, the markets in Middle East & Africa is projected to experience significant expansion.
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Oleochemicals Market Driver
Significant demand from diverse industries to boost the market growth.
Oleochemicals Market Restraint
Competition from Petrochemical-based products and limited availability of raw materials to constrain the market growth
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To complete diverse research and development tasks, market leaders are taking strategic actions including partnerships and collaborations. They are able to offer cutting-edge products and keep their place in the global oleochemicals industry thanks to these activities. A good example of this is the collaboration between Genomatica and Covestro. Both businesses want to achieve market growth that is sustainable through this cooperation. The competitive environment for the worldwide oleochemicals market is somewhat fragmented as a result of the existence of numerous companies in it.
Top Players in the Global Oleochemicals Market
Oleochemicals Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by type, the fatty acid segment dominated the global oleochemicals market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global oleochemicals market owing to the region's increased output of raw materials.
|Market size value in 2021||USD 33.1 billion|
|Market size value in 2030||USD 54.43 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Oleochemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oleochemicals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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