Key trends driving market expansion include the recyclability of oleochemicals, increasing demand for biodegradable and sustainable products, and the growing demand from the end-user industry such as pharmaceutical, cosmetics, and food industries, the Global Oleochemicals Market is Forecasted to Reach US$ 50 Bn by 2028 says Ken Research Study.
Oleochemicals are chemicals created from the organic fats and oils found in both animals and plants. It is made by separating glycerol and fatty acids from the fats and oils’ triglyceride structure. Different forms of oleochemical substances, such as fatty acids and fatty alcohols, are produced by hydrolyzing or methylating oils and fats.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Consumption of Renewable, Sustainable, and Bio-Based Chemicals in Various End-User Industries Has Created a Specialized Demand for Oleochemicals Products
According to Research estimates, the Global Oleochemicals Market – which was valued from around US$ 20 Bn in 2017 to nearly US$ 30 Bn by 2022 – is expected to grow further to more than US$ 50 Bn opportunity by 2028.
Oleochemicals are widely used in various end-user industries. These are widely utilized for the preparation of polishing, and treating agents in leather products, softeners, general industrial lubricants, vulcanizing agents, biodegradable base oils, hydraulic fluids, culture media, shampoos, creams, soaps, protective coatings, etc. Additionally, the opportunity to replace petroleum-based products is creating immense opportunities for the growth of the Global Oleochemical Market.
2. Oleochemicals as a Replacement to Petroleum-Based Products is Positively Impacting the Market Growth
Fossil fuels pose a negative impact on the environment as when burned, release a large amount of carbon dioxide, particularly petroleum. Governments are increasing regulations for petroleum’s moderate use. Oleochemicals are a preferable substitute for chemicals derived from petroleum. Additionally, oleochemicals are environmentally beneficial and sustainable, resulting in reduced pollution. These factors are causing the oleochemicals market to grow steadily and are anticipated to continue doing so over the projected period.
According to a report published in Oil & Fat Magazine (magazine) in April 2021, the production of Biodiesel in Malaysia was 6.4 million tonnes in 2019 and in 2020 it jumped around 56% to become 1 million tonnes. By the end of 2021, biodiesel production in Indonesia is expected to reach 17 million tonnes.
3. The emission of Volatile Organic Compounds (VOC) is a Major Concern Which Impedes the Growth of the Global Oleochemicals Market
Despite all of its benefits, Oleochemicals have a certain adverse impact on the environment such as VOC and other harmful gaseous emissions, wastewater release, hazardous waste release, etc. Volatile organic compounds are produced during the pre-treatment of poor-quality glycerin solutions or in vacuum generation systems. Also, Air emissions from fatty acids production mainly include fugitive emissions of volatile organic compounds. Volatile organic compounds can cause odor emissions due to the presence of low molecular weight decomposition products. These factors are expected to hamper its acceptance by end-users and consequently limit the growth of the market.
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According to research conducted by Aerosol and Air Quality Research (AAQR), in 2017, in California, USA, in rendering plants, the volatile organic compounds (VOCs) found at high concentrations are acetic acid (80–320 ppb), acetone (55–241 ppb, along with nine other aldehyde/ketone products ranging from 0.4–60 ppb), and ethanol (15–81 ppb). These constituents have low odor thresholds and thus contribute to nuisance odor problems.
Key Topics Covered in the Report
- Snapshot of the Global Oleochemicals Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Oleochemicals Market
- Historic Growth of the Overall Global Oleochemicals Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Oleochemicals Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Oleochemicals Market
- Future Market Forecast and Growth Rates of the Total Global Oleochemicals Market and by Segments
- Market Size of Product Type / Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Oleochemicals Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- Emery Oleochemicals
- BASF SE
- Wilmar International
- Godrej Industries
- Cargill Inc.
- Kao Corporation
- Edenor Technology Sdn Bhd
- Oleon NV.
- IOI Group Berhad
- P&G Chemicals
- Twin River Technologies Inc.
- Croda International plc.
Notable Emerging Companies Mentioned in the Report
- Matrix Life Science
- VVF L.L.C.
- 3F Industries Limited.
- Vance Bioenergy Sdn. Bhd.
- EGC Reliant, Inc.
For more information on the research report, refer to below link:
Global Oleochemicals Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research