The global oleochemicals market is expected to reach USD 30.15 billion by 2024, according to a new report, now available on ASDReports. Growing biochemical product demand in various consumer applications such as personal care, detergents, and food & beverages is expected to remain a key factor driving growth.
Escalating supply-demand gap along with overcapacity issues especially in the Southeast Asian countries such as Indonesia and Malaysia is expected to hinder oleochemicals market growth over the forecast period. Technological innovations and significant developments in the downstream sectors are expected to create lucrative opportunities for industry participants.
Fatty acids were the leading oleochemical product consumed and accounted for over 55% of total market volume in 2015. Increasing penetration of fatty acids in personal care products is expected to drive this segment over the forecast period. Glycerol is expected to witness the highest growth of 5.7% over the forecast period owing to its increasing preference in personal care and food & beverage applications.