The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global oleochemicals market size is projected to reach USD 31.9 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 5.2% over the forecast period. It projected to witness a shift from petrochemicals to bio-based chemicals due to increasing concerns regarding the adverse effects of petrochemicals on the environment.
Growing oleochemical manufacturing capacity in (ASEAN), coupled with its robust raw material integration, is the most fundamental explanation behind the extraordinary reorganization taking place in the global oleochemicals. Increased pressure on margins from large-scale and highly productive manufacturing units in ASEAN will keep on influencing the global picture.
Fatty acids were the most consumed oleochemicals globally. The product segment enjoys the maximum share in the overall market on account of its gaining popularity in soaps and detergents industry. However, in relation to other oleochemicals such as glycerol and fatty alcohol, fatty acids are considered to be a mature segment and are expected to grow at a relatively lower rates, as compared to other counterparts.
Asia Pacific was the foremost consumer and is projected to observe the fastest growth over the next few years. This growth can be attributed to the ample supply of vegetable oil and rapidly expanding application segments including personal care, food and beverage, and bio-chemical manufacturing. Europe is projected to exhibit a moderate growth over the years to come. Increasing demand for biodiesel and bioenergy is expected to have a positive impact on this region.
Further Key findings from the study suggest:
- The global oleochemicals market is anticipated to grow at a CAGR of 5.2% from 2017 to 2025
- Asia Pacific emerged as the largest regional segment covering around 41% revenue share in 2016
- Central and South America is likely to expand at a healthy CAGR over the forecast period
- The food and beverages segment of glycerol in Spain is anticipated to grow at a CAGR of 5.5%
- Personal care and pharmaceuticals segment led the global glycerol demand and is projected to register a strong CAGR during the forecast period
- Major companies in the market are TerraVia Holdings, Inc.; KLK Oleo Sd. Bhd.; Evyap; Kao Chemicals; Godrej Industries Ltd.; IOI Corporation; and Wilmar International Ltd.