Global Oleochemical Fatty Acid Market Overview
According to a research survey conducted by ChemView Consulting, in 2022, the Global Oleochemical Fatty Acid Market was worth US$ 7,426.5 Mn and is expected to grow at a CAGR of 6.7% over the forecast period. While the historical CAGR is 5.4%, the market is expected to hit US$ 14,204.6 Mn by 2032 end.
Due to favorable government laws for environmentally friendly products, oleochemical recycling, rising consumer demand for biodegradable and sustainable products, and expanding end-user sectors, the worldwide oleochemicals market is increasing. The pharmaceutical, cosmetics, and food industries are growing rapidly, helping meet the need for these compounds. Many governments worldwide are developing legislation to promote the use and manufacturing of bio-based products, fostering market expansion on a global scale.
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Market Dynamics
The global oleochemicals market is witnessing growth due to the favorable government regulations for environment-friendly products, recyclability of oleochemicals, increasing demand for biodegradable and sustainable products, and growing end-user industries. The pharmaceutical, cosmetics, and food industries are expanding rapidly, helping meet the need for these compounds. Governments worldwide are developing legislation to promote the use and manufacturing of bio-based products, fostering market expansion on a global scale. Pharmaceuticals and personal care are thought to dominate the global market among the many benefits of oleochemicals.
The primary issue that limits market revenue growth is fluctuating raw material prices. The recent sharp changes in the price of crude oil worldwide have caused a major increase in the cost of domestic chemical raw materials. While the cost of asphalt and emulsions has increased by 30%, the cost of raw ingredients like resins, coatings, and waterproof components like styrene has only increased by 50%. It significantly increases the strain on companies that produce different compounds, such as oleochemicals.
Segments Covered in Report
By Type:
- Fatty Acid
- Fatty Alcohol
- Glycerol
- Others
By Application:
- Pharmaceuticals
- Personal Care & Cosmetics
- Food & Beverages
- Soap & Detergents
- Polymers
- Others
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways
- Throughout the projection period, the soaps and detergents industry segment is anticipated to experience substantial revenue growth. To make soap, you need oils and fats, which you may get from plants and animals. Triglyceride-like fatty acid molecules are produced by combining three fatty acid molecules with one glycerin molecule.
- The global oleochemicals market is divided based on application into soaps & detergents, polymers, food & drinks, pharmaceuticals & personal care, and others. Due to the growing use of oleochemicals, the pharmaceuticals category is anticipated to hold a significant revenue share in the global market during the forecast period. Oleochemicals can be used in the pharmaceutical and nutraceutical sectors as emollients, thickeners, and preservatives.
- During the projection period, the North American market is anticipated to generate the highest revenue at a CAGR of 6%. This growth is primarily attributable to the region’s key market players’ increased R&D efforts and the introduction of cutting-edge goods.
Competition Summary
The market for oleochemicals is fairly consolidated, with the majority of market income coming from a small number of large and medium-sized competitors. Major businesses use various strategies, engage in mergers, acquisitions, and other strategic agreements and contracts, and create, evaluate, and launch new oleochemical products.
Key Global Oleochemical Fatty Acid Market players are Wilmar International Ltd., BASF SE, Eastman Chemical Company, Procter & Gamble, Cargill, Incorporated, Evonik Industries, Godrej Industries Limited, PTT Global Chemical Public Company Limited.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
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