IMARC Group, a leading market research company, has recently released a report titled “Oleochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global oleochemicals market report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the oleochemicals market?
The global oleochemicals market size reached US$ 24.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.20 Billion by 2028, exhibiting a growth rate (CAGR) of 6.80% during 2023-2028.
Oleochemicals are a vital segment of the chemical industry, comprising a wide range of chemical compounds derived from natural oils and fats, primarily of plant and animal origin. These versatile substances are a cornerstone in various industrial applications, including but not limited to the production of soaps, detergents, lubricants, and even biofuels. Oleochemicals are favored for their eco-friendly characteristics, as they are predominantly sourced from renewable resources. Their growing popularity is driven by the increasing demand for sustainable and biodegradable alternatives to petrochemical-based products.
Global Oleochemicals Market Trends:
One of the primary drivers is the increasing global awareness of sustainability and environmental concerns. Oleochemicals are derived from renewable resources, such as palm oil, soybean oil, and coconut oil, making them an attractive choice for industries looking to reduce their carbon footprint. Additionally, consumers are becoming more conscious of the products they use, preferring natural and eco-friendly alternatives. Oleochemicals, being biodegradable and non-toxic, are gaining favor in industries like personal care, where demand for natural cosmetics and skincare products is on the rise. Other than this, the oleochemicals market is benefiting from the growth of end-use industries such as pharmaceuticals, food, and agriculture. Their versatility makes them valuable in the production of pharmaceutical excipients, food additives, and crop protection agents. Besides this, the oleochemicals market is witnessing significant growth in emerging economies, driven by rapid industrialization, increasing disposable income, and a growing middle-class population. In line with this, ongoing research and development efforts are expanding the range of oleochemical applications and improving their production processes. This is leading to cost efficiency and wider adoption across industries.
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The competitive landscape of the market has also been examined with some of the key players being
- Akzo Nobel N.V.
- BASF SE
- Cargill, Incorporated
- Emery Oleochemicals Group
- Evonik Industries AG
- Evyap Oleo
- Godrej & Boyce Mfg. Co. Ltd.
- Kao Corporation
- KLK Oleo
- Myriant Technologies
- Oleon NV
- Procter & Gamble Company
- PTT Global Chemical Public Company Limited
- Corbion N.V.
- Wilmar International Ltd.
Insights on Market Segmentation:
Breakup by Application
1. Petrochemical Feedstock
2. Gasoline Blending
Breakup by Region
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
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