Oleo Chemicals, analogous to petrochemicals are derived from petroleum as well as from plant and animal fats. These chemicals based on vegetable oils, tallow, and tall oil are used in an array of applications, ranging from food items, and personal care products to a variety of industrial applications. Oleo Chemicals are primarily used in the production of soaps, detergents, and other personal care products. These chemicals are also used in the production of lubricants, solvents, biodiesel, and bioplastics.
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Besides, these chemicals act as an essential feedstock material for polymeric resins, especially alkyd which is then converted into polymeric resins used in the production of devices and equipment required in the electrical and electronic, automotive, construction, medical, consumer and industrial sector.
It is needless to say that Oleo Chemicals witness a vast uptake and demand from several end-use industries such as soaps & detergents, intermediates, coatings, lubricants, and personal care among others. Which works as a key driving force for the market growth of these chemicals. Additionally, increasing use of these substrates in the production of rubber and plastics along with the augmenting demand from automotive & aerospace sector is escalating the market growth on the global platform.
Acknowledging the massive traction that market is perceiving currently, Market Research Future (MRFR) in its recently published study report mentions that the already booming global Oleo Chemicals market is expected to garner further prominence over the assessment period. The market is estimated to demonstrate a voluminous growth by 2023, registering a striking CAGR during the estimated period (2017 – 2023).
Additional factors substantiating the market growth include technological advancement and the rapid urbanization that is prompting the steady growth of various sectors such as medical, electronics and automotive among others, growing with the increasing population and improving economic conditions that are enhancing consumers’ purchasing power.
On the flip side, fluctuating prices and demand and supply gap of feedstock necessary for the production of these products are some of the key factors obstructing the market growth. Conversely, the rising demand for oleochemicals in food & beverage industry, cosmetic and personal care industry backed by the increased consumer spending in developed and developing economies is expected to provide impetus to the market growth to an extent. Also, the increasing automobile production and sales along with rising consumption of lubricants are estimated to fuel the growth of the market.
Global Oleo Chemicals Market – Segments
The MRFR analysis is been segmented into three key dynamics for the convenience of understanding;
By Types: Fatty Acids, Fatty Alcohols, Methyl Ester, and Glycerol among others.
By Applications: Soaps & Detergents, Intermediates, Plastics, Coatings, Lubricants, Rubber, and Personal Care among others.
By Region: North America, Europe, APAC and Rest-of-the-World.
Global Oleo Chemicals Market – Regional Analysis
Globally, the Asia Pacific region accounts for the largest market for oleochemicals. Owing to the ample availability of cost-competitive raw materials and labor force required for the production of these chemicals, the APAC market is further estimated to post the highest CAGR during the forecast period, (2017 to 2023).
The demand for oleochemicals is predicted to upsurge in numerous developed countries of the North America and Europe due to the high human development index (HDI) figures. However, this region perceive lack of raw material which is compelling them to import these chemicals from the South East Asian countries which, in turn, is expected to provide impetus to the market growth in the APAC region, witnessing hiked-up prices and demand for oleochemicals.
Furthermore, the increasing incorporation into the end-use industries such as food & beverages and soaps & detergents is fostering the market growth in the region. Besides, the burgeoning automotive sector in some of the APAC countries such as India, China, Malaysia, Japan, and Thailand are expected to fuel the market growth in the region, observing the rising unit sales and demand for lubricants.
North America oleo chemicals market is emerging as another lucrative market, following the APAC market closely. Attributing to the high consumption potential, increasing production capacities, and rising economic growth rate especially, the region is expected to witness a fabulous growth throughout the forecast period.
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The augmenting demand for oleochemicals and the growth in the crude oil production, especially in the US, is entitling the country as the major contributor to the market growth in the region, witnessing a significant market growth.
Europe region is too growing as one of the promising markets for oleo chemicals. Markets in some of the European countries such as Spain, Russia, France, Germany, Russia, and the UK is growing significantly owing to the extensive uptake of the product in some of the well-penetrated end-use industries and substantial investments in R&D and innovation activities. Resurging economy and the presence of major automobile manufacturers specifically in Germany are certainly some of the key driving forces propelling the market growth.
Latin American countries such as Brazil, Argentina, and Colombia are also estimated to perceive a moderate growth, with the increasing consumer spending on passenger cars and the emergence of new technologies and inventions in oleochemicals.
On the other hand, oleo chemicals market in the Middle East & Africa is projected to perceive a steady growth during the forecast period. The growing investments in the field, especially in some of the GCC countries such as Qatar, Oman, Saudi Arabia and the United Arab Emirates (UAE) is expected to impact the market growth in the region positively.
Global Oleo Chemicals Market – Competitive Landscape
The market appears to be highly fragmented and competitive with the presence of several well-established players having the regional and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players. They strive to develop Oleo Chemicals designed to reduce the downtime and maintenance with longer life and lower costs. The market is projected to witness fierce competition owing to the expected extensions in product and innovations.
Wilmar International Ltd. (Singapore), BASF SE (Germany), Procter & Gamble (US), Cargill, Incorporated (US), Eastman Chemical Company (US), Evonik Industries AG (Germany), PTT Global Chemical Public Company Limited (Thailand), Godrej Industries Limited (India), Emery Oleochemicals (US) and Arizona Chemical Company, LLC (US) are some of the prominent players operating at the forefront of the competition in the Global Oleo Chemicals Market and are profiled in MRFR Analysis.
Industry/ Innovations/ Related News:
October 12, 2017: Inventure Renewables, Inc. (US), a leading global provider of technologies required for the rapid, low-cost, high yield extraction of valuable materials, including oleochemicals and biodiesel, etc. announced the commencement of construction of a new facility in Jiangsu province, China partnering with Wilmar International Limited (S’pore), Asia’s leading agribusiness group & oleochemicals manufacturer and Desmet Ballestra Group N.V. (Belgium), a leading global supplier of plants and equipment for oils, fats oleochemical, surfactants and related chemical industries.
Inventure's mixed supercritical fluid technology is being used by Wilmar already to produce FAME (fatty acid methyl esters) for oleochemicals and biodiesel from a wide range of vegetable oil feedstock. Considering the expanding market for green oleochemicals, this partnership is certainly going to benefit the trio a great deal.
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