Market Overview:
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.
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 that Oleo
Chemicals Market 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, these
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 is 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.
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.
Key Players:
·
Wilmar International Ltd.
·
BASF SE
·
Procter & Gamble
·
Cargill, Incorporated
·
Eastman Chemical Company
·
Evonik Industries AG
·
PTT Global Chemical Public Company Limited
·
Godrej Industries Limited
·
Emery Oleochemicals
·
Arizona Chemical Company, LLC
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.
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.
Access Research Report @ https://www.marketresearchfuture.com/reports/oleo-chemicals-market-4914
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