Oleochemicals are sourced from petrochemicals and are known as substitute compounds for synthetic compounds. These chemicals are naturally obtained. Animal fats and oils from trees act like constant source for such chemicals. These components find strong application in the manufacturing process of various industries like the soaps & detergents, pharmaceuticals, and oil-based industries. These products are also gaining grounds by replacing crude oils in various end-user industries like personal care. The global oleo chemicals market is all set to gain robust CAGR during the forecast period of 2021 to 2028. Market Research Future (MRFR), disclosed in a recent report, that the possibility for the market to achieve more than the estimated valuation by the end of 2028 is quite high.
Various sides like the hike in the intake of the personal care products, better development of soaps & detergent, easy supply of raw materials from Asian countries, growing value as a supplement for crude oils, and others are expected to take the global oleo chemicals market forward.
MRFR, in their latest analysis of the global oleo chemicals market, releases a segmental analysis that is based on the type and application. This segmentation has a strong impact on factors that can impact the global market in the coming years.
Based on the type, the oleo chemicals market can be segmented into fatty acids, fatty alcohols, methyl ester, glycerol and others. The glycerol segment is having remarkable traction and is expected to grow during the forecast period.
Based on the application, the oleo chemicals market comprises intermediates, plastics, coatings, soaps & detergents, personal care, lubricants, rubber, and others. The global soaps & detergents market is enjoying strong market. However, its percolation in the personal care segment is also quite substantial.
Asia Pacific (APAC), Europe, Latin America, North America, and the Middle East & Africa (MEA) are five specific regions that have been mentioned in the global oleo chemicals market report. The report has a much-detailed analysis of the global market that can be used to understand the demographic challenges that the market faces.
The APAC market is all set to garner the fastest CAGR during the forecast period of 2021 to 2028. This is due to the high availability of various products in the regional market. In several countries from the region like China, India, Thailand, and others, the market is expected to have a good grip over their economy. The region is also set to score high as one of the chief exporters of the material.
The market in North America is also expected to gain substantially from the regional industrial demands. The U.S. in the region is all set to score high by increasing the exposure of the material to various end-users. The U.S had the highest market share which they are going to heighten with the highest CAGR during the forecast period. Europe is also expecting remarkable market expansion scope with countries like Italy, Germany, Spain, U.K, France, and Russia contributing notably in the regional market. High purchase power and expenditure capacity are expected to solidify the market position of both North America and Europe. The Latin American market is expecting thrust from countries like Brazil and Argentina. Industrial growth in these two regions are quite rapid due to which the market can get boosted much.
A number of companies are showing keen interest in the global oleo chemicals market. This can be due to the high profit that these companies can receive from the market. MRFR listed several companies and profiled them for a better analysis of the market in the coming years. These companies are Wilmar International Ltd. (Singapore), BASF SE (Germany), Eastman Chemical Company (U.S.), Procter & Gamble (U.S.), Evonik Industries AG (Germany), Cargill, Incorporated (U.S.), PTT Global Chemical Public Company Limited (Thailand), Godrej Industries Limited (India), Emery Oleochemicals (U.S.), Arizona Chemical Company, LLC (U.S.), and others.