Oleochemicals Market Outlook
According to IndustryARC’s market analysis, the global Oleochemicals Market was worth $26,579 million as of 2018, with the demand estimated to increment at a notable CAGR of 4.9% during the forecast period of 2019 to 2025.
According to the analyst of the report, the global oleochemicals market size is consistently expanding owing to the boundless applications of the products in numerous end use industries including industrial, pharmaceutical, and personal care. Some of the major applications of oleochemicals are detergents, soaps, creams, and lotions in the personal care industry. On the other hand, coolants, lubricants, emulsifiers, plasticizers, urethane foams, explosives, and alkyd resins for paints in the industrial sector. Additionally, oleochemicals are heavily used in pharmaceutical intermediates, cigarettes, pulp and paper production, food and beverages, and many more. However, the analyst of the business intelligence report identifies the soaps and detergent industries to generate the most protruding portion of demand, projecting the segment value to grow at a CAGR of 4.8% during the aforementioned forecast period.
Geographically, the APAC region grabs the major demand share in the global oleochemicals market. The above data is provided from the esteemed analysts at Industry ARC through a report titled “Oleochemicals market: by type, by form, by raw material, by refining methods, by post-production processes, by derivatives, by application areas, by the end-user industry, by geography - forecast (2018-2023).” Some of the key players identified and profiled in the report who are ahead of the curve in the global oleochemicals market are SABIC, BASF SE, Cargill, Inc., Akzo Nobel N.V., TerraVia Holdings, Inc., Wilmar International Ltd., Evonik Industries AG, Emery Oleochemicals Sdn Bhd, Evyap, Godrej Industries Ltd., and Ecogreen Oleochemicals.
Browse 34 Market Tables, 44 Figures spread through 150 slides and an in-depth TOC “Oleochemicals Market (2018 - 2023)”
Oleochemicals Market Competitive Landscape
Saudi Basic Industries Corporation is a Saudi joint stock company registered in Riyadh. SABIC is 30% by the private sector and 70% owned by the Government of the Kingdom of Saudi Arabia. SABIC is ranked among the world’s largest petrochemical manufacturers with operations in over 50 countries supported by a global workforce of more than 35,000 expert individuals. An $820 million deal was signed by SABIC and Shell to acquire 50% of shell’s share in the Saudi Petrochemical Company (Sadaf) to progress the plant’s optimization and to integrate synergy opportunities. To strengthen its position in the oleochemicals marketplace, SABIC closed a deal with Lurgi to produce oleochemicals in Jubail, Saudi Arabia. This production line is using renewable feedstock and other natural raw materials from renewable oils to obtain and produce a huge amount of profits.
BASF SE is a chemical company that operates across the world, and a leader in the oleochemicals market. The chemicals from the company are segmented into solvents, monomers, glues, and oleochemical substances such as alcohol ethoxylates, alcohol sulfates, glycerols, and monoacylglycerols. Moreover, this company provides raw materials for textile fibers, plastics, detergents, paints and coatings, crop production. This company integrates additional forest conservation requirements. They are producing chemicals with a mindset of achieving sustainability through their products. BASF SE, as a major producer of crude palm oil, is contributing a significant share to the palm oil trade. According to BASF SE, palm oil is the world’s most consumed, produced and traded vegetable oil. During the year 2017, BASF SE witnessed a 7% increase in sales of care chemicals, owing to this the prices of oleochemicals
Oleon is one of the oldest and most trusted manufacturers operating in the oleochemicals market since the 1950s. This company is an adamant believer of using natural renewable raw materials for the production of high-quality oleochemical products. Oleon is the leader of the European oleochemistry market with a joint capability of over 500,000 metric tons of renewable goods. They have successfully developed a wide range of biodegradable, renewable, and non-toxic products using animal fats and vegetable oils. Olean developed the first aqueous paint using vegetable oils, non VOC solvents, a range of 100% vegetable lubricants with ECOLabel, renewable food ingredients, and green polyols for polyurethanes foams. Oleon opened a new isostearic acid unit in 2018, which is a significant piece of oleochemical technology and it enables an innovative solution for high-end applications namely cosmetics.
Emery Oleochemicals is recognized as the most efficient producers of natural and high-quality chemical products. In the present date, this company has more than 3000 natural products. One of its latest offerings in the oleochemicals marketplace is EMEROX Polyols, which provides increased efficiencies and sustainability with improved performance properties to its end-users. It also acts as an effective raw material in the manufacturing process of polyurethane products which is a significant material used in the automobile and construction industry to make foams. Emery Oleochemicals is considered among the pioneers in the natural chemicals companies owing to its research efforts in renewable-based sources, which consequently lead to increased quality and efficiency in their products.
Oleochemicals Market Trends and Drivers
- The imminent need to replace petrochemical-based fuels owing to their limited availability and robust carbon emission is the disruptive trend restructuring the oleochemicals marketplace. This emergence has boosted the demands for green chemicals and renewable oleochemicals products, consequently boosting oleochemicals market growth. Biodiesel is the alternative to conventional diesel. The demands of biodiesel have increased rapidly because of the increasing costs from the crude oil industry and its fatal environmental hazards.
- There is an increase in the adoption of bio-based lubricants which are replacing the synthetic and traditional lubricants. The newly accepted lubricants are much more efficient and cost-effective. Following these traits, the bio-lubricants market is driving the global oleochemicals market. According to the Environmental Protection Agency (EPA), the biodiesel market is flourishing as the consumption of bio-diesel doubled to more than two billion gallons in 2016 when compared to 2015s one billion spot. Eventually, the traditional diesel is expected to get obsolete owing to strong regulations against it and the emergence of efficient and renewable bio-fuels.
- Potent demand coming from the personal care sector for bio-degradable skin oils and products is one of the most important growth drivers for the oleochemicals market. The application of oleochemicals is numerous in terms of skin care products, and the incoming demands from this sector is unending owing to the limited inventory of personal care product at the consumers.
- The soap and the detergents market is the largest sector where the oleochemicals are applied. The introduction of bio-surfactants is incredibly boosting the oleochemicals market. These bio-surfactants are diligently being employed for industrial use.
Oleochemicals are the chemicals which are extracted from plants and animal fats or oils. Growing demand for eco-friendly products is making a positive impact on the adoption rate of these chemicals. They have a wide range of applications in soaps and detergents, industrial, household and personal care product industries. Additionally, the innovations in the chemical industry have emerged with optimum, renewable and cost-effective products for the end-user consumers. These influences altogether are thrusting the oleochemicals market growth in the near future.
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