Oleochemicals Market Size, Share to Grow at a CAGR of 5.12% by 2030 | ChemAnalyst
Ganesh Kumar
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According to ChemAnalyst report, “Global?Oleochemicals Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”,?global oleochemicals market has shown tremendous growth in the past five years and is anticipated to achieve a CAGR of 5.12% during the forecast period. Increasing demand of biodegradable, environmentally friendly and non-toxic materials from consumers is anticipated to increase the demand of oleochemicals due to their ecofriendly, less toxic compared to petrochemical based products properties. Additionally, UNICEF’s agenda to achieve sustainable developmental goals by 2030 has emphasis on use of environmentally friendly products which would further support the growth market of oleochemicals during the forecast period.
Oleochemicals are chemical compounds obtained from plant oil and animal fat sources. Additionally, they are surface active molecules containing long alkyl chain of lipophilic and charged polar head of hydrophilic group. As a result, they have great air-lipid and water-lipid actions Oleochemicals are basically classified as fatty acids, methyl esters, fatty alcohols, fatty amines, glycerol. Basic raw materials for oleochemical extraction are coconut oil, palm kernel oil (PKO), palm oil, rapeseed oil, sunflower oil, tallow etc. Main technologies used in oleochemical manufacturing are hydrolysis, transesterification, hydrogenation, fractionation.
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Oleochemicals have wide range of applications in personal care & cosmetics, soaps & detergents due to their emollient, emulsification, and surfactant properties. Furthermore, growing demand of biofuels in automotive industry is set to increase the demand of oleochemicals as they can be used as lubricants in biodiesel. Oleochemicals are also used in engine performance problems such as carbon deposits hence increases the efficiency of vehicles. Other major end use industry is pharmaceuticals where oleochemicals are increasingly used in drug preservative application.?Upcoming new technologies implemented by companies operating in oleochemicals such as??inventure supercritical technology implemented by Wilmar, will also improve the efficiency and performance of oleochemical manufacturing process which will be beneficial to its end user industries.
Oleochemical prices are linked to fats and oil feedstock prices. APAC countries such as Indonesia and Malaysia are major raw material supplier for oleochemicals. Any changes in the export tax situation in these countries can affect the price of oleochemicals.?Global economic slowdown due to COVID 19 impacted the manufacturing industries during the first half of 2020. Industries were lacking the feedstock due to supply chain disruption and global plant outages initially in 2020. This caused the sudden increase in prices of fatty alcohol and fatty acids.
Regionally, Asia pacific has emerged to be the largest consumer of oleochemicals. Rising per capita income in countries like China, India has increased the consumer spending in consumer durable products which is increasing the demand of oleochemicals market in the region. Also increasing awareness about the harmful effects of petrochemicals-based products on human health and environment has encouraged manufacturers to shift focus on natural, non-toxic oleochemicals material.
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“Being linked to the downstream application such as Construction, FMCG, etc, the global Oleochemical industry has shown a robust growth alongside growing population and changing consumer preference. India is forecasted to become the world's fifth largest consumer market by 2025. In addition, growing per capita income globally poised a stronger outlook to the country’s oleochemicals demand. The nationwide lockdown affected the supply chain logistics and caused immediate shortage of raw materials hence increased the prices of fatty acids and fatty alcohols.??China also serves as the key growth region with sufficiently installed capacities. With new competitors emerging across the Asian oleochemicals market, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with?TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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