The Palm Oil-based Oleochemicals Market Size is valued at USD 5.23 billion in 2023 and is predicted to reach USD 7.02 billion by the year 2031 at a 3.88% CAGR during the forecast period for 2024-2031.
Palm oil-based oleochemicals are chemical components derived from crops, vegetables, and livestock lipids that are utilized as raw materials in many different industries, including the packaging, silicone, grease, medicine, and dietary sectors. The main process for turning oils and fats from plants and animals into oleo compounds is hydrolyzed. They are extensively utilized in strands and cosmetics. The oleochemicals industry is predicted to increase as a result of consumers' increasing desire for responsive and non-toxic components in skincare and aesthetics. Furthermore, makers of beauty and personal hygiene products are adopting more environmentally friendly practices, which is driving up demand for oleochemicals. Therefore, there is a growing desire for sustainable and affordable energy sources, which is driving up the use of discarded plant oils and propelling the expansion of the palm oil-based oleochemicals market.
However, the main obstacles to the widespread use of palm oil-based oleochemicals are the increased expenses of instrument deployment and associated manufacturing. However, an inadequate economy will probably hinder the expansion of the global market. Additionally, it is predicted that changes in pricing for basic materials may present difficulties for the market for oil-based oleochemicals. Because of the stringent restrictions and social distancing measures implemented to control the virus's transmission, the COVID-19 pandemic had a detrimental effect on the industry for oil-based oleochemicals. The market for oil-based oleochemicals manufacturing was impacted by the unstable economy, complete lockup, company closures, and low optimism among consumers. During the pandemic, there were delays in logistical activities and disruptions to the distribution system.
Competitive Landscape
Some Major Key Players In The Palm Oil-based Oleochemicals Market:
- KLK OLEO
- IOI Oleochemical
- Wilmar International Ltd.
- Emery Oleochemicals
- Oleon NV
- BASF SE
- SUMI ASIH
- P&G Chemicals
- Cargill, Incorporated
- Godrej Industries Limited
- Galaxy Surfactants
- Croda International Plc
- Stepan Company
- Meade-King, Robinson & Co Ltd.
- Innospec
- NiMAC LTD
- Other Market Players
Market Segmentation:
The palm oil-based oleochemicals market is segmented based on type, processing method, and end-use industry. Based on type, the market is segmented into fatty acids, fatty alcohols, glycerol, fatty esters, alkyl polyglucosides, amides, sorbitan esters, and others. By processing method, the market is segmented into fractionation, hydrolysis, hydrogenation, transesterification, distillation, crystallization, and others. By end-use industry, the market is segmented into personal care and cosmetics, food and beverage, pharmaceuticals, home care, industrial and institutional cleaning, lubricants and greases, plastics and polymers, textiles, and agrochemicals.
Based on the Type, the Fatty Acid Palm Oil-based Oleochemicals Market Segment is Accounted as a Major Contributor to the Palm Oil-based Oleochemicals Market
The fatty acid palm oil-based oleochemicals category is expected to lead a major global market share in 2023. Fatty acids are an essential starting point for the production of many downstream compounds used in a variety of sectors, such as petroleum, elastic materials, toiletries, and pesticides. Due to their unique qualities, such as lubricants, fatty alcohols are utilized in medications and aesthetics.
Agrochemicals Segment to Witness Growth at a Rapid Rate
The agrochemicals segment is projected to grow rapidly in the global palm oil-based oleochemicals market. Agrochemicals can improve an organism's nutritional status, vegetative development, blooming, and fruit establishment. By giving crops vital nutrients, shielding them from diseases and pests, and enhancing cultivation circumstances, agrochemicals assist producers in producing greater profits, especially in countries like the US, Germany, the UK, China, and India.
In the Region, the North American Palm Oil-based Oleochemicals Market Holds a Significant Revenue Share
The North American palm oil-based oleochemicals market is expected to register the very large revenue share in the market in the near future. This can be attributed to the severe regulations controlling the application of ecological principles and the growing need for goods made from plants. Furthermore, the nation's market is anticipated to be driven by the expanding chemical industry in the United States. In addition, Asia Pacific is projected to get advanced rapidly in the global palm oil-based oleochemicals market due to the area's substantial availability of raw materials. It is projected that the area's market will expand as more people choose greener options and as ingredients grow easier to obtain.
Recent Developments:
- In July 2024, KLK is increasing its capacity for processing oleochemicals in China. KLK's Taiko Palm-Oleo (Zhangjiagang) Co Ltd (TPOZ) owns and operates an oleochemical complex situated on 58 acres of land in a third-tier city around 130km from Shanghai. The expansion has transformed TPOZ into one of China's largest and most advanced oleochemical production facilities.
Palm Oil-based Oleochemicals Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 5.23 Bn |
|
Revenue Forecast In 2031 |
USD 7.02 Bn |
|
Growth Rate CAGR |
CAGR of 3.88% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Processing Method, And End-Use Industry |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
KLK OLEO, IOI Oleochemical, Wilmar International Ltd., Emery Oleochemicals, Oleon NV, BASF SE, PT. SUMI ASIH, P&G Chemicals, Cargill, Incorporated, Godrej Industries Limited, and Galaxy Surfactants. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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