The oleochemicals market is estimated to be valued at US$ 24.22 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Oleochemicals are derived from plant and animal fats and oils. They are used in various industries such as personal care and cosmetics, soaps and detergents, food and beverages, polymers, and others. In personal care and cosmetics industry, oleochemicals are used for manufacturing skincare and hair care products such as soaps, creams, moisturizers, and others due to their good skin feel and compatibility.

Market Dynamics:
The oleochemicals market is primarily driven by increasing demand from personal care and cosmetics industry. According to International Trade Administration, the global personal care market size was valued at USD 480 billion in 2019 and is expected to grow at a CAGR of around 4% from 2020 to 2027. Oleochemicals such as fatty alcohols, esters, and fatty acids are extensively used in personal care products for emulsification, thickening, and conditioning of products. Moreover, rising consumer awareness regarding harmful effects of chemical-based products is fueling demand for natural and sustainable ingredients, thereby supporting growth of oleochemicals market.

SWOT Analysis

Strength: Oleochemicals are environment friendly and help reduce dependence on petroleum-based products. They are derived from renewable resources like palm oil, soybean oil and others. Being renewable products, they help support green initiatives and sustainability. The global market has steady supply of raw materials ensuring consistent production of oleochemicals.

Weakness: Fluctuations in prices of raw materials like palm oil, coconut oil leads to uncertainty in production costs. Dependency on few regions for raw material supplies risks supply disruptions.

Opportunity: Growing end use industries like personal care, food and pharmaceuticals fuel demand for bio-based and sustainable ingredients like oleochemicals. Stringent environmental regulations boost replacements of petrochemicals with bio-based equivalents in various applications.

Threats: Price volatility of agricultural commodities impacts businesses. Trade protectionism and geo-political tensions pose risks to global supply chains and trade flows.

Key Takeaways

The global Oleochemicals Market Share is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing popularity of bio-based and sustainable chemicals. The market size is projected to reach US$ 41.27 Bn by 2030 from US$ 24.22 Bn in 2023.

Regional analysis: Asia Pacific dominates the global market owing to presence of major producers and consumers in countries like China, India and Indonesia. The region accounted for around 55% share of global oleochemicals consumption in 2023. North America and Europe are other major markets driven by stringent regulations on use of petrochemicals.

Key players: Key players operating in the oleochemicals market are Vantage Specialty Chemicals, Inc., Emery Oleochemicals, Evonik Industries AG, Wilmar International Ltd., Corbion N.V, Cargill, Incorporated, and KLK OLEO. The listed players are focusing on capacity expansions and new product launches catering to the bio-based product demand across regions.

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