Oleo Chemicals Market Global Industry Analysis, Share, Growth Rate, Size, Trends and Forecasts to 2023
Oleo Chemicals, analogous to petrochemicals are derived from petroleum as well as from plant and animal fats. These chemicals based on vegetable oils, tallow, and tall oil are used in an array of applications, ranging from food items, and personal care products to a variety of industrial applications. Oleo Chemicals are primarily used in the production of soaps, detergents, and other personal care products. These chemicals are also used in the production of lubricants, solvents, biodiesel, and bioplastics.
Acknowledging the massive traction that market is perceiving currently, Market Research Future (MRFR) in its recently published study report mentions that the already booming global Oleo Chemicals market is expected to garner further prominence over the assessment period. The market is estimated to demonstrate a voluminous growth by 2023, registering a striking CAGR during the estimated period (2017 – 2023).
Some of the prominent players operating in the Global Oleochemicals Market are BASF SE (Germany), Wilmar International Ltd. (Singapore), Procter & Gamble (U.S.), Eastman Chemical Company (U.S.), Cargill, Incorporated (U.S.), Evonik Industries AG (Germany), Godrej Industries Limited (India), PTT Global Chemical Public Company Limited (Thailand), Arizona Chemical Company, LLC (U.S.), and Emery Oleochemicals (U.S.) among others.
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The Global Oleo Chemicals Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Among these, Asia Pacific is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of high raw material availability in the region. The demand for Oleo Chemicals is predicted to surge in numerous countries of the North America and Europe such as U.S., Canada, U.K, Germany and France due to high human development index (HDI) figures. However, the lack of raw material is allowing them to import from South East Asian countries is anticipated to surge the Oleo Chemicals end products prices.
Asia Pacific has emerged as the leading market region for oleo chemicals followed by North America and Europe. North American Oleo Chemicals Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. In North American region, the U.S. is predicted to be the major contributor in the regional growth of Oleo Chemicals Market and is expected to see a significant demand for Oleo Chemicals during the forecast period, 2017 to 2023. As of 2016, the U.S accounted for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow with the moderate CAGR on account of growth in the production of crude oil. In Europe, the demand for Oleo Chemicals is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers. Moreover, presence of major automobile manufacturers specifically in Germany is expected to give a new impetus to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness substantial growth owing to increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in oleo chemicals. Asia Pacific oleo chemicals market is predicted to grow with the moderate CAGR due to increasing incorporation into end use industries such as food & beverages and soaps & detergents. Moreover, continuous growth of automotive sector in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for lubricants which in turn is predicted to fuel the demand for oleo chemicals over the forecast period, 2017 to 2023.
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Industry/ Innovations/ Related News:
October 12, 2017: Inventure Renewables, Inc. (US), a leading global provider of technologies required for the rapid, low-cost, high yield extraction of valuable materials, including oleochemicals and biodiesel, etc. announced the commencement of construction of a new facility in Jiangsu province, China partnering with Wilmar International Limited (S’pore), Asia’s leading agribusiness group & oleochemicals manufacturer and Desmet Ballestra Group N.V. (Belgium), a leading global supplier of plants and equipment for oils, fats oleochemical, surfactants and related chemical industries.
Inventure's mixed supercritical fluid technology is being used by Wilmar already to produce FAME (fatty acid methyl esters) for oleochemicals and biodiesel from a wide range of vegetable oil feedstock. Considering the expanding market for green oleochemicals, this partnership is certainly going to benefit the trio a great deal.
- Oleochemicals Manufacturers
- Traders and Distributors of Oleochemicals
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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