Zion Market Research has published a new report titled “Oleochemicals Market (Fatty acid, Fatty alcohol, Glycerin, and Others) for Personal Care & Pharmaceutical, Food & Beverages, Soaps & Detergents, Polymers, and Other Applications - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global oleochemicals market was valued at USD 18.6 billion in 2016, is expected to reach USD 26.8 billion in 2022 and is anticipated to grow at a CAGR of 6.3% between 2017 and 2022.
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Oleochemicals include short, medium, and long chained fatty alcohols, fatty acids, and glycerin together with other types of chemicals derived from plants and animal fats. Oleochemicals are used primarily in personal care, soaps & detergents, surfactants, and food additives among others. In pharmaceutical applications, oleochemicals are primarily utilized to manufacture a variety of pharmaceuticals and personal care products such as cleansing lotions, skin creams, deodorants, body lotions, medicated cosmetics, bath oils, depilatories, shampoos, hair products, and perfumed products among others.
Growing biodegradable products demand on account of decreasing dependency on petrochemicals is expected to remain a major factor driving growth over the next eight years. Furthermore, increasing demand for bio-based products from various end-use industries such as soaps & detergents, pharmaceuticals, and personal care is expected to fuel the market growth in coming years. However, the high competition from the petroleum-based chemicals is the key challenge witnessed in the global market. Moreover, various novel applications of oleochemicals such as biosurfactants, biopolymers, and lubricants are emerging as an alternative to petroleum-based products creating new growth opportunities in the oleochemicals market.
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On the basis of product segment, the market is classified into fatty acids, fatty alcohols, glycerin, and others. Fatty acid was the major product segment of oleochemicals market in 2016 followed by fatty alcohols. Growing fatty acid use in soaps & detergents and personal care sector is expected to increase fatty acid demand in next few years. The market for glycerin is projected to grow at a substantial rate on account of growing demand as an important ingredient in various food & beverages, personal care, and detergents products. Personal care & pharmaceutical, food & beverages, soaps & detergents, polymers, and other applications are the major application segments of the market. Personal care & pharmaceutical is anticipated to emerge as the fastest growing glycerol application over the forecast period.
Asia Pacific was the leading regional segment in the oleochemicals market in 2016. In addition, the region is also the leading producer of oleochemicals. The growth in the region is mainly attributed by the presences of a large number of manufacturers in the region. China, Japan, and India are the key countries with a huge demand for oleochemicals. Oleochemicals market in Europe is expected to witness significant growth in the forecast period owing to growing importance for biodiesel as an alternative to petroleum-based fuels. Volatile petroleum prices and favorable guidelines are expected to drive the biodiesel demand, which in turn is expected to positively impact the European oleochemicals market in future.
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The key market players in oleochemicals market mainly focus on partnerships and agreements as their business strategy is to enhance their product portfolio and serve more consumers. They are also focusing on expanding their operations to more developing regions where the market is not saturated. Major companies operating in the global industry include BASF SE, PTT Global Chemical Public Company Limited, Evonik Industries, Alnor Oil Co, Inc., Eastman Chemical Company, Cargill Incorporated, Godrej Industries, Isosciences LLC, P&G Chemicals, Arizona Chemical Company LLC, Emery Oleochemicals Group, and Myriant.
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