Market
Overview:
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.
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Besides, these
chemicals act as an essential feedstock material for polymeric resins,
especially alkyd which is then converted into polymeric resins used in the
production of devices and equipment required in the electrical and electronic,
automotive, construction, medical, consumer and industrial sector.
It is that Oleo
Chemicals witness a vast uptake and demand from several end-use industries such
as soaps & detergents, intermediates, coatings, lubricants, and personal care
among others. Which works as a key driving force for the market growth of these
chemicals. Additionally, increasing use of these substrates in the production
of rubber and plastics along with the augmenting demand from automotive &
aerospace sector is escalating the market growth on the global platform.
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).
Additional
factors substantiating the market growth include technological advancement and
the rapid urbanization that is prompting the steady growth of various sectors
such as medical, electronics and automotive among others, growing with the
increasing population and improving economic conditions that are enhancing
consumers’ purchasing power.
On the flip
side, fluctuating prices and demand and supply gap of feedstock necessary for
the production of these products are some of the key factors obstructing the
market growth. Conversely, the rising demand for oleochemicals in food &
beverage industry, cosmetic and personal care industry backed by the increased
consumer spending in developed and developing economies is expected to provide
impetus to the market growth to an extent. Also, the increasing automobile
production and sales along with rising consumption of lubricants are estimated
to fuel the growth of the market.
Global Oleo
Chemicals Market – Segments
The MRFR
analysis is been segmented into three key dynamics for the convenience of
understanding;
By
Types
: Fatty Acids, Fatty Alcohols, Methyl Ester, and Glycerol among others.
By Applications
: Soaps & Detergents, Intermediates, Plastics, Coatings, Lubricants,
Rubber, and Personal Care among others.
By Region
: North America, Europe, APAC
and Rest-of-the-World.
Global Oleo
Chemicals Market – Regional Analysis
Globally, the
Asia Pacific region accounts for the largest market for oleochemicals. Owing to
the ample availability of cost-competitive raw materials and labor force
required for the production of these chemicals, the APAC market is further
estimated to post the highest CAGR during the forecast period, (2017 to 2023).
The demand for
oleochemicals is predicted to upsurge in numerous developed countries of the
North America and Europe due to the high human development index (HDI) figures.
However, these region perceive lack of raw material which is compelling them to
import these chemicals from the South East Asian countries which, in turn, is
expected to provide impetus to the market growth in the APAC region, witnessing
hiked-up prices and demand for oleochemicals.
Furthermore, the
increasing incorporation into the end-use industries such as food &
beverages and soaps & detergents is fostering the market growth in the region.
Besides, the burgeoning automotive sector in some of the APAC countries such as
India, China, Malaysia, Japan, and Thailand is expected to fuel the market
growth in the region, observing the rising unit sales and demand for
lubricants.
North America
oleo chemicals market is emerging as another lucrative market, following the
APAC market closely. Attributing to the high consumption potential, increasing
production capacities, and rising economic growth rate especially, the region
is expected to witness a fabulous growth throughout the forecast period.
The augmenting
demand for oleochemicals and the growth in the crude oil production, especially
in the US, is entitling the country as the major contributor to the market
growth in the region, witnessing a significant market growth.
Europe region is
too growing as one of the promising markets for oleo chemicals. Markets in some
of the European countries such as Spain, Russia, France, Germany, Russia, and
the UK is growing significantly owing to the extensive uptake of the product in
some of the well-penetrated end-use industries and substantial investments in
R&D and innovation activities. Resurging economy and the presence of major
automobile manufacturers specifically in Germany are certainly some of the key
driving forces propelling the market growth.
Latin American
countries such as Brazil, Argentina, and Colombia are also estimated to
perceive a moderate growth, with the increasing consumer spending on passenger
cars and the emergence of new technologies and inventions in
oleochemicals.
On the other
hand, Oleo
Chemicals Market in the Middle East & Africa is projected to
perceive a steady growth during the forecast period. The growing investments in
the field, especially in some of the GCC countries such as Qatar, Oman, Saudi
Arabia and the United Arab Emirates (UAE) is expected to impact the market
growth in the region positively.
Key Players:
·
Wilmar International Ltd.
·
BASF SE
·
Procter & Gamble
·
Cargill, Incorporated
·
Eastman Chemical Company
·
Evonik Industries AG
·
PTT Global Chemical Public
Company Limited
·
Godrej Industries Limited
·
Emery Oleochemicals
·
Arizona Chemical Company, LLC
Global Oleo
Chemicals Market – Competitive Landscape
The market
appears to be highly fragmented and competitive with the presence of several
well-established players having the regional and global presence. Innovation,
mergers & acquisitions, and brand reinforcement remain the key trends for
leading players. They strive to develop Oleo Chemicals designed to reduce the
downtime and maintenance with longer life and lower costs. The market is
projected to witness fierce competition owing to the expected extensions in
product and innovations.
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.
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