Oleochemicals Market to Reach $55.2 billion, Globally, by 2032 at 6.4% CAGR: Allied Market Research

Oleochemicals are used in personal care products such as hair care and skin care essentials as they are allergen-free and rarely contain carcinogens. Increased awareness regarding personal hygiene among consumers is expected to increase the demand for oleochemicals in the personal care industry. Furthermore, they have a wide range of applications in the cosmetic industry due to their water insolubility nature. These factors will drive the market growth during the forecast period.

WILMINGTON, Del., Jan. 11, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Oleochemicals Market by Type (Fatty Acid, Fatty Alcohol, Glycerol, and Others) and Application (Pharmaceuticals, Personal Care & Cosmetics, Food & Beverages, Soap & Detergents, Polymers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global Oleochemicals market was valued at $29.9 billion in 2022 and is projected to reach $55.2 billion by 2032, expanding at a CAGR of 6.4% from 2023 to 2032.

Prime determinants of growth

The rise in demand for specialty esters in end-use industries such as personal care and cosmetics is anticipated to fuel the growth of the oleochemicals market during the forecast period. Oleochemicals are employed in the cosmetics industry to create consumer-safe products. Polyhexanide is a preservative and antibacterial chemical found in numerous cosmetics. Octyl stearate, a palm-derived emollient, is used in cosmetics and eyeshadow. Natural cosmetic ingredients are good for the user and more effective. As consumer awareness of the environmental and cost benefits of oleochemicals has increased, so has the production of sustainable, bio-based chemicals These factors are anticipated to drive the market growth during the forecast period.

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Report coverage & details:

 

The fatty acid segment maintained its lead position during the forecast period

By type, the fatty acid segment accounted for the largest share in 2022, contributing nearly half of the global Oleochemicals market revenue, as fatty acids are derived from natural sources such as vegetable oils and animal fats. As concerns about environmental sustainability and depletion of non-renewable resources grow, there is an increasing demand for oleochemicals as an alternative to petrochemical-based products. However, the fatty alcohol segment is anticipated to grow at the highest CAGR of 7% during the forecast period.

The soap and detergents segment maintained its lead position during the forecast period

By application, the soap and detergents industry accounted for the largest share in 2022, contributing more than one-fourth of the global Oleochemicals market revenue as soaps and detergents are essential consumable products in both developed and developing regions as a result of rising healthcare awareness and rising disposable income. However, the personal care and cosmetics segment is anticipated to grow at the highest CAGR of 7.1% during the forecast period.

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Asia-Pacific to maintain its dominance by 2032

Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global Oleochemicals market, and is anticipated to grow at the highest CAGR of 6.7% during the forecast period. The demand for oleochemical from end-use industries such as fatty acids and cosmetics is driving the growth of the oleochemical market in Asia-Pacific. In addition, Malaysia and Indonesia, both part of Asia-Pacific, are major producers of palm oil, a key feedstock for oleochemicals. The palm oil industry’s dynamics, including sustainability considerations, impact the oleochemical market in this region.

Leading Market Players: –

Emery Oleochemicals,Wilmar International,Oleon NV,KLK Oleo,Musim Mas Group,Croda International,IOI Group,Procter & Gamble Co.,Twin River Technologies,Kao Corporation.

The report provides a detailed analysis of these key players in the global oleochemicals market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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