Oleochemicals market Size Worth $53.52 Billion By 2032 | CAGR: 8.80%

Oleochemicals market Size Worth $53.52 Billion By 2032 | CAGR: 8.80%

The global oleochemicals market size is expected to reach USD 53.52 billion by 2032, according to a new study by Polaris Market Research. The report Oleochemicals Market Share, Size, Trends, Industry Analysis Report, By Type (Fatty Acid, Fatty Alcohol, Specialty Esters, Glycerol Esters, Others); By Material Type; By Process; By Application; By Region, And Segment Forecasts, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Oleochemicals are produced by chemical and enzymatic reactions using vegetable oils and animal fats and are similar to petrochemical products. The market for oleochemicals is poised for significant growth, driven by rising demand from the food and chemical industries. Additionally, the growing preference for sustainable fuels is expected to boost product demand during the forecast period further.

The COVID-19 pandemic has profoundly impacted demand and supply chains across all sectors. The virus outbreak has resulted in the implementation of various government regulations and norms, such as lockdowns, restrictions on transportation, and social distancing measures. These measures have caused disruptions in manufacturing activities. Biodiesel production has decreased due to lockdowns and transportation restrictions in many countries since the virus emerged in late 2019. It has significantly impacted glycerin production, affecting its use in oral care, personal care, and food products.

As per the Malaysian Palm Oil Council (MPOC), there has been a surge in demand for palm oil following the COVID-19 outbreak. The development of the product can be attributed to the raised demand for disinfectants, cleaning products, and sanitizers. Although the market is affected by COVID-19, manufacturers are gradually resuming their full-scale production operations.

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Several government departments and organizations have closely monitored the fuel industry. Fossil fuels have historically dominated the fuel consumption market and have been responsible for various environmental and health issues. According to research conducted by Our World in Data, in 2019, 135,807 terawatt-hours of energy were consumed, sourced primarily from fossil fuels such as coal, gas, and oil. The depletion of fossil fuels and the challenges posed by global pollution has led to severe environmental problems, including global warming, ozone layer depletion, and corruption.

As a result, there has been a shift towards sustainable and eco-friendly alternatives, such as biofuels, among consumers. Biodiesel is derived from the transesterification of oils and fats obtained from natural sources. The increasing adoption of sustainable alternatives to petrochemical products in the food and beverage and feed industries, coupled with technological advancements, is expected to create growth opportunities in the market.

Oleochemicals Market Report Highlights

  • The glycerol esters are commonly used as emulsifiers and thickeners in producing specialty confectionery and food products, and these held the largest market share in 2022.
  • In 2022, the personal care & cosmetics segment held the highest market and can be attributed to the rising need for personal care products, such as hair care products, skin care creams, sun care products, and oral care products.
  • In 2022, the Asia Pacific is highly dominated the oleochemicals market with a significant presence of manufacturers. These manufacturers have been increasing the demand and the raw materials of the kernel and palm oil.
  • The United States and Europe anticipate the market of the Oleochemicals industry. In Europe, the industry is operated by good regulatory regulations by Authorization of Chemicals and needs methyl ester sulfonate oleochemicals which increase biodiesel as a replacement for conventional fuel. And in the US, there is a distributor of coconut and rapeseed oil producers of soybean oil, which is important for synthesizing oleochemicals.

Polaris Market Research has segmented oleochemicals market report based on type, material type, process, application, and region:

Oleochemicals, Type Outlook (Revenue - USD Billion, 2019-2032)

  • Fatty Acid
  • Fatty Alcohol
  • Specialty Esters
  • Glycerol Esters
  • Others

Oleochemicals, Material Type Outlook (Revenue - USD Billion, 2019-2032)

  • Tropical Oils
  • Soft Oils
  • Animal Fats
  • Others

Oleochemicals, Process Outlook (Revenue - USD Billion, 2019-2032)

  • Hydrogenation
  • Hydrolysis Process
  • Transesterification
  • Others

Oleochemicals, Application Outlook (Revenue - USD Billion, 2019-2032)

  • Pharmaceutical
  • Personal Care & Cosmetics
  • Food & Beverages
  • Textiles
  • Paints & Inks
  • Soaps & Detergents
  • Polymers
  • Others

Oleochemicals, Regional Outlook (Revenue - USD Billion, 2019-2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

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  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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