According to a new study published by Polaris Market Research the global oleochemicals market is anticipated to reach USD 38.61 billion by 2026. Growing demand for naturally derived products of food & beverage, chemicals, pharmaceuticals industries are expected to be the major factors driving the oleochemicals market.
Oleochemicals are basically several types of chemical products that are derived from vegetable triglycerides or animals, even if they include elements that are of petrochemical product origin. Basic oleochemicals include fatty alcohols, fatty acids, glycerin and methyl esters.
Industry participants with strong research and development capacities have been focusing on innovation of new formulations. Initiatives among different countries and companies have been undertaken for development of new formulations of these chemicals to cater to specific requirements of the end use industries. Shift to bio diesel is an interesting factor responsible for driving these chemicals demand however sudden changes in and stringent regulations for blending norms might increase the bio oil prices which will make them less attractive thereby experiencing a decline in demand of these chemicals. But, this risk is mostly mitigated owing to significant shift towards shale gas. However, with such challenges though owing to its advantages over petrochemical based chemicals demand for oleochemicals will keep rising in the next few years to come.
The shift in consumer demand for healthy and enhanced nutritious foodstuffs derived completely from natural origin is some of the macroeconomic factors expected to drive demand for these products. The industry has the unpredictable potential for profit making owing to depleting fossil fuels sources for oil and this situation is expected to produce opportunities for higher usage of biodiesel. Hence with all of these advantages demand for these products are anticipated to increase in the next eight years.
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Asia Pacific was the largest regional market globally. Increasing production of palm kernel and palm oil in the region has been the primary factor driving its oleochemicals demand. The rapidly increasing capacity for palm production in this region along with its strong and developing integration of raw materials is major reason for the reorganization of the global oleochemicals industry. The greater than before pressure from the modern high scale and highly productive manufacturers in the region especially on profit margins are expected to influence the global industry. The dominate industry participants in Asia are in strategic planning for buying the current production facilities in the U.S. and Europe.
Some of the leading industry participants include Kuala Lumpur KepongBerhad, Ecogreen Oleochemicals, Oleon, Godrej Industries, SABIC, Evyap, China Sanjiang Fine Chemicals, Kao Chemicals, Vantage Specialty Chemicals, Archer Daniels Midland, Evonik Industries, Emery Oleochemicals, Wilmar International, TerraVia, AkzoNobel, Cargill, BASF, Eastman Chemical Company , PTT Global Chemical Public Company Limited , Alnor Oil Co, Inc., Berg + Schmidt , Isosciences LLC , Vegetable Vitamin Foods Company and MYRIANT.