The “Oleochemicals Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global oleochemicals market is expected to grow from $22.85 billion in 2021 to $24.53 billion in 2022 at a compound annual growth rate (CAGR) of 7.38%. The oleochemicals market is expected to reach $32.61 billion in 2026 at a CAGR of 7.38%.
The main types of oleochemicals include specialty esters, fatty acid methyl esters, glycerol esters, alkoxylates, and fatty amines. The fatty acid methyl refers to fatty acid esters derived from the transesterification of fats with methanol. They are used to manufacture detergents and biodiesel. They are sold through direct and indirect sales channels. They are used in the manufacturing of various products ranging from personal care & cosmetics, consumer goods, food processing, textiles, paints & inks, industrial, healthcare & pharmaceuticals, and polymers and plastic additives.
Asia-Pacific was the largest region in the oleochemicals market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the oleochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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The increased demand for sustainable plastics is expected to propel the oleochemical market. The use of plastic and other non-biodegradable materials has caused several environmental issues forcing industries and customers to adapt to sustainable plastics. The use of sustainable plastic is intended to reduce inefficiencies that contribute to environmental harm and aid in the optimization of business operations. This surge in consumer demand for environmentally friendly plastic opens up new markets, particularly in the cosmetics, pharmaceutical, fashion, and food industries for oleochemicals.
For instance, In December 2020, European Bioplastics, an association representing the interests bioplastics industry in Europe, stated that global bioplastics production capacity is expected to rise from approximately 2.1 million tonnes in 2020 to 2.8 million tonnes in 2025 in Europe. Therefore, the increased demand for sustainable plastics is expected to boost the oleochemicals market during the forecast period.
Technological innovation is a key trend gaining popularity in the oleochemicals market. Major companies operating in the oleochemical market are focused on providing technologically-innovative solutions to meet end-customer demands and strengthen their market position. These companies are innovating next-generation chemical solutions technologies into their solution, such as bio-diluent, cosmetic emollient, dispersant, blowing agent management, rigid foam formulators, and others, to provide an alternative to replace fossil fuels.
Source: Finance.Yahoo
