PUBLISHER: The Business Research Company | PRODUCT CODE: 1414599
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414599
“Specialty Oleochemicals Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on specialty oleochemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for specialty oleochemicals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The specialty oleochemicals market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Specialty oleochemicals represent a category of chemical compounds derived from plant-based sources, serving as alternatives to petroleum-based products. These oleochemicals find applications as natural components in various industries, including lubricants, cosmetics, biodegradable polymers, and bio-surfactants, among others.
The key products within the specialty oleochemicals category include specialty esters, fatty acid methyl esters, glycerol esters, alkoxylates, fatty amines, and other derivatives. Specialty esters, for instance, play a vital role in the production of a diverse range of industrial goods. These goods span multiple sectors, including medical applications, automotive and architectural uses, personal care products such as shampoos and cosmetics, as well as skincare items. The versatility of specialty esters makes them valuable in various applications, ranging from personal care and cosmetics to consumer goods, food processing, textiles, paints and inks, industrial processes, healthcare and pharmaceuticals, and polymer and plastics additives. Ultimately, these specialty oleochemicals contribute to the formulation and enhancement of products used in industries such as food and beverages, personal care, cosmetics, and more.
The specialty oleochemicals market research report is one of a series of new reports from The Business Research Company that provides specialty oleochemicals market statistics, including specialty oleochemicals industry global market size, regional shares, competitors with a specialty oleochemicals market share, detailed specialty oleochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the specialty oleochemicals industry. This specialty oleochemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The specialty oleochemicals market size has grown strongly in recent years. It will grow from $28.47 billion in 2023 to $30.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion observed in the historical period can be attributed to several factors, including heightened demand for sustainable products, a shift towards the use of bio-based raw materials, increased awareness of environmental impact, regulatory support for renewable resources, and the diverse applications of these products across various end-use industries.
The specialty oleochemicals market size is expected to see strong growth in the next few years. It will grow to $41.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period is driven by several factors, including a growing preference for green chemistry, rising demand in emerging economies, ongoing innovation in product development, expanding applications in the healthcare sector, and strategic collaborations and partnerships. Major trends expected in the forecast period encompass an increased use of oleochemicals in the food and beverage industry, a shift towards bio-based surfactants, technological innovations in oleochemical production, a rising application in lubricants and greases, and the exploration of high-value specialty oleochemicals.
The specialty oleochemicals market is poised for growth, propelled by the increasing consumer demand for beauty and cosmetics products. Beauty and cosmetic items, encompassing ingredients, textures, perfumes, and packaging, are benefitting from the utilization of oleochemicals, which are deemed safe as they originate from natural sources. The rising consumer preference for organic and safe products is expected to drive the adoption of oleochemicals in beauty and cosmetics. A report from the International Trade Administration in April 2023 highlighted a substantial 10% growth in the sales of cosmetics and beauty products in China, reaching $88 billion in 2021, reflecting the escalating consumer demand in this sector. Consequently, the specialty oleochemicals market is experiencing growth due to the increasing consumer demand for beauty and cosmetics products.
The expanding pharmaceutical sector is playing a significant role in driving the growth of the specialty oleochemicals market. Oleochemicals find applications in the pharmaceutical industry for the production of excipients, emulsifiers, and various other pharmaceutical ingredients. Notably, the American Journal for Health-System Pharmacy reported in July 2022 that overall pharmaceutical spending in the United States increased by 7.7% in 2021, reaching $576.9 billion. The projections for 2022 indicate an anticipated increase in overall prescription drug spending of 4.0% to 6.0%, with clinics and hospitals expecting increases of 7.0% to 9.0% and 3.0% to 5.0%, respectively, compared to 2021. This sustained growth in the pharmaceutical sector is contributing significantly to the expansion of the specialty oleochemicals market.
Product innovation stands out as a prominent trend in the specialty oleochemicals market, with companies actively introducing new products to maintain their market positions. A noteworthy example is Emery Oleochemicals, a USA-based manufacturer, which, in September 2020, launched bio-based E fatty acid esters. These esters, characterized by high color stability, mild odor, and easy degradability, serve as an eco-friendly alternative to petrochemical-based components in various consumer and industrial formulations. This product innovation reflects the industry's commitment to sustainability and addressing environmental concerns.
Major players in the specialty oleochemicals market are focusing on the development of new technologies for sustainable oleochemical production. Oleon, a Belgium-based chemicals manufacturing company, exemplifies this trend by introducing an innovative plant in Oelegem, Belgium, in June 2023. This plant operates solely on naturally occurring proteins (enzymes), reducing waste and significantly lowering CO2 emissions in the production of enzymatic esters for applications in the food and cosmetics industries, among others. The plant's operation is based on "enzymatic esterification," a process using naturally occurring building blocks, such as proteins or enzymes. This cutting-edge technology was developed as part of the INCITE European research program, involving collaboration between Oleon, seven other businesses, academic institutions, and research organizations.
In August 2021, PTT Global Chemical Public Company Limited, a Thailand-based chemical company, acquired Emery Oleochemicals for an undisclosed amount. This strategic acquisition aimed to contribute to the growth of PTT Global Chemical and expand its service offerings. Emery Oleochemicals, based in Malaysia, is a key player in the chemicals manufacturing industry. Overall, these examples underscore the industry's commitment to innovation and sustainability, driving growth and meeting evolving market demands.
Major companies operating in the specialty oleochemicals market report are Evonik Industries AG, Vantage Speciality Chemicals Inc., Emery Oleochemicals LLC, Wilmar International Ltd., Kao Corporation, Ecogreen Oleochemicals GmbH, Oleon NV, IOI Corporation Berhad, KLK OLEO, HIG Capital LLC, The Vegetable Vitamin Foods Company Pvt. Ltd., Corbion NV, Godrej Industries Limited, Alnor Oil Co Inc., Ferro Corporation, Global Ecogreen Oleochemicals, Pan Century Oleochemicals, Timur Oleochemicals Malaysia, Pacific Oleochemicals Sdn Bhd, The Procter & Gamble Company, Musim Mas Holdings, VVF LLC, Evyap Sabun Yag Gliserin San ve Tic A.S., Lubrizol Corporation, Newell Brands Inc., Sensient Technologies Corporation, Emerald Performance Materials LLC, Chemtrade Logistics Inc., Koster Keunen Inc., Sasol Inc.
Asia-Pacific was the largest region in the specialty oleochemicals market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty oleochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the specialty oleochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The specialty oleochemicals market consists of sales of oleochemicals derived from rapeseed oil, sunflower oil, soybean oil, and palm oil. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.