The global oleochemicals market is expected to reach USD 30.15 billion by 2024, according to a new report by Grand View Research, Inc. Growing biochemical product demand in various consumer applications such as personal care, detergents, and food & beverages is expected to remain a key factor driving growth.
Escalating supply-demand gap along with overcapacity issues especially in the Southeast Asian countries such as Indonesia and Malaysia is expected to hinder oleochemicals market growth over the forecast period. Technological innovations and significant developments in the downstream sectors are expected to create lucrative opportunities for industry participants.
Fatty acids were the leading oleochemical product consumed and accounted for over 55% of total market volume in 2015. Increasing penetration of fatty acids in personal care products is expected to drive this segment over the forecast period. Glycerol is expected to witness the highest growth of 5.7% over the forecast period owing to its increasing preference in personal care and food & beverage applications.
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Further key findings from the report suggest:
- The global oleochemicals market demand was 12.86 million tons in 2015 and is expected to reach 18.82 million tons by 2024, growing at a CAGR of 4.4% from 2016 to 2024.
- Asia Pacific was the leading consumer of oleochemicals with demand share exceeding 40% in 2015. The region is also expected to witness the fastest growth over the next eight years owing to abundant raw material supply and significant developments in the application markets such as personal care, food & beverage, and bio-chemical manufacture.
- Asia Pacific C8-C10 fatty alcohols market was valued at USD 124.4 million in 2015 and is anticipated to grow at a CAGR of 6.1% over the forecast period to reach a net worth of USD 210.6 million by 2024.
- Personal care & pharmaceuticals dominated the global glycerol demand and is anticipated to grow at a CAGR of 5.9% from 2016 to 2024. Germany glycerol demand in personal care & pharmaceuticals was 73.1 kilo tons in 2015 and is expected to reach 106.9 kilo tons by 2024.
- The global oleochemicals industry is dominated by integrated companies present across the value chain. Key companies operating in the oleochemical market include KLK, TerraVia, Evyap, Kao Chemicals, Wilmar, IOI Corporation and Godrej Industries.
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Grand View Research has segmented the oleochemicals market on the basis of product and region: