(PharmaNewsWire.Com, August 27, 2024 ) According to the latest research by InsightAce Analytic, the Global Palm Oil-based Oleochemicals Market is valued at US$ 5.23 billion in 2023, and it is expected to reach US$ 7.02 billion by 2031, with a CAGR of 3.88% during the forecast period of 2024-2031.
Oleochemicals are chemical compounds that are derived from natural oils and fats, usually obtained from plants such as palm, coconut, and soybean, as well as animal fats. Oleochemicals are synthesized using methods such as hydrolysis, transesterification, and hydrogenation. Furthermore, the drivers propelling the need for oleochemicals include the easy accessibility of ingredients, an upsurge of interest in sustainable substances, and increasing interest from downstream applications. Oleochemicals are beginning to replace the fuel-based goods that the market has as a result of tightening environmental restrictions and the depletion of renewable energies. Thus, these elements are anticipated to have a part in the rising demand for oleochemicals.
List of Prominent Players in the Palm Oil-based Oleochemicals Market:
• KLK OLEO
• IOI Oleochemical
• Wilmar International Ltd.
• Emery Oleochemicals
• Oleon NV
• BASF SE
• PT. SUMI ASIH
• P&G Chemicals
• Cargill, Incorporated
• Godrej Industries Limited
• Galaxy Surfactants
Market Dynamics:
Drivers-
The growing demand for the palm oil-based oleochemicals market is fueled by the rise of interest in ecologically friendly polymeric materials. Both consumers and companies are being forced to switch to recyclable plastics as a result of the ecological issues produced by the use of petroleum-based products and other materials that are not renewable. The goal of using sustainability polymer is to help optimize business processes and lessen inefficiency that hurts the surroundings. Increased consumer demand for eco-friendly plastic creates new opportunities for oleochemicals, especially in the agricultural, medicinal, aesthetic, and hygiene sectors. As a result, the oleochemicals industry is growing because of the increasing demand for ecologically friendly polymers.
Challenges:
The prime challenge is the severe rivalry and insufficient substance supplies, which is predicted to slow the growth of the palm oil-based oleochemicals industry. Petrochemical-based goods, which are less expensive and have superior performance, pose a serious threat to oleochemicals. Oleochemicals may find it challenging to maintain market competitiveness as a result, particularly in the manufacturing industry. There may be extremely little availability of raw ingredients in a particular area for the manufacturing of oleochemicals. This can affect disruptions in supply chains.
The North American palm oil-based oleochemicals market is anticipated to register a large market share in terms of revenue. It is projected to grow at a high CAGR in the near future because of the growing number of producers of personal hygiene products and cosmetics, as well as rising consumer recognition of the ecological benefits of biodiesel. Significant growth is anticipated as a result of the region's improving economic and social environment. Besides, Europe region had a substantial share in the market due to customers' increasing knowledge of ecological problems such as environmental damage, global warming, and others. The fundamental components propelling this sector of the industry are a growing focus on the effective disposal of bio-based materials, such as trash and products derived from agriculture and animals.
Recent Developments:
• In July 2024, KLK is increasing its capacity for processing oleochemicals in China. KLK's Taiko Palm-Oleo (Zhangjiagang) Co Ltd (TPOZ) owns and operates an oleochemical complex situated on 58 acres of land in a third-tier city around 130km from Shanghai. The expansion has transformed TPOZ into one of China's largest and most advanced oleochemical production facilities.
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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