Wilmar International Ltd, BASF SE, Kuala Lumpur Kepong Berhad, Kao Corporation, IOI Corporation Berhad, and Ecogreen Oleochemicals Pte. Ltd, among others, are the major players in the global oleochemicals market.
The global oleochemicals market is being aided by the growth of fatty alcohol and fatty acids markets. The market for fatty alcohols is further expected to grow at a CAGR of 4.5% between the forecast period of 2022-2027.
Oleochemicals are utilised as an alternative for petroleum-based products called petrochemicals. It is a chemical compound obtained from natural fats and oils, which is then used as a raw material or additional material in a wide range of industries. Producers had started to shift from petrochemicals to oleochemicals because of an upsurge in crude oil prices along with the affordability of plant-based lauric oils made from palm kernels.
Moreover, the major applications for oleochemicals are fatty acids and other fundamental oleochemical substances manufactured by several chemical and enzymatic reactions. Oleochemicals are manufactured by employing chemical processes like alcohol-based alcoholysis, water-based hydrolysis, and hydrogenation, among others. Some oleochemicals are generally utilised such as palm oil, coconut oil, and soy.
The demand for naturally manufactured oleochemicals is rising due to the rising regulatory and environmental pressures on surfactant manufacturers. The growing usage of oleochemicals in various industries like personal care and cosmetics, food, adhesives, pharmaceuticals, and household cleaning, among others, are likely to fuel the market growth. Further, oleochemicals have attained popularity in the personal care industry since they rarely contain carcinogens and are allergen-free, thereby propelling the market growth. The high-cost petrochemical products coupled with the easy availability of raw materials are further expected to drive the market growth of oleochemicals across the globe during the forecast period.
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BASF SE includes numerous segments such as agriculture solutions, materials, chemicals, industrial solutions, care and nutrition, and surface technologies. The company strives on adding to the success of consumers in almost every industry along with almost every nation across the world. The chemical segment in the company containing the petrochemicals and intermediates categories supplies the other segments with basic chemicals and intermediates, promoting the natural expansion of crucial value chains.
Wilmar International Limited is one of the leading agriculture organisations in Asia. It is referred to as a global leader in the processing and marketing of oilseed crushing, sugar marketing, edible oils, milling, and refining, speciality fats, manufacture of oleochemicals, wheat milling, rice milling, palm biodiesel, and consumer pack oils.
Kuala Lumpur Kepong strives on retaining productivity and efficient development in the field of oil palm plantations. The company further aims to invest in research and development along with promoting the improvement of planting operation materials. Its primary business activity is plantation involving oil palm along with rubber development.
IOI Corporation Berhad (IOI) is a leading integrated and sustainable palm oil company all over the world. The company operates in a plantation business that includes Indonesia and Malaysia. The downstream resource-based production and distribution business of the company incorporates manufacturing of oleochemical, speciality oils and fats along with refining of palm oil, which has a robust presence in Europe, Asia, and the United States.
Ecogreen Oleochemicals is a renowned manufacturer of natural fatty alcohol in the world. The business strives to provide high-quality goods and cultivate long-lasting relationships with customers while investing in human resources. The company has its marketing offices in Singapore, Germany, and the United States to serve consumers globally.
Kao Corporation is a cosmetics and chemical company. The company deals in personal care, laundry, and cleaning products while the chemical business contributes to the development of diverse industries. The Kao Group develops consumer products that focuses on general consumers.
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