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The global oleochemicals market is being driven by the growing fatty alcohol and fatty acids markets. The Asia Pacific leads the global oleochemicals market, accounting for over 40% of the total global production. Further, with the rising concern regarding the environment, the demand for natural oleochemicals, which are derived from natural oils, is increasing, thus, impacting the market positively. As the oleochemical products are mainly derived from naturally occurring fats and oils from organic sources like palm oil, their demand has increased globally. The oleochemical products are versatile and can be used in a wide variety of applications, including in the production of detergents, shampoos, soaps, cosmetics, pharmaceutical products, food additives, plastics, and others. Thus, the growth of the oleochemicals market is being supported by the demand from major consumer goods companies like Unilever (NYSE: UL) and the Procter and Gamble Company (NYSE: PG).
Within Asia, Malaysia currently has 19 oleochemical plants, which produced approximately 2.7 million tonnes of oleochemicals in 2018. IOI Oleochemical (MYX: 196), a Malaysia-based company, is one of the world’s largest oleochemical producers of fatty acids, glycerine, soap noodles, fatty esters, and specialty downstream oleochemical derivatives. The company manufactures and sells the said products to more than 60 countries, including Japan, China, and Europe. The Malaysia oleochemical market receives an uninterrupted supply of palm oil and palm kernel oil due to its favourable geographical location. Malaysia is the second-largest palm oil producer behind Indonesia, which is driving the growth of the oleochemical industry in the region, further aiding the global market for the product.
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The major players in the global oleochemicals market are BASF SE, Wilmar International Ltd, Kuala Lumpur Kepong Berhad (“KLK”), IOI Corporation Berhad, Kao Corporation, Ecogreen Oleochemicals Pte. Ltd, and Musim Mas Holdings Pte. Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of these major players.
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