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Global Oleochemicals Market to be Aided by the Expected Growth in the Global Fatty Alcohols Market at a CAGR of 4.5% over the Forecast Period of 2021-2026.

According to a new report by EMR titled, ‘Global Oleochemicals Market Report and Forecast 2021-2026’, the global oleochemicals market is being driven by the growing global fatty alcohols market, which attained a production volume of nearly 3.6 million metric tons in 2020. The global fatty alcohols market is further expected to grow at a CAGR of 4.5% between 2021 and 2026 to reach a capacity of almost 4.7 million metric tons by 2026.

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.

Market Breakup by Types, Applications, and Regions:

  • The various types of oleochemicals are fatty acid, fatty alcohol, and others. 
  • Oleochemicals find applications in the production of soap and detergent, intermediate plastic, coating and resin, paper, rubber, personal care, lubricants and grease, and others.
  • Region-wise, the global oleochemicals market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for personal care and packaged food products is aiding the global oleochemicals market.
  • With the increase in the demand for environment-friendly products, the demand for natural oleochemicals has also witnessed a rapid growth, thus, aiding the global industry growth.    
  • The growing food and beverage and pharmaceuticals sector is further impacting the oleochemicals industry positively. 
  • The growth in palm yields will probably promote the growth of global oleochemicals industry as palm kernel oil is the most preferred feedstock for producing natural oleochemicals.

Key Offerings of the Report:

  • The EMR report gives a detailed insight into the types, applications, and regional markets of oleochemicals for the periods (2016-2020) and (2021-2026). 
  • The report provides the regional historical (2016-2020) and forecast (2021-2026) price trends of the types of oleochemicals. 
  • The global trade data analysis has also been provided in the report by EMR, which assesses the value and volume of the major exporting and importing countries. 
  • The report also offers a thorough overview of the feedstock market for the 2016-2020) and (2021-2026) periods.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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