Oleochemicals Market Will Reach USD 37.12 Billion By 2028
The global oleochemicals market is forecast to reach USD 37.12 Billion by 2028, according to a new report by Reports and Data. Rapid growth in the production of kernel oil and palm oil is one of the significant factors in oleochemicals market growth. Reliable, efficient, and cost-effective oleochemical plants are ready to cater to incrementing demands. There is a rise in the acceptance of bio-based lubricants and they are replacing the traditional and synthetic lubricants, which in turn is improving the efficiency of vehicles.
Waste vegetable oils as a low-cost, sustainable, and low-toxicity feedstock are garnering more interests for the production of oleochemicals, which are ideal substitutes for petroleum-based chemicals widely prevalent in the petroleum industry. The compounds resulting from transesterification-epoxidation-sulfonation of waste vegetable oils have great potential as bio-based surface-active agents with extensive application in the petroleum industry. The oleo-surfactant from vegetable oils is gaining attention as an alternative to the costlier and non-biodegradable petrochemical-based surfactants currently in use.
These economic and ecological advantages are responsible for the growing demand for oleochemicals as energy resources and intermediates for manufacturing in industrial chemicals. This is responsible for the renewed research interest in oleochemicals as one of the most cost-effective and widely available substitutes for a number of industrial chemicals and fuels currently derived from fossil fuels.
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Further key findings from the report suggest
- Oleochemicals also act as an intermediary in pharmaceutical, rubber, plastic, paint and lubricant industries. The shift in demographics in the industrial structure of plastics, rubber, and surface-active agent industries coupled with transformation in the mode of development are fueling the fatty acids market.
- An important advantage of the fatty acid industry is the byproduct glycerin that is automatically generated when fats or oils are hydrolyzed. The amount generated depends on the material, such that, the harder oils generate more glycerin than the majority of softer oils or animal fats.
- Short-chain fatty acids can be utilized in multiple industries: personal care ingredients, agrochemical actives, flavor & fragrances, adjuvant ingredients, and food and feed additives. Industrial applications include aerospace, automotive, and industrial lubricants. Medium and long-chain fatty acids find their applications in several sectors, such as emulsifiers, textile chemicals, and plastic and rubber additives.
- Oleochemicals are derived from natural sources, including animal and plant fats. The formation of basic oleochemical substances like fatty acids by various chemical and enzymatic reactions. High demand for natural oleochemicals is increasing owing to its easy availability, cost-effective nature, and growing concern for the environment.
- The Asia-Pacific region is providing lucrative growth opportunities for the growth of the market. High growth in population, economic development across major countries, and rise in the standard of living are augmenting market demand. Easy availability of feedstock and growing support from the government for bio-based products are also propelling the demand of the market.
- Key participants include BASF SE, Wilmar International Ltd., Godrej Industries, Eastman Chemical Company, Evonik Industries, P&G Chemicals, Arizona Chemical Company LLC, Emery Oleochemicals Group, Cargill Incorporated, and Emery Oleochemicals Group, among others.
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For the purpose of this report, Reports and Data have segmented into the global Oleochemicals market on the basis of raw material, type, application, and region:
Raw Material Outlook
- Fatty Acid
- Fatty Alcohol
- Food and Beverage
- Pharmaceutical and Personal Care
- Soaps and Detergents
- North America
- Asia Pacific
- Latin America
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