Oleochemicals Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Oleochemicals by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Oleochemicals, The oleochemicals market size has grown strongly in recent years. It will grow from $27.06 billion in 2023 to $29.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for sustainable plastics, and rise in crude oil price.

The oleochemicals market size is expected to see rapid growth in the next few years. It will grow to $43.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to favorable government initiatives, increasing focus on organic personal care products, and lower cost and sustainability of raw materials will drive the growth. Major trends in the forecast period include focus on increasing investments, increasing online presence, partnerships and collaborations, introduction of new olechemicals production plants, and mergers and acquisitions.

The increased demand for sustainable plastics is expected to propel the oleochemical market. The use of plastic and other non-biodegradable materials has caused several environmental issues forcing industries and customers to adapt to sustainable plastics. The use of sustainable plastic is intended to reduce inefficiencies that contribute to environmental harm and aid in the optimization of business operations. This surge in consumer demand for environmentally friendly plastic opens up new markets, particularly in the cosmetics, pharmaceutical, fashion, and food industries for oleochemicals. For instance, In December 2020, European Bioplastics, an association representing the interests bioplastics industry in Europe, stated that global bioplastics production capacity is expected to rise from approximately 2.1 million tons in 2020 to 2.8 million tons in 2025 in Europe. Therefore, the increased demand for sustainable plastics is expected to boost the oleochemicals market during the forecast period.

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The oleochemicals market covered in this report is segmented –

1) By Product: Fatty Acid, Fatty Acid Methyl Ester, Glycerol Esters, Fatty Alcohol, Fatty Amines, Other Products

2) By Application: Personal Care And Cosmetics, Soap And Detergents, Food And Beverages, Pharmaceuticals And Nutraceuticals, Others Applications

3) By Sales Channel: Direct, Indirect

Major companies operating in the oleochemicals market are entering partnerships and collaborations to strengthen their position in the market. For example, in February 2022, DKSH, a Switzerland-based leading distributor of specialty chemicals and ingredients partnered with Malaysia-based oleochemical producer, IOI Oleo. DKSH’s Business Unit Performance Materials will provide business development, marketing, sales, logistics, and distribution services for IOI Oleo’s range of oleochemical specialties in six key Asian Pacific markets, including Australia, New Zealand, the Philippines, Taiwan, South Korea, and Vietnam. Further, in March 2022, IMPAG AG, a Swiss company involved in procurement and distribution of raw materials for life science and material science industries, entered into a new distribution partnership with Hobum Oleochemicals, a German company involved in production and sale of oleochemicals. Together the companies will be able to offer further innovative bio-based solutions for existing and new industrial applications.

The oleochemicals market report table of contents includes: