Latest News- Oleochemicals Market: Fatty acids is expected to lead the Product segment during 2024-2028

The Oleochemicals Market is being driven by Growth of packaged food and beverage industry

The Oleochemicals Market is expected to grow at a CAGR of 6.03% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10260.1 million. In the realm of specialty chemicals, biosurfactants have emerged as a significant player due to their unique properties as amphiphilic compounds naturally produced by living organisms, primarily microbes. These compounds exhibit the ability to decrease the interfacial tension between two liquid phases or a liquid and a solid surface. The pharmaceutical, biomedical, cosmetic, and food industries, among others, are increasingly adopting biosurfactants due to their versatility and eco-friendliness. Many biosurfactants consist of fatty acid methyl esters, fatty acids, and fatty alcohols. The biosurfactant market is experiencing substantial growth, fueled by intensive research and development efforts. Government initiatives aim to expand the utilization of biodegradable surfactants, as chemically synthesized alternatives have been identified as non-biodegradable and potentially harmful. Regulatory bodies mandate manufacturers to incorporate sustainable raw materials into their production processes to ensure compliance with environmental regulations. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Fatty acids
  • Fatty alcohol
  • Glycerol
  • Fatty amines
  • Others
• Application
  • Soaps and detergents
  • Polymers
  • Personal care and pharmaceuticals
  • Lubricants and greases
  • Others
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • UK
    • France
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of packaged food and beverage industry
• Growing demand for soaps and detergents
• Government initiatives regarding use of oleochemicals

However, the market also witnesses some limitations, which are as follows:

• Fluctuating raw material prices
• Storage and transportation of vegetable oils and animal fats
• Demand-supply gap of raw materials for manufacturing oleochemicals

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Market Scope in Oleochemicals Market Research Report

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Research Analysis Overview

The global oleochemicals market encompasses fats and oils derived from natural sources, including plant oils such as palm oil, palm kernel oil, vegetable oils like coconut oil, soybean oil, and rapeseed oil, as well as animal fats. These raw materials undergo chemical reactions, including enzymatic processes, to produce a range of products like fatty esters and fatty alcohols. Renewable sources are increasingly preferred over fossil fuel sources, with sustainable fuels and bio-based products gaining traction. Market growth is influenced by factors like crude oil prices, viral infections, and transportation restrictions. Petrochemicals continue to be important competitors, but the shift towards renewable and sustainable alternatives is driving innovation in the oleochemicals industry.

Market Research Overview

The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals used in the production of various industries, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, the market size is determined by the consolidated revenue of these manufacturers. Key growth drivers for the specialty chemicals market include the increasing preference for specialty adhesives and sealants, driven by the expanding demand in sectors such as construction, automotive, and packaging. Additionally, consumer trends favoring sustainable and eco-friendly products derived from natural sources, like fats and oils from plants and animals, will boost market growth. Key raw materials include vegetable oils such as palm oil and palm kernel oil, animal fats, and fossil fuel sources. The market's expansion is further influenced by the personal care industry's growing emphasis on moisturizing lotions and green image, as well as online promotional activities. Crude oil prices and raw material availability also impact the market dynamics.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/