Comprehensive Report on Global Oleochemicals Market by Knowledge Sourcing Intelligence
INTRODUCTION
Global
Oleochemicals market is projected to grow at a CAGR of XX.XX% to reach
US$XX.XXX billion by 2023, from US$XX.XXX billion in 2017. Growing
environmental sustainability concerns is pressurizing firms across different
industries such as cosmetics, plastics, and food and beverage to use
biodegradable ingredients. Geographically, The Asia Pacific held a significant market share, followed by Europe in
2017. Major companies have production facilities set up in China,
Indonesia and Malaysia, making the Asia Pacific a manufacturing hub.
Moreover, Asia Pacific has the highest consumption of oleochemical products due
to rising disposable income. South America has the potential for
substantial market growth due to rising investment. In 2016, Evonik Industries
set up a plant to manufacture a broad spectrum of oleochemical specialty
surfactants. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample
view of global oleochemicals market share
SUSTAINABLE SUPPLY OF RAW MATERIAL
Oleochemical
products are an environment-friendly substitute for petrochemical
products. Health and environmental awareness over the past few years
have boosted the demand for oleochemical products, as they are eco-friendly and
biodegradable. Due to a rapid increase in the demand for oleochemical
products, the supply of raw materials such as palm oil and palm
kernel oil hasn’t been able to fulfill the growing demand. Hence, major
producers are finding it difficult to honor their long-term commitment to
their clients. In order to overcome this restraint, chemical companies are
collaborating with plantation companies for sustainable and good quality
feedstock.
For instance, in
2016, a contract was signed between BASF and Ihsedu Agrochem- a
joint venture between Arkema and Jayant agro- to provide castor oil.
GLOBAL OLEOCHEMICAL MARKET BY
GEOGRAPHY
Geographically, the global oleochemical market is segmented as North America, South America,
Europe, the Middle East, and Africa, and the Asia Pacific. Asia
Pacific region had the largest market share in 2017 and is expected to
have the majority share in 2023. Rising disposable income in this region
is resulting in rising sales for personal and home care products,
which is driving the demand for oleochemical products. Companies are
adopting mergers, acquisitions, and joint ventures to capture a
greater market share. For example, in 2016, a joint venture was formed
between the ERCA Group and Wilmar International.
Sample
view of global oleochemicals market share
ASIA PACIFIC
The market
for oleochemical in the Asia Pacific region is projected to grow
from US$XX.XX billion in 2017 to US$XXX billion in 2023 at a CAGR of XX% during
the forecast period. Companies are investing and setting up integrated manufacturing complexes for efficient use of resources. For
example, Wilmar International’s integrated manufacturing complex is
located in Gresik, Indonesia. Godrej Industries are investing in
the development of high-value derivatives of fatty acid and fatty
alcohols, for their application in home and personal care products.
Furthermore,
chemical companies are partnering with plantation companies for a sustainable
supply of raw materials and avoid major price fluctuations. For instance, a
contract was signed between BASF and Ihsedu Agrochem- a joint venture
between Arkema and Jayant agro- to provide castor oil.
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