Growing demand for bio-based products is expected to remain a key driving factor for the global oleochemicals market
San Francisco, California (PRWEB) November 19, 2014
The global oleochemicals market is expected to reach USD 30.03 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for bio-based products from various end-use industries such as soaps & detergents, pharmaceuticals and personal care is expected to remain a key driving factor for the global oleochemicals market. The Industry has shifted its focus towards developing bio-based products on account of volatility in petrochemicals prices due to supply demand imbalances which is also expected to have a positive influence on oleochemicals demand over the forecast period. Initiatives from different environmental associations regarding toxic emissions from petrochemicals are expected to further help oleochemicals penetrate the market on account of its biodegradable and renewable raw materials.
Oleochemical products are used in various end-use industries including personal care, food additives, surfactants, and pharmaceuticals. Polyamide and polyols are manufactured using oleochemical advanced routes which are used in producing polyurethane, a major raw material for fabric industry. Growth of these end-use industries particularly in emerging economies of India, China and Brazil is also expected to drive the demand for oleochemicals. Availability of key feedstock on account of overlapping with other applications is expected to remain a key challenge for market participants over the next six years.
Browse full report with TOC at http://www.grandviewresearch.com/industry-analysis/oleochemicals-industry
Further key findings from the study suggest:
- Fatty acids were the leading oleochemical product and accounted for 57% of total demand in 2013. Growing demand for fatty acid as raw material in end-use industries such as detergent and personal care is expected drive its demand over the forecast period. Glycerol is expected to witness significant growth rate over the next six years. Global demand for fatty acids is expected to grow at an estimated CAGR of 6.4% from 2014 to 2020. Increasing glycerol applications in food & beverages industry is expected to drive its demand over the next several years. Growing awareness for green chemistry among consumers is also expected to have positive impact on glycerol demand.
- Asia Pacific was the largest regional oleochemicals market and accounted for 41.9% of total market volume in 2013. Rapidly expanding end-use industries such as food & beverages, personal care and pharmaceuticals in the region is expected to drive the regional oleochemicals demand. Availability of key raw material in abundance particularly in Malaysia, China, Indonesia and Thailand is also expected to have a positive influence on the market growth. Asia Pacific is also expected to be the most lucrative regional market for oleochemicals over the foreseeable future. Asia Pacific along with largest consumer is also the largest producer of oleochemicals. European oleochemicals demand is expected to grow at an estimated CAGR of 4.1% from 2014 to 2020.
- Global oleochemicals market is moderately concentrated with top four companies accounted for over 55% of the total market. Oleochemicals market witnessed a large number of mergers and acquisitions and there are significant opportunities for the market occupants to introduce diversified products to sustain market growth. Top oleochemicals market players include ADM, Akzo Nobel, BASF Cognis, Cargill, Emery Oleochemicals, Evonik, Oleon, KLK Malaysia, and Wilmar International.
Access More Information on "Global Oleochemicals Market" at http://www.grandviewresearch.com/industry-analysis/oleochemicals-industry
For the purpose of this study, Grand View Research has segmented the oleochemicals market on the basis of product and region:
Global Oleochemicals Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- Fatty Acids
• Soaps & Detergents
• Lubricants & Greases
• Personal Care
- Fatty Alcohols
• Soaps & Detergents
• Personal Care
• Personal Care & Pharmaceuticals
• Alkyd Resin
• Food & Beverages
• Polyether Polyols
• Tobacco Humectants
Global Oleochemicals Regional Outlook (Volume Kilo Tons; Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519