Specialty Oleochemicals Market Size, Status, Top Players, Trends and Forecast to 2026
The Specialty Oleochemicals Market is expected to reach USD 13.52 Billion by 2026 from USD 8.51 Billion in 2017, at a CAGR of 5.4%.
Specialty oleochemicals are the base oleochemical products and are driven by the large number of applications and growing demand for bio-based end-use products. Material and technological developments in the manufacturing technologies and cultivation of raw materials hold immense significance in the growth of specialty oleochemicals. Consumer awareness concerning the environmentally sustainable products has also led to increased demand of end-use products made from specialty oleochemicals.
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These oleochemicals include plant-based feedstock such as soybean oil, palm oil, rapeseed oil, and sunflower oil. Rapidly rising consumer demand for biosurfactants, biodegradable polymers, and lubricants have resulted in increased consumption of specialty oleochemicals. Government support to utilize more sustainable products and stringent regulatory framework for the petroleum-based products are the crucial factors for the growth of specialty oleochemicals.
Major Targeted Key Player: -
Emery Oleochemicals
KLK Oleo
IOI Group
Oleon
Evonik Industries
Kao Corporation
Vantage Specialty Chemicals
Wilmar International.
The supportive regulatory framework has essentially contributed to the growth of the global specialty oleochemicals market. These oleochemicals hold significant potential for replacing petrochemical based products in few end-use applications such as paints, inks, textiles, and plastic & polymer additives. Thus, these specialty compounds represent a positive picture in terms of the growth during the forecast period.
Bio-based lubricants sector consumes large quantities of specialty oleochemicals. On account of characteristics such as enhancement of the desired properties, tailor-made formulations, and narrow variation in properties specialty chemicals are largely used in the production of lubricants. However, the manufacturing process includes high cost and is technology intensive, that can restraint market growth substantially.
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Specialty oleochemicals downstream potential businesses have also witnessed growth trends in different regions. For instance, textile industry in China and Southeast Asia have developed at a fast rate and showcase intense competition to the rest of the world. Food & beverage sector has witnessed an upward trend in many countries and consume specialty oleochemicals in different food products, such as bakery and margarine.
Competitive Landscape
Asia Pacific is expected to be the most lucrative regional market for the global specialty oleochemicals. This region has immense potential in terms of the large industrial bases for different downstream businesses. The region also has massive availability of the raw materials, especially in Indonesia, Malaysia, and the Philippines where the palm and coconut oil markets have witnessed tremendously higher growth.
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