Top Companies in Oleochemicals Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Oleochemicals Market is projected to reach USD 29.8 billion by 2028 at a CAGR of 7.3% over the forecast period.
The Global Oleochemicals Market is valued at USD 19.5 billion in 2021 and is projected to reach USD 29.8 billion by 2028 at a CAGR of 7.3% over the forecast period. It is predicted that the personal care & cosmetics, food & beverage, pharmaceutical, and other industries will drive increasing demand for renewable, sustainable, and bio-based chemicals. Additionally, the price of petrochemical products and consumers' evolving preferences for eco-friendly goods will increase the demand for the product. The consumption of Oleochemicals, fatty acids used to make medicines, surfactants, lubricants, varnishes, soaps, detergents, and other products, is also anticipated to fuel market expansion in the next years. The demand for specialized esters is increasing in end-use sectors, including personal care and cosmetics, which is anticipated to drive market expansion over the forecast period.
One of the key reasons propelling the growth of the Oleochemicals market is the global upsurge in environmental consciousness. The market for Oleochemicals is further benefited from rising industrialization, the rise of numerous end-use industries, and the simple accessibility of feedstock.
On the other hand, fluctuating raw material prices and their simple accessibility in developing regions are anticipated to restrain market expansion. The Oleochemicals market is expected to face stiff competition from chemicals derived from petroleum during the forecast period.
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Amidst Exponential Growth in Oleochemicals Adoption, What Trends Should We Look Forward to?
- One of the key trends for the growth of the Oleochemicals Market is the quick increase in palm oil and kernel oil production. Reliable, efficient, and cost-effective oleochemical facilities are set to cater to incrementing demands.
- To optimize the efficiency of cars, bio-based lubricants are increasingly being adopted in place of synthetic and conventional lubricants. The market size for Oleochemicals has increased significantly as a result.
- New uses in polymers and bio-surfactants, in addition to soaps and detergents, are made possible by recent developments in these compounds,resulting in the market's expansion.
- The rising demand for cosmetics in recent years, brought on by social media's growing impact and consumers' higher disposable money, is creating abundant chances for the Oleochemicals industry's overall expansion during the projection period.
The Oleochemicals market is dominated by globally established players such as Cargill Inc. (US), SABIC (Saudi Arabia), Kuala Lumpur Kepong Berhad (Malaysia), BASF SE (Germany), Oleon N.V. (Belgium), IOI Group Berhad (Malaysia), Wilmar International & Kao Corp. (Singapore). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Oleochemicals market.
Let's Look at the Top 5 Companies That are Taking the Oleochemicals Market by Storm
The Oleochemicals Market is expected to grow from USD 19.5 billion in 2021 to USD 29.8 billion in 2028 due to the rise in demand for sustainable solutions and biodegradable products. Government policies encouraging the usage of environmentally friendly items boost the market's expansion. Additionally, the usage of Oleochemicals in favor of products made from petroleum is a significant driver boosting the market's expansion.
- Cargill Inc. (US)
With its headquarters in Minnetonka, Minnesota, and its incorporation in Wilmington, Delaware, Cargill, Incorporated is a privately held American multinational food firm that produces Oleochemicals. It was established in 1865 and had the highest revenue of any privately held company in the US.
- SABIC (Saudi Arabia)
Saudi Basic Industries Corporation also referred to as SABIC, is a producer of chemicals. Saudi Aramco is the owner of 70% of SABIC's shares. It works in Oleochemicals, metals, industrial polymers, fertilizers, and petrochemicals.
- Wilmar International and Kao Corp (Singapore)
Today, Asia's top agribusiness organization is Wilmar International Limited, established in 1991 and headquartered in Singapore. It provides a wide variety of edible food items in consumer, medium, and bulk packaging, animal feeds, and commercial agri-products like biodiesel and Oleochemicals.
- IOI Group Berhad (Malaysia)
Industrial Oxygen Incorporated SdnBhd, also known as IOI Corporation Berhad, was established on October 31, 1969. One of Malaysia's largest conglomerates is IOI. It is a top producer of sustainable and integrated palm oil with oleochemical.
- Oleon N.V. (Belgium)
Since the 1950s, Oleon has been one of the industry's top makers of Oleochemicals. It supports the use of natural renewable raw materials. It is an expert in transforming natural fats and oils into various oleochemical products, including biodiesel, glycerine, esters, fatty acids, dimers, technical oils, and specialty Oleochemicals.
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