Robust growth experienced by the industries of personal care, food and beverages and chemical are boosting demand for the oleochemicals market, as it has emerged as a viable alternative to non-renewable petroleum sources. Additionally, favorable government policies regarding tax benefits for bio-based chemical products are influencing the market positively. According to a recent research report from IndustryARC, the global oleochemicals market is estimated to be worth $31 billion by 2023, with the demand incrementing at a healthy CAGR of 4.9 % during the forecast period 2018 to 2023. The report is titled “Oleochemicals Market: By Type, By Form, By Raw Material, By Refining Methods, By Post Production Processes, By Derivatives, By Application Areas, By End-User Industry, By Geography.”
Oleochemicals are the natural sources derived from the plant and animal fats. The important processes in oleochemicals manufacturing include hydrolysis and transesterification. Major types of oleochemicals include fatty acids, fatty alcohols, and glycerol. The market for glycerol segment is projected for faster growth. Glycerol is used as an important ingredient in the pharmaceutical, personal care, soaps, and detergents applications. It is used in the manufacturing of soaps, beauty products, medicines, and various oils. Increasing applications of oleochemicals in the soaps and detergents is driving the growth of the global oleochemicals market. The Organization for Economic Co-operation and Development (OECD) has analyzed that oleochemical substances such as UVCBs are used for REACH and CLP risk assessment purposes.
In the food and beverages industry, oleochemicals are used as emulsifiers in products such as bread, cake, pastries, and confectionaries. Other major products of oleochemicals such as tailored oils and margarine are used as food additives in packaged food products.
Oleochemicals Market: Disruptive Drivers and Trends
Polyols are manufactured using oleochemicals derived from vegetable oils such as soybean oil, castor oil, and linseed oil. These polyols are used as key products in the production of polyurethane, which is an important material in the automobile and construction industry.
Oleochemicals are used as an alternative product for derived products in the personal care, pharmaceutical, and hygiene industries. Example: stearic acid is replacing paraffin wax in candle making.
The commercial production of fatty alcohol, which is an oleochemical substance, is derived directly by sodium hydrogenation of sperm oils from whales.
Shifting focus towards bio-based products, because of the rapid increase in petrochemical prices and emission of greenhouse gases such as carbon dioxide, water vapor, methane, and nitrous oxide.
Some of the key players operating in the oleochemicals market are Croda, Emery oleochemicals, Wilmar International, and Unilever. Croda is supplying oleochemicals which are derived from natural, renewable, and sustainable sources from the past 80 years. It offers oleochemical products such as distilled and partly hardened fatty acids, polymerized fatty acids, oleic acids, isostearic acid, stearic fatty acids, and glycerine.
Oleochemicals are oils which are derived from plant and animal fats. The application of oleochemicals such as fatty acids and glycerol in the pharmaceutical, personal care, soaps, and detergents are poised to add new revenue avenues for the market players in the near future.
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