Oleochemicals Market Set to Witness an Uptick during 2021 to 2028Posted by Mrudula Karmarkar on March 17th, 2022 The global oleochemicals market size is anticipated to reach USD 34.89 billion by 2028, registering a CAGR of 7.57% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for oleochemical derivatives by major end-use industries, such as food & beverages, pharmaceuticals, personal care & cosmetics, and plastic & polymers. In addition, regulations regarding the use of synthetic products have led to the increased adoption of the product due to its environmental and cost benefits. Fatty acids represent one of the largest applications of oleochemicals as they are used in the pharmaceutical, food, soap, laundry detergents, candles, waxes, lubricants, and paints & coatings industries. Oleochemicals are derived from fats and oils, they are derived from natural sources, such as plant and animal fats and oils, also fossil fuel sources, such as petrochemicals. Surging crude oil prices have led to a considerable shift toward the use of products derived from vegetable oils, such as palm kernel oil and palm as a primary feedstock for the production. The majority of palm oil is consumed for the production of oleochemicals, owing to the easy availability of raw materials. All these factors are projected to drive the growth of the market. In addition, fluctuating crude oil prices have led manufacturers to invest in R&D to innovate cheaper and feasible alternatives to petroleum-based feedstock. However, the usage of glycerol as a raw material for biofuel can be viewed as a growth opportunity in the market. Moreover, rising demand from the manufacturers of industrial chemicals, surfactants, cosmetics, and pharmaceuticals is projected to fuel market growth. Manufacturers from Asia Pacific region, mainly, China, acquire the majority share. Some of the basic 0leochemicals products include specialty esters, glycerol esters, alkoxylates, and others among which specialty esters represent one of the largest product segments. Fatty acids based on animal fats, plant oils, and vegetable oils are used in numerous applications in the industrial, personal care & cosmetic products, and food & beverages sectors. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/oleochemicals-industry/request/rs1 Oleochemicals Market Report Highlights
List of Key Players of Oleochemicals Market
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