According to a report available on Radiant Insights, Inc.; the oleochemicals market is likely to show substantial growth by 2022. Increasing demand for biodegradable products due to declining dependency on petrochemicals can propel the market over the forecast period (2018 to 2022). In addition, promising government policies in terms of tax benefits and financial incentives for bio-based chemical manufacturers can have positive impact on the market. Increasing demand for biochemical product in several consumer applications including personal care, detergents, and food and beverages are expected to boost the market. The product can be used as an emulsifier in many food and beverages. It is used in many food products including bread, pastries, confectionaries, plain and flavored ice-creams, and cake.
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The product can be also used to prepare food additives, which are used in packaged food products. Rising demand for milk and milk-based product and packaged food products is likely to boost the market growth in the coming years. Moreover, the product is a key ingredient in consumer products including personal care products, cosmetics, antioxidants, cosmetics, textiles, detergents, wetting agents, and leather auxiliaries. The eco-friendly, non-toxic properties coupled with cost benefits of the product is boosting its usage in these products.
However, instability of the raw material prices may hamper the market growth in the coming years. Worldwide oleochemicals market can be segmented on the basis of applications, product, manufacturing processes, raw material, and region. Geographically, the oleochemicals market can be divided into North America, Europe and Asia-Pacific. Asia Pacific is one of the leading manufacturer and consumer of oleochemicals. Factors such as improving economic conditions, increasing product demand from the Chinese pharmaceutical firms, development of R&D units for oleochemical derivatives in personal care products and cosmetics including skin care and hair care products is also boosting product demand in the region. Presence of several regional manufacturers in countries including Indonesia and Malaysia is the key driving factor for the regional market.
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The market is highly fragmented with large number of small companies and established companies. The manufacturers are focusing more on expanding their production capabilities and development of innovative products to improve their share in the market. The competition in the market is mainly based on price, quality, and operational cost. The product can be used in many applications instead of petroleum-based products. This is expected to create several opportunities for the participants. This product range can be used for pentane blown rigid PIR and PUR foam application. These products are intended to provide low temperature conductivity performance. The product range also holds superior environmental and sustainability characteristics and has lower VOC emissions at the foam manufacturing site. Therefore, it can be used in several end user applications including improved low temperature insulation, and green building applications.
Europe is anticipated to exhibit steady growth over the forecast period. High demand for biodiesel as a substitute for petroleum-based fuels is the key driving factor for the regional growth. Instable petroleum prices are expected to increase the demand for biodiesel, which is expected to boost the product demand in the region. Key companies operating in the oleochemicals market include Cargill, BASF, Godrej Industries and Eco green Oleochemicals, Emery Oleochemicals, and SABIC. For instance, Emery Oleochemicals, a producer of natural-based specialty chemicals introduced a new range of aromatic-containing EMEROX Polyols.
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