Oleochemicals are primarily derived from plant and animal fats. The formation of oleochemical substances including fatty acids, fatty alcohols, glycerols, fatty acid methyl esters, and fatty amines is attained through various enzymatic reactions and chemical reactions. Some of the intermediate chemical substances made from these oleochemicals are alcohol ethoxylates, alcohol, ether sulfates, and alcohol sulfates.
The global oleochemicals market is predicted to progress from 13 mn tons in 2010 to 15 mn tons by 2018, expanding at a 6.0% CAGR during the period between 2013 and 2018. By geography, currently, the global oleochemicals market is dominated by Asia Pacific, which is expected to expand at an 8.20% CAGR from 2013 to 2018. In 2011, Asia Pacific accounted for 68% of the global oleochemicals market. In the same year, in terms of capacity, Asia Pacific accounted for 60% of the global oleochemicals market.
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Lack of Utilization of Available Oleochemicals to Restrict Growth of Global Oleochemicals Market
The growing inclination of consumers towards environment-friendly products is predicted to stimulate the growth of the global oleochemicals market in the years to come. Support from the governments of various nations has helped the global oleochemicals market grow rapidly in the recent past. However, the growth of the global oleochemicals market is expected to be restricted in the near future due to the lack of utilization of available oleochemicals.
Some of the leading companies operating in the global oleochemicals market are Myriant, Gevo, Metabolix, Wilmar International, Emery Oleochemicals, Goldschmidt, Genomatica, Amyris, Solazyme, Codexis, and Evonik. Moreover, the entry of new companies is expected to create new growth opportunities in the global oleochemicals market in the near future. The global oleochemicals market is segmented on the basis of geography, product type, and application. By geography, the global oleochemicals market is divided into Asia Pacific, North America, Europe, and Rest of the World.
By product type, the global oleochemicals market is divided into fatty alcohols, glycerin, and fatty acids. Long gone are the days when traditional oleochemicals were in demand across the globe. Today, with technical advancements and easy availability of better research and development procedures, leading players are able to introduce many varieties of oleochemicals.
Modern Applications to Propel Global Oleochemicals Market
Based on application, the global oleochemicals market is classified into food and beverages, pharmaceuticals and personal care, soaps and detergents, polymers, and others. The growing applications of oleochemicals across various industries are predicted to propel the global market for oleochemicals in the years to come. Mergers and acquisitions and the increasing application of oleochemicals by leading players are predicted to boost the global oleochemicals market during the forecast period.
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Given their strong distribution network and geographical spread, oleochemicals and their specialty products are expected to register satisfactory performance in the years to come. More applications are expected to be introduced in the global market in the years to come, thus propelling the global oleochemicals market.