Global Specialty Oleochemicals Market Size by Product Type (Specialty Ester, Fatty Acid Methyl Ester, Glycerol Ester, Alkoxylates, Fatty Amines, and Others), By Application (Personal Care & Cosmetics, Food Processing, Consumer Goods, Health & Pharmaceuticals, Polymer & Plastic Additives, Textile, Paints & Coatings, and Others), Regions, Segmentation, and Projection till 2028
CAGR: 4.1% Current Market Size: USD 7.6 Billion Fastest Growing Region: North America
Largest Market: APACProjection Time: 2021-2028Base Year: 2020
Global Specialty Oleochemicals Market- Market Overview
The global specialty Oleochemicals market is expected to grow from USD 7.6 Billion in 2020 to USD 10.4 Billion by 2028, at a CAGR of 4.1% during the Projection period 2021-2028.This growth of the specialty oleochemicals market is primarily driven by increasing environmental concerns and the demand for eco-friendly products. Due to the rise in the demand for bio-based products, the demand for specialty oleochemicals is expected to increase considerably.
Specialty oleochemicals are base products that are derived from plant-based sources such as palm oil, soybeans, and sunflower oil. They are being used for the production of personal care, soaps, detergents, and lubricants among other chemical products. The government's support for the sustainable development of petroleum-based products due to the rise in environmental concerns has fueled demands for bio-based products. This is the crucial factor for the increase in demand for specialty oleochemicals. In addition to this, the rapidly rising demand for biodegradable polymers, biosurfactants, and lubricants has led to a rise in the consumption of specialty oleochemicals.
Some of the other applications of specialty oleochemicals include textiles, plastics & rubber, paints & coating, pharmaceuticals, oil & gas, construction, chemical synthesis, and other industries.
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Market Dynamics
Drivers:
- Growing consumption of personal care products
The consumption of specialty oleochemicals is growing at a rapid pace due to increased consumer spending and the availability of men's grooming products. In addition to this, decreased usage of harmful chemicals, such as parabens, aluminum salts, and phthalates along with the demand for sustainable raw material has further contributed to high consumption of specialty oleochemicals in personal care products, leading to the growth of the market.
- Rising usage of specialty oleochemicals in different end-user industries
Specialty oleochemicals comprise plant-based feedstock such as soybean oil, rapeseed oil, palm oil, and sunflower oil. These chemical compounds are seeing rapid usage in personal care & cosmetics, food processing, consumer goods, health & pharmaceuticals, polymer & plastic additives, textile, and paints & coatings among others. For instance, the consumer goods industry is observing rising consumer preference toward the usage of natural and less toxic ingredients in household cleaners, plastics, and detergents. This factor has considerably boosted the growth of the market.
Restraints:
- High cost associated with the manufacturing and concerns of food security
In the last few decades the demand for vegetable oils has increased that signifies the worldwide consumption of oils and fats has risen significantly. Among 105 million tons of vegetable oil produced in the years 2000 near about 15-17 million tons are used for the production of oleochemicals. This creates concerns regarding food security as it creates additional outlets when the vegetable oil is limited for another essential purpose. On the other hand, the manufacturing process encompasses high costs and the need for intensive technology. Such factors may hamper the growth of the market to some extent.
Opportunities:
- Increasing demand for biodegradable products
Rising concerns associated with plastic & polymers’ biodegradability have enabled the manufacturers to focus on the development of bio-based alternatives. In addition, the emergence of strict government regulations associated with the environmental norms further boosts the demand for biodegradable products. This has led to the replacement of petroleum-based products with being environment-friendly specialty oleochemical.
Further, in the cosmetic industry, regulations associated with the use of harmful chemical ingredients such as aluminum salts, parabens, and phthalates are projected to push demand for specialty oleochemicals.
Challenges:
- Covid-19 pandemic has affected the worldwide regional and country-level Specialty Oleochemical market
A number of countries have employed nationwide lockdowns during the pandemic. However, as they are reopening, safety measures such as social distancing are still being applied. This has caused significant economic downturns across the globe. Due to a slowdown in industrial activities and consumer markets, the chemical industry has been impacted. Hence, the global oleochemical market is projected to witness challenges due to the slow recovery of the economy and supply constraints on shipping.
Segmentation Analysis
The global specialty oleochemicals market has been segmented based on type, application, and region.
By Product
- The product segment includes specialty ester, fatty acid methyl ester, alkoxylates, glycerol ester, fatty amines, and others. The specialty ester segment led the specialty oleochemicals market with a market share of around 32.1% in 2020. The growth of this segment is mainly driven by the rising adoption of specialty ester in the manufacture of a large number of industrial products, such as for personal care (shampoos and cosmetic applications), for medical purposes as well as for automotive and architectural applications. However, the fatty acid methyl ester segment is expected to witness the highest growth rate during the Projection period.
By Application
- The application segment includes personal care & cosmetics, food processing, consumer goods, health & pharmaceuticals, polymer & plastic additives, textile, paints & coatings, and others. The personal care & cosmetics segment held the largest market share of 30.1% in 2020. This is due to the inclination towards organic personal care products. The demand for less toxic and organic ingredients in consumer goods such as perfumes, soaps, shampoos, cleaners, and detergents is increasing which in turn, is expected to trigger the demand for specialty oleochemicals in the future. However, food processing is expected to witness significant growth during the Projection period as the specialty oleochemical derivatives are playing a vital role in food processing such as frozen food, confectionery, and beverages.
By Regional Analysis
The regions analyzed for the specialty oleochemicals market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. The Asia-Pacific region dominated the specialty oleochemicals market and held the 44.5% share of the market revenue in 2020.
- Specialty oleochemical is dominated by the Asia-Pacific market due to the presence of large manufacturing industries across Malaysia and Indonesia. The palm and coconut oil markets growing highly especially in Indonesia, Malaysia, and the Philippines; therefore, an excessive availability of raw materials has become a motivating factor for manufacturers to increase their abundance in this region.
- On the other hand, North America is the second-largest market due to its exacting government regulations towards the environment and regarding the usage of toxic and harmful petroleum-based products. The United States is the major contributor to the growth of personal care & cosmetics, consumer goods, paints & ink, healthcare industries; which is followed by Europe due to the growing significance of biodiesel and sustainability.
Key Industry Players Analysis
Key market players are focusing on acquisitions
The specialty oleochemicals market constitutes a large number of players including domestic and international. Local players are focusing on developing new products and established players are focusing on developing high-level technology to improve product standards.
The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global specialty oleochemicals industry.
For instance, in September 2017, H.I.G. Capital announced that The Jordan Company acquire Vantage Specialty Chemicals, Inc. for USD 1.0 billion. As per the agreement, Vantage’s six manufacturing facilities located in the U.S. and 14 overseas distribution centers in Europe, Asia, Latin America, and South Africa became part of H.I.G Capital.
- Emery Oleochemicals
- KLK Oleo
- IOI Group
- Oleon
- Evonik Industries
- Kao Corporation
- Vantage Specialty Chemicals
- Wilmar International
Latest Development
On October 20, 2021, Emery Oleochemicals one of the leading specialty oleochemical industry will showcase its Bio-Lubricants product portfolio at the 2021 UNITI Mineral Oil Technology Congress on November 3-4 at the ICS Conference Center in Stuttgart, Germany.
Report Metrics
|
Report Attribute |
Details |
|
Projection period |
2021-2028 |
|
Base year considered |
2020 |
|
CAGR (%) |
4.1% |
|
Market Size |
7.6 Billion in 2020 |
|
Projection unit |
Value (USD) |
|
Segments covered |
Product Type, Application, and Regions |
|
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
|
Companies covered |
Specialty Oleochemical market are Emery Oleochemicals, KLK Oleo, IOI Group, Oleon, Evonik Industries, Kao Corporation, Vantage Specialty Chemicals, and Wilmar International among others among others. |
|
By Product Type |
|
|
By Application |
|
|
Regional scope |
|
Scope of the Report
Global Specialty oleochemicals Market by Product:
- Specialty Ester
- Fatty Acid Methyl Ester
- Glycerol Ester
- Alkoxylates
- Fatty Amines
- Others
Global Specialty oleochemicals Market by Application:
- Personal Care & Cosmetics
- Food Processing
- Consumer Goods
- Health & Pharmaceuticals
- Polymer & Plastic Additives
- Textile
- Paints & Coatings
- Others
Global Specialty oleochemicals Market by Region:
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Questions
What is the market value of the Specialty Oleochemical Market in 2020?
The market value of the Specialty Oleochemical Market in 2020 is $ 7.6 Billion.
Which is the most influencing segment growing in the Specialty Oleochemical report?
Specialty Ester segment is the most influencing segment in the Specialty Oleochemical market.
Which region has the highest market share in Specialty Oleochemical Market?
Asia-Pacific held the major share in the market over the Projection period 2021- 2028.
Which are the Top players active in the Specialty Oleochemical market?
The leading market players active in the global Specialty Oleochemical market are Emery Oleochemicals, KLK Oleo, IOI Group, Oleon, Evonik Industries, Kao Corporation, Vantage Specialty Chemicals, and Wilmar International among others.
What is the segment considered in the global Specialty Oleochemical market?
Product, End-use, and regions are the three segments of the report.
Does this report include the impact of COVID-19 on the Specialty Oleochemical market?
Yes, the market includes qualitative and quantitative insights for COVID-19 impact on the Specialty Oleochemical market.
What is the study period of this market?
The Specialty Oleochemical market is studied from 2020 - 2028.
Political- Government regulations towards the environment and regarding the usage of toxic and harmful petroleum-based products. In the cosmetic industry, regulations associated with the use of harmful chemical ingredients such as aluminum salts, parabens, and phthalates are projected to push demand for specialty oleochemicals.
Economic- In the last few decades, the demand for vegetable oils has increased that signifies the worldwide consumption of oils and fats has risen significantly. Among 105 million tons of vegetable oil produced in the years 2000 near about 15-17 million tons are used for the production of oleochemicals. This creates concerns regarding food security as it creates additional outlets when the vegetable oil is limited for another essential purpose. On the other hand, the manufacturing process encompasses high costs and the need for intensive technology. Such factors may hamper the growth of the market to some extent.
Social- Specialty oleochemical is dominated by the Asia-Pacific market due to the presence of large manufacturing industries across Malaysia and Indonesia. The palm and coconut oil markets growing highly especially in Indonesia, Malaysia, and the Philippines; therefore, an excessive availability of raw materials has become a motivating factor for manufacturers to increase their abundance in this region.
Technological- Emery Oleochemicals one of the leading specialty oleochemical industry will showcase its Bio-Lubricants product portfolio at the 2021 UNITI Mineral Oil Technology Congress on November 3-4 at the ICS Conference Center in Stuttgart, Germany. The demand for less toxic and organic ingredients in consumer goods such as perfumes, soaps, shampoos, cleaners, and detergents is increasing which in turn, is expected to trigger the demand for specialty oleochemicals in the future.
Environmental- the emergence of strict government regulations associated with the environmental norms further boosts the demand for biodegradable products. This has led to the replacement of petroleum-based products with being environment-friendly specialty oleochemical. Further, in the cosmetic industry, regulations associated with the use of harmful chemical ingredients such as aluminum salts, parabens, and phthalates are projected to push demand for specialty oleochemicals.
Legal- H.I.G. Capital announced that The Jordan Company acquire Vantage Specialty Chemicals, Inc. for USD 1.0 billion. As per the agreement, Vantage’s six manufacturing facilities located in the U.S. and 14 overseas distribution centers in Europe, Asia, Latin America, and South Africa became part of H.I.G Capital.
- Introduction
- Objectives of the Study
- Market Definition
- Research Scope
- Research Methodology and Assumptions
- Executive Summary
- Premium Insights
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Top Investment Pockets
- Market Attractiveness Analysis By Product
- Market Attractiveness Analysis By Application
- Industry Trends
- Market Dynamics
- Market Evaluation
- Drivers
- Rise in adoption of specialty oleochemicals in different end-use industries
- Environmental regulations pertaining to the VOC emissions reduction
- Restrains
- High cost of production
- Opportunities
- Rise in demand for bio solvent in domestic and industrial cleaning industries
- Challenges
- Fluctuating demand during the COVID-19 pandemic
- Specialty oleochemicals Market Analysis and Projection, By Product
- Specialty Ester
- Fatty Acid Methyl Ester
- Glycerol Ester
- Alkoxylates
- Fatty Amines
- Others
- Global Specialty oleochemicals Market Analysis and Projection, By Application
- Personal Care & Cosmetics
- Food Processing
- Consumer Goods
- Health & Pharmaceuticals
- Polymer & Plastic Additives
- Textile
- Paints & Coatings
- Others
- Specialty Oleochemical Market Analysis and Projection, By Regional Analysis
- Segment Overview
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South America
- Brazil
- Middle East and Africa
- UAE
- South Africa
- Specialty Oleochemical Market-Competitive Landscape
- Overview
- Market Share of Key Players in the Specialty Oleochemical Market
- Global Company Market Share
- North America Company Market Share
- Europe Company Market Share
- APAC Company Market Share
- Competitive Situations and Trends
- Product Launches and Developments
- Partnerships, Collaborations, and Agreements
- Mergers & Acquisitions
- Expansions
- Company Profiles
- Emery Oleochemicals
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- KLK Oleo
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- IOI Group
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- Oleon
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- Evonik Industries
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- Kao Corporation
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- Vantage Specialty Chemicals
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- Wilmar International
- Business Overview
- Company Snapshot
- Company Market Share Analysis
- Company Product Portfolio
- Recent Developments
- SWOT Analysis
- Emery Oleochemicals
List of Table
- Specialty Oleochemical Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Global Lactate Ester Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Soy Methyl Ester Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Glycols Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Alcohol Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Others Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Global Paints & Coatings Specialty oleochemicals Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Printing Inks Specialty oleochemicals Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Globa lAdhesives & Sealants Specialty oleochemicals Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Others Specialty oleochemicals Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Specialty oleochemicals Market, By Region, 2020–2028(USD Billion) (Kilotons)
- Global Specialty oleochemicals Market, By North America, 2020–2028(USD Billion) (Kilotons)
- North America Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- North America Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- USA Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- USA Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Canada Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Canada Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Mexico Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Mexico Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Europe Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Europe Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Germany Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Germany Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- France Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- France Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- UK Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- UK Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Italy Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Italy Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Spain Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Spain Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Asia Pacific Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Asia Pacific Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Japan Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Japan Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- China Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- China Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- India Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- India Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- South America Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- South America Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Brazil Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Brazil Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- Middle East and Africa Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- Middle East and Africa Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- UAE Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- UAE Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
- South Africa Specialty oleochemicals Market, By Product, 2020–2028(USD Billion) (Kilotons)
- South Africa Specialty oleochemicals Market, By Application, 2020–2028(USD Billion) (Kilotons)
List of Figures
- Specialty Oleochemical Market Segmentation
- Specialty Oleochemical Market: Research Methodology
- Market Size Estimation Methodology: Bottom-Up Approach
- Market Size Estimation Methodology: Top-Down Approach
- Data Triangulation
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Specialty Oleochemical Market Attractiveness Analysis By Product
- Specialty Oleochemical Market Attractiveness Analysis By Application
- Specialty Oleochemical Market Attractiveness Analysis By Region
- Specialty Oleochemical Market: Dynamics
- Specialty Oleochemical Market Share By Product(2021 & 2028)
- Specialty Oleochemical Market Share By Application(2021 & 2028)
- Specialty Oleochemical Market Share by Regions (2021 & 2028)
- Specialty Oleochemical Market Share by Company (2020)
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