The substantial drive that oleochemicals has received in recent years stems from the groundswell of interest across industry players for sustainable and naturally-derived chemicals. Various industries, notably pharmaceutical and food industries, have shown extensive interest in the applications of oleochemicals. These chemicals are prominently used in fatty acids. They are usually derived from natural and renewable sources such as plant and animal fats.
The biodegradability of oleochemicals is perhaps the most compelling propositions driving its use in various industries such as plastics, surface active agents, and rubber. Rising use of fatty acids in various application areas in these end-use industries bolsters the growth of the oleochemicals market. The global oleochemicals market is projected to rise at an attractive pace over the next few years.
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Extensive Demand in Personal Care Markets sustains Rapid Growth Momentum in Market
Growing focus on industry players on boosting the manufacturing capacities of fatty acid chemicals bodes well for the market. In addition, they are focusing on constantly bring improvements in bioprocessing. The rising use of these in personal care products and cosmetics is a notable factor spurring the demand for a variety of oleochemicals.
On the regional front, Asia Pacific holds enormous potential. The demand is increasingly driven by rapid strides that personal care and soaps and detergent industries have been making in recent years. However, recent trade wars between prominent regional markets, China and the U.S., has adversely affected the growth dynamics of the market.
Nevertheless, the market is witnessing abundant opportunities from the increasing implementation of regulations against petrochemicals and chemicals derived from non-renewable sources. A large part of the flak has been due to the health hazards and several adverse effects their use tends to have on the overall ecosystem. This has created substantial commercial interest in environmentally-friendly and biodegradable materials in the chemicals manufacturing industries, world over.
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