Specialty Oleochemicals Market: Introduction
- Specialty oleochemicals are derived from plant-based feedstock such as palm oil, soybean oil, rapeseed oil, and sunflower oil. These specialty oleochemicals are used as natural materials in various applications such as cosmetics, biodegradable polymers, bio-surfactants, and lubricants. The products exhibit special characteristics including emulsifying properties and surface activity with beneficial biological properties.
Key Drivers of Global Specialty Oleochemicals Market
- The global specialty oleochemicals market is driven by its various characteristics. It is derived from plant-based raw materials and it is used in a wide range of applications globally. These chemical compounds are used in pharmaceuticals, food, personal care, and other consumer products, owing to its green nature as compared to other petrochemicals alternatives. Specialty oleochemicals are also used in paints, inks, drilling fluids, agrochemicals, deicing chemical agents, and textile materials.
- The global specialty oleochemicals market has a presence of several major players. The companies are focusing on meeting environmental regulations, and easy access to raw materials is expected to augment the market growth in the near future.
- Supportive regulatory framework by various regulatory bodies, such as FDA and EPA, is driving the specialty oleochemicals market globally
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Specialty Esters Segment to Dominate Global Market
- Specialty esters segment dominated the global specialty oleochemicals market in 2018, owing to its extensive use in various industries, such as medical, food packaging, construction, automotive, and paints & coatings, for various applications, including lubricants, plasticizers, and coalescing agents. The specialty ester segment is anticipated to expand at a significant rate due to the rising demand for specialty esters for bonding, coatings, and additives.
- Fatty esters are majorly used as food additives in baked goods, ice creams, and other processed products in order to stabilize, moisturize, and thicken the food product. The segment is expected to grow at a significant rate during the forecast period.
- Glycerol esters include glycerol di-stearate, glycerol monostearate (GMS), oleates, medium chain triglycerides (MCT), and other glycerides. Glycerol esters have witnessed significant boost in demand in the form of an emulsifier and thickener in food and beverages and personal care products, owing to their chemical composition.
Personal Care & Cosmetics Application Segment to Expand at a Significant Rate
- Personal care & cosmetics is estimated to emerge as the fastest growing application segment by 2027. Decrease in use of harmful chemicals, including aluminum salts, parabens, and phthalates coupled with adoption of sustainable raw material has contributed to high consumption of specialty oleochemicals in this application segment.
- Rise in demand for sensitive skin products is also driving the adoption of bio-based skin care products. This, in turn, is anticipated to propel the demand for specialty oleochemicals in personal care & cosmetics industry in the near future.
- Paints, inks, health & pharmaceutical products, food processing, and polymer & plastic additive sectors have also witnessed rise in the consumption of specialty oleochemicals
- The textile industry in China and Southeast Asia has developed and witness intense competition, which has fueled the demand for specialty oleochemicals. The food & beverages sector has witnessed an upward trend in several countries and consumption of specialty oleochemicals in different food products, such as bakery and margarine.
Asia Pacific to Hold Significant Share of Global Specialty Oleochemicals Market
- In terms of region, the global specialty oleochemicals market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific emerged as a major market for specialty oleochemicals. Southeast Asian countries, mainly Indonesia and Malaysia, are major producers of palm oil, a main raw material of specialty oleochemicals. Thus, the availability of raw materials in these countries and other Asia Pacific countries is expected to enhance the production of specialty oleochemicals in the region.
- Growth of end-use industries in Asia Pacific is expected to boost the consumption of specialty oleochemicals in the region
- This market in North America has witnessed significant growth. The region is experiencing high demand for personal care and pharmaceutical products obtained from natural derivatives.
- Increase in demand for sustainable solutions and biodegradable products coupled with changes in the U.S. regulations, such as EPA, are driving the use of oleochemicals in the chemical industry of the country
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Key Players Operating in Global Market
The global specialty oleochemicals market is highly consolidated with a few big players dominating the market. The market includes a large number of domestic and international market players. Integration by key players from procurement of raw material to distribution of the final product across the value chain is also a major strategy being adopted in this market. Additionally, specialty oleochemicals companies are also researching on low-cost production methods to produce chemicals by investing heavily in research and developmental activities.
Key players operating in the global specialty oleochemicals market include:
- Emery Oleochemicals Sdn Bhd
- KLK Oleo
- IOI Corporation Berhad
- Oleon NV
- Evonik Industries AG
- Kao Corporation
- Vantage Specialty Chemicals, Inc.
- Wilmar International
Global Specialty Oleochemicals Market: Research Scope
Global Specialty Oleochemicals Market, by Product
- Specialty Esters
- Fatty Acid Methyl Ester
- Glycerol Esters
- Fatty Amines
Global Specialty Oleochemicals Market, by Application
- Personal Care & Cosmetics
- Consumer Goods
- Food Processing
- Paints & Inks
- Healthcare & Pharmaceuticals
- Polymer & Plastic Additives
Global Specialty Oleochemicals Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.