Oleochemicals Market Trends, Growth Prospects To 2020: Grand View Research, Inc.
The global oleochemicals market is expected to reach USD 30.03 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for bio-based products from various end-use industries such as soaps & detergents, pharmaceuticals and personal care is expected to remain a key driving factor for the global oleochemicals market. Industry has shifted its focus towards developing bio-based products on account of volatility in petrochemicals prices due to supply demand imbalances which is also expected to have a positive influence on oleochemicals demand over the forecast period. Initiatives from different environmental associations regarding toxic emissions from petrochemicals are expected to further help oleochemicals penetrate the market on account of its biodegradable and renewable raw materials.
Oleochemical products are used in various end-use industries including personal care, food additives, surfactants, and pharmaceuticals. Polyamide and polyols are manufactured using oleochemical advanced routes which are used in producing polyurethane, a major raw material for fabric industry. Growth of these end-use industries particularly in emerging economies of India, China and Brazil is also expected to drive the demand for oleochemicals. Availability of key feedstock on account of overlapping with other applications is expected to remain a key challenge for market participants over the next six years.
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