Asia-Pacific Oleochemicals Market Research
Factors such as increased demand from end-user industries and a growing preference for sustainable and biodegradable products are fueling the market's expansion
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- According to a report by Allied Market Research, the Asia-Pacific oleochemicals market reached $14.8 billion in 2020 and is anticipated to hit $26.5 billion by 2028, with a projected Compound Annual Growth Rate (CAGR) of 6.5% from 2021 to 2028.
Factors such as increased demand from end-user industries and a growing preference for sustainable and biodegradable products are fueling the market's expansion. However, fluctuations in raw material prices pose a challenge to market growth. Conversely, rising awareness about harmful chemicals in personal care products is expected to create promising opportunities in the near future.
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The Covid-19 pandemic has significantly impacted both the demand and production of oleochemicals. Lockdown measures in various countries led to the closure of manufacturing facilities in sectors such as automotive and construction, thereby affecting oleochemical demand. Supply chain disruptions, labor shortages, and raw material price hikes were among the repercussions of prolonged lockdowns.
The market is segmented by type, application, and country. Fatty acids held the largest market share in 2020, accounting for nearly half of the market, while the fatty alcohol segment is anticipated to witness the highest CAGR of 7.4% during the forecast period. In terms of application, the personal care and cosmetics segment is expected to register the highest CAGR of 7.5%, with soap and detergents dominating the market in 2020.
China led the market in 2020, representing over two-fifths of the market share, while Vietnam is projected to exhibit the highest CAGR of 8.9% during the forecast period.
Key market players in the Asia-Pacific oleochemicals market include Hancole, Ecogreen Oleochemical, Kao Corporation, KLK Oleo, IOI Corporation Berhad, P&G Chemicals, Sinarmas Cepsa Pte. Ltd., Musim Mas, Unilever Oleochemicals Indonesia, Timur Oleochemicals, Wilmar International Ltd., Emery Oleochemicals, Croda International Plc, Oleon NV, and Global Green Chemicals.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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