According to Fortune Business Insights™, the global oleochemicals market size was valued at USD 37.88 billion in 2023 and is projected to grow from USD 40.37 billion in 2024 to USD 65.38 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period. Asia Pacific dominated the oleochemicals market with a market share of 48.86% in 2023. Increasing demand for oleochemicals from the food and chemical industries is expected to increase market growth. Demand for biofuels keeping in mind environmental and health concerns is set to drive market growth. Rising demand from several end-use industries is expected to boost market development and offer lucrative opportunities for market growth. Fortune Business Insights™ shares this information in its report titled “Oleochemicals Market, 2024-2032.”
Oleochemicals are chemicals produced by chemical and enzymatic reactions from vegetable oils and animal fats. They are analogous to petrochemicals products. The market is set to experience high growth rate due to increased demand from the food and chemical industries. Increasing preference for sustainable fuels is expected to surge product demand during the forecast period.
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List of Key Players Profiled in the Report
Segments
Fatty Acid to Lead Due to Easy Availability of Raw Materials
On the basis of type, the market is divided into fatty acids, fatty alcohols, methyl esters, and glycerin. Fatty acid is anticipated to have the dominant part due to easy availability of raw materials and growing demand for organic personal care products. Fatty acids are an important part as they serve as a raw material to produce several downstream derivatives, including elastomers, toiletry, biocides, softeners, and wax.