Asia-Pacific Oleochemicals Market Outlook - 2021–2028
The Asia-Pacific oleochemicals market size was valued at $14.8 billion in 2020, and is projected to reach $26.5 billion by 2028, growing at a CAGR of 6.5% from 2021 to 2028.
Oleochemicals are produced from fats and oils. These are used in daily household products such as cosmetics, detergent, soap, and others. Asia-Pacific is one of the major manufacturers and consumers of oleochemicals. Especially, South East Asia is one of the major manufacturers of oleochemicals.
The Asia-Pacific oleochemicals market is segmented on the basis of type, application, and country. On the basis of type, the Asia-Pacific oleochemicals market is categorized into fatty acids, fatty alcohol, glycerol, and others. Depending on application, it is segregated into pharmaceutical, personal care & cosmetics, food & beverages, soap & detergents, polymers, and others. Country-wise, the Asia-Pacific oleochemicals market is analyzed across Thailand, Vietnam, Philippines, Indonesia, Malaysia, Singapore, Japan, South Korea, India, China, Australia, and Rest of Asia-Pacific. The Asia-Pacific oleochemicals market share is analyzed for all the countries and segments.
The Asia-Pacific oleochemicals market analysis covers in-depth information of the major industry participants. Some of the major players in the Asia-Pacific oleochemicals market include Ecogreen Oleochemical, Hancole, IOI Corporation Berhad, Kao Corporation KLK oleo, Musim Mas, P&G Chemicals Sinarmas Cepsa Pte. Ltd., Timur Oleochemicals, Unilever Oleochemicals Indonesia, Emery Oleochemicals, Wilmar International Ltd., Oleon NV, Croda International Plc, and Global Green Chemicals.
The key players adopt numerous strategies, such as product launch, business expansion, acquisition, partnership, collaboration, joint venture, and agreement, to stay competitive in the Asia-Pacific oleochemicals market.
For instance, in December 2020, Wilmar has accelerated investments especially in China and Indonesia, adding oil refinery, crushing plants, flour mills, rice mills, consumer edible oil, flour and rice packing plants and ships. This is anticipated to boost its production capacity significantly contributing toward the market growth in the Asia-Pacific region.
In addition, in May 2019, a new chemical factory of PT Apical Kao Chemicals (joint venture company of Kao Corporation and Apical Group Limited) has been set up which will produce fatty acids in Sumatra, Indonesia. This boosts the production capacity of KAO chemicals.
Asia-Pacific Oleochemicals Market, by Type
By type, the fatty acid garnered 49.3% share, in terms of volume, in 2020, and is expected to grow at a CAGR of 5.8% during the forecast period. Development in sectors such as plastics and rubber, particularly in emerging nations around the world, are the primary drivers of the fatty acid market growth. Fatty acids can also be used in human nutrition. Factors such as improved supply chain management, constantly expanding fatty acid demand, and increased government initiatives to elevate the market are projected to affect the dynamics of the Asia-Pacific fatty acid market in the coming years.
By Type
Fatty Acids is projected as the most lucrative segment.
Asia-Pacific Oleochemicals Market, by Application
By application, the soap & detergent segment garnered 23.8% share in 2020 in terms of volume, and is projected to be the largest application during the forecast period. The launch of innovative new products is a critical aspect in the growth of the soap & detergent industry. Manufacturers are continuing to focus on developing novel products to meet the consumer demand. This increases the demand for oleochemicals.
By Application
Soap And Detergents is projected as the most lucrative segment.
Asia-Pacific Oleochemicals Market, by Country
Country-wise, China is expected to grow at a CAGR of 7.5%, in terms of volume, during the forecast period. China is the most preferred destination for outsourcing of global manufacturing units owing to availability of the cheap labor market. Major industries in China are iron, steel, chemical, consumer product, textile, and automobile, which majorly drive the demand for oleochemicals. China and Vietnam are expected to serve as the top investment countries in the market, during the forecast period owing to numerous factors, such as the presence of established and rising consumer base such as including pharmaceutical, personal care, food & beverage, and others. Vietnam and China’s favorable governmental regulations boost the growth of the manufacturing sectors, which is expected to increase the demand for oleochemicals.
By Country
China holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Key benefits for stakeholders
- The report outlines the current trends and future scenario of the Asia-Pacific oleochemicals market from 2021 to 2028 to understand the prevailing opportunities and potential investment pockets.
- The Asia-Pacific oleochemicals market size is provided in terms of volume and revenue.
- The report provides an in-depth analysis of the market along with the current and future Asia-Pacific oleochemicals market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with impact analysis during the forecast period.
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the Asia-Pacific oleochemicals industry for strategy building.
- The study provides a comprehensive analysis of the factors that drive and restrain the Asia-Pacific oleochemicals market growth.
KEY MARKET SEGMENTS
By Type
- Fatty Acids
- Fatty Alcohol
- Glycerol
- Others
By Application
- Pharmaceutical
- Personal Care and Cosmetics
- Food and Beverages
- Soap and Detergents
- Polymers
- Others
By Country
- Thailand
- Vietnam
- Philippines
- Indonesia
- Malaysia
- Singapore
- Japan
- South Korea
- India
- China
- Australia
- Rest of Asia-Pacific
Asia-Pacific Oleochemicals Market, by Type Report Highlights
| Aspects | Details |
 By Type |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | GLOBAL GREEN CHEMICALS, MUSIM MAS, UNILEVER OLEOCHEMICALS INDONESIA, CRODA INTERNATIONAL PLC, KLK OLEO, ECOGREEN OLEOCHEMICALS, OLEON NV, KAO CORPORATION, P&G CHEMICALS, SINARMAS CEPSA PTE. LTD., IOI CORPORATION BERHAD, HANCOLE, EMERY OLEOCHEMICALS, WILMAR INTERNATIONAL LTD, TIMUR OLEOCHEMICALS |
Analyst Review
According to the CXOs of leading companies, some of the major soap manufacturers faced challenges such as sudden spike in demand owing to outbreak of COVID-19. However, the decrease in consumer spending due to unemployment has created a major challenge for major soap and detergent brands, which is expected to shift consumer demand for cheap products. This is consequently decreasing oleochemicals demand from major soap and detergent players. In addition, the market is also facing challenges, such as volatile prices of raw materials owing to spread of COVID-19 in major raw materials and oleochemicals producing countries.
The key factors boosting the Asia-Pacific oleochemicals market growth are increased demand for soap, food and beverages, and others
The Asia-Pacific oleochemicals market was valued at $14.8 billion in 2020, and is projected to reach $26.5 billion by 2028, growing at a CAGR of 6.5% from 2021 to 2028.
IOI, KAO, KLK OLEO, SINARMAS CEPSA, CRODA, Global Green Chemicals, WILMAR are some of the established players of the Asia-pacific oleochemicals market
The food and beverage industry are expected to increase the oleochemicals demand in Asia-pacific Oleochemicals Market
By Type, By Application, and By Country segments are covered in Asia-pacific Oleochemicals Market Report.
Increase awareness regarding hygiene has surged demand for soap which is consequently increasing demand for Oleochemicals in Asia-Pacific Oleochemicals Market.
Pharmaceutical, Personal Care and Cosmetics, Soap and Detergents are major applications expected to drive the adoption oleochemicals in Asia-Pacific Oleochemicals Market.
The outbreak of COVID-19 increased the demand for oleochemicals as it is used in products such as soap and disinfectants. As the consumer spending has shifted from cosmetics to essentials products such as soap and disinfectants, it increased the demand for oleochemicals from soap and disinfectant manufacturers.
Loading Table Of Content...
