Rise in demand from the end-user industries and surge in demand for sustainable and biodegradable products drive the growth of the Asia-Pacific oleochemicals market.
According to a report by Allied Market Research, the Asia-Pacific oleochemicals market was valued at $14.8 billion in 2020 and is projected to grow to $26.5 billion by 2028, registering a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028. The growth of this market is primarily driven by increased demand from various end-user industries and the rising need for sustainable, biodegradable products. However, price fluctuations of raw materials pose challenges to market expansion. On the bright side, heightened consumer awareness regarding harmful chemicals in personal care products is expected to create lucrative growth opportunities in the years ahead.
Market Segmentation Highlights
- By Type:
- Fatty acids dominated the market in 2020, accounting for nearly half of the market share.
- The fatty alcohol segment is expected to grow at the fastest rate, with a projected CAGR of 7.4% during the forecast period.
- By Application:
- The personal care and cosmetics segment is anticipated to experience the highest growth, with a forecasted CAGR of 7.5%.
- Despite this, the soap and detergents segment held the largest share in 2020, contributing over one-fifth of the total market.
- By Country:
- China led the market in 2020, accounting for more than 40% of the total share.
- Vietnam is projected to exhibit the fastest growth in the region, with an expected CAGR of 8.9% during the forecast period.
Key Market Players
Leading companies 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
- Global Green Chemicals
These companies play a significant role in shaping the market and driving innovation in oleochemical products across the region.
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Allied Market Research
Category: Industry Reports & Market Analysis Profile: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises and medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR’s goal is to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains. Our marke …
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