Global Oleochemicals Market to Grow at a CAGR of Over 7.54% through 2022
In 2012, the Global Oleochemicals Market was evaluated around USD 16.05 billion and is expected to reach approximately USD 33.19 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 7.54% over the forecast period owing declining dependence on petrochemicals is projected to be a key factor fueling the growth during the next few years. Encouraging government regulations concerning financial incentives and tax benefits for bio-based chemical manufacturers are anticipated to impact the market growth positively. The innovations in applications along with product development are predicted to generate opportunities for market players during the projected period. The steady raw material supply, especially in the Southeast Asian nations like Malaysia and Indonesia, is estimated to be a major concern for market players. Oleochemicals are utilized in an extensive variety of applications involving personal care, surfactants, soaps, food additives, and detergents. Key chemical manufacturers have switched their preference towards utilizing-based chemicals for producing polymers. This is expected to influence the market players positively for acquiring the downstream potential of several oleochemicals like fatty acid glycerol, esters, and alcohols. The growing demand for bio-diesel might cause a rise in biofuel costs which are frequently affected by alterations in the blending norms and government policies. These factors are projected to stimulate the overall finances of oleochemical-based products that are expected to hamper the growth of the global market during the forecast years. The raw materials utilized for producing oleochemicals involve animal and vegetable oils & fats or are produced using the petrochemical raw material. The high pace of bio-based polyamide commercialization in the aforementioned