Oleochemicals Market Regional Analysis:
APAC Market Insights
The oleochemicals market share in Asia Pacific is poised to surpass 41% by the end of 2035. The market growth is impelled by increasing production of oleochemicals along with their derivatives, coupled with the high availability of raw materials to derive oleochemicals in the region. For instance, Malaysia and Indonesia were the biggest manufacturers of palm oil in 2020, which serves as the main feedstock for the production of oleochemicals. Out of that, Malaysia exported approximately 33% and produced around 26% of the world's total palm oil.
Further, the upsurge in plantation undertakings in countries such as Indonesia, Malaysia, and the Philippines, to manufacture various cosmetics and personal care products from oleochemicals, is projected to fuel the market demand in the region. In addition, low production costs, labor costs, and lenient rules in these nations are inspiring manufacturers to multiply their manufacturing units in these regions.
North American Market Insights
The North American oleochemicals market is estimated to account for 24% share by 2035, led by growing preference for natural-based personal care and cosmetic products, along with the surge in the strict regulation by the government to practice sustainability. For instance, in 2023, the revenue of the natural cosmetics sector in the United States is expected to increase to around USD 2 billion. Moreover, the rising demand for bio-lubricants, along with the surging demand for biopolymers is estimated to fuel the market revenue.
Europe Market Insights
Europe is poised to hold a notable share of about 20% by the end of 2035. The market growth is propelled by surging practice of sustainability, on the back of the expanding awareness in people regarding pollution, climate change, and several other environmental issues. In addition, the surging shift towards biodiesel to replace conventional petroleum-based fuel will drive the market size.
