Oleochemicals Market Share

APAC Market Statistics

The market share of oleochemicals in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 41% by the end of 2037. The growth of the market can be attributed majorly to the 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 also projected to fuel the demand for the oleochemicals market in the region over the forecast period. In addition to this, low production costs, labor costs, and lenient rules in these nations are inspiring manufacturers to multiply their manufacturing units in these regions, which is also projected to drive the growth of the oleochemicals market further throughout the forecast period in the APAC region.

North American Market Forecast

The North American oleochemicals market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The growth of the market can be attributed majorly to the 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 also estimated to skyrocket the growth of the oleochemicals in the region over the projected time frame.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a notable ratio of the share of about 20% by the end of 2037. The growth of the market can be attributed majorly to the surging practice of sustainability, on the back of the expanding awareness in people regarding pollution, climate change, and several other environmental issues. In addition to this, the surging shift towards biodiesel to replace conventional petroleum-based fuel is also estimated to drive the market growth further throughout the forecast period in the region.