Wilmington, Delaware, Transparency Market Research Inc.-, Dec. 03, 2024 (GLOBE NEWSWIRE) — The palm oil-based oleochemicals market (mercado de oleoquímicos a base de aceite de palma) is experiencing a period of rapid expansion, with a projected growth rate of 4.3% from 2024 to 2034. This sector includes products derived from palm oil, such as fatty acids, fatty alcohols, and other key ingredients used across diverse applications, including personal care, food production, and industrial uses. As of 2023, the market was valued at approximately US$ 5.2 billion and is expected to grow steadily, with the market reaching US$ 8.2 billion by 2034.

Several factors contribute to this promising outlook. Chief among them are the rise in the adoption of waste vegetable oils in production processes, the shift from tallow-based fatty acids to palm-based fatty acids, and the overall increase in palm oil exports, particularly from Southeast Asia. Palm oil has become a dominant vegetable oil globally due to its efficiency and versatility, further supporting the growth of palm oil-based oleochemicals.

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Key Drivers of Market Growth:

1. Rise in Adoption of Waste Vegetable Oils: The use of waste vegetable oils is significantly boosting the production of palm oil-based oleochemicals. These oils are not only more sustainable but also cost-effective and less toxic, making them an attractive option for manufacturers. According to the OECD-FAO Agricultural Outlook, the demand for vegetable oils is expected to grow considerably, leading to an increase in the utilization of waste vegetable oils as an alternative feedstock for oleochemicals.

Additionally, the increasing demand for bio-based surfactants in industries such as petroleum further strengthens the market for palm oil-based oleochemicals. As consumers and businesses prioritize sustainability, waste vegetable oils are increasingly replacing petrochemical-based surfactants.

2. Surge in Shift from Tallow to Palm-based Fatty Acids: Another key factor driving the market’s growth is the shift from tallow to palm-based fatty acids. This shift is primarily driven by the higher palmitic acid content found in palm oil and its suitability for individuals who avoid animal fats due to cultural or religious beliefs. The rise in the use of palm oil and its derivatives in manufacturing is replacing the reliance on tallow, which is increasingly in short supply.

Palm oil-based fatty acids also offer several advantages, including better consistency and quality, making them the preferred choice for many manufacturers. The transition to palm oil-based fatty acids is expected to continue over the next decade, contributing to the market’s positive growth trajectory.

3. Pandemic Impact and Rise in Demand for Cleaning Products: The emergence of the COVID-19 pandemic led to an unprecedented surge in demand for cleaning and disinfectant products, driving up the consumption of oleochemicals, particularly in the personal care and household cleaning sectors. This increased demand for cleaning products led to a boost in palm oil-based oleochemical production and, consequently, market growth.

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Regional Outlook: The palm oil-based oleochemicals market is expected to experience significant regional variation, with the Asia Pacific region leading the charge. Southeast Asia, particularly Indonesia and Malaysia, are major producers of palm oil, which is fueling the market growth in this region.

• Asia Pacific: As the largest producer of palm oil globally, Southeast Asia holds a dominant position in the palm oil-based oleochemicals market. Indonesia and Malaysia are the largest producers, with Indonesia accounting for nearly 59% of global palm oil production. The region is also home to most of the world’s production of fatty acids and alcohols. China is the largest consumer of fatty acids, contributing to the rising demand for oleochemicals in the region. Asia Pacific’s strong production capacity and its growing demand for natural fatty acids are key drivers of the market.
• Europe: Europe is seeing growth in the use of palm oil-based oleochemicals, particularly in the personal care and cosmetic industries. As the global leader in the cosmetics market, Europe has seen a rise in demand for sustainable and bio-based ingredients. Palm oil-based oleochemicals are increasingly being used in formulations due to their eco-friendly nature and performance characteristics.

Key Players in the Market: The palm oil-based oleochemicals market is highly competitive, with several key players dominating the landscape. These companies are focusing on innovation, regional expansion, and the development of sustainable production processes to maintain a competitive edge.

• KLK OLEO: A leading player in the palm oil-based oleochemicals sector, KLK OLEO is known for its broad product portfolio and commitment to sustainable practices. The company has focused on expanding its manufacturing capacity to cater to the growing demand for palm-derived oleochemicals.
• IOI Oleochemical: IOI Oleochemical has made significant strides in expanding its product offerings and increasing its market share globally. The company emphasizes sustainability and has adopted eco-friendly processes in its manufacturing operations.
• Emery Oleochemicals: A key player in the industry, Emery Oleochemicals focuses on the production of bio-based oleochemicals. In May 2024, the company showcased its performance ester base stocks and additives at the STLE 2024 Annual Meeting, further solidifying its position in the market.
• Wilmar International Ltd.: Wilmar is one of the largest palm oil producers globally and plays a crucial role in the palm oil-based oleochemicals market. The company has made substantial investments in expanding its oleochemical production capabilities.

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Recent Developments:

• May 2024: Emery Oleochemicals presented its performance ester base stocks and additives at the STLE 2024 Annual Meeting in the U.S.
• April 2024: KLK OLEO highlighted its nutraceutical, cosmeceutical, and functional food & beverage portfolio at Vitafoods Europe 2024, a key nutraceutical trade show.

Market Segmentation:

• Frequency:
• Crystal Cut:
• Application:
  • Oscillators
  • Resonators
  • Filters
• End-use Industry:
  • Automotive
  • Consumer Electronics
  • Military & Aerospace
  • IT & Telecommunication
  • Healthcare
  • Others

Regions Covered:

• North America
• Central and South America
• Europe
• Asia Pacific
• Middle East & Africa

The palm oil-based oleochemicals market is set for steady growth, driven by the rising adoption of sustainable production processes and the growing demand for eco-friendly products across various industries. With key players investing in innovation and expanding their regional presence, the market is expected to continue evolving over the next decade. As demand for palm oil and its derivatives increases globally, particularly in Asia Pacific and Europe, the market is poised for substantial growth by 2034.

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