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BANGALORE, India , Oct. 31, 2022 /PRNewswire/ -- Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Oleochemicals estimated at USD 22760 million in the year 2022, is projected to reach a revised size of USD 26250 million by 2028, growing at a CAGR of 2.4% during the forecast period 2022-2028. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.

Major Factors Driving The Growth of the Oleochemicals Market are

During the forecast period, it is anticipated that the rising need for renewable, sustainable, and bio-based chemicals in the personal care & cosmetics, food & beverage, pharmaceutical, and other industries will fuel the Oleochemicals Market growth. The high cost of petrochemical goods and consumers' evolving preferences for eco-friendly goods will also drive the growth of the Oleochemicals Market.

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TRENDS INFLUENCING THE GROWTH OF OLEOCHEMICALS MARKET

Increasing use of Oleochemicals in Personal Care and Cosmetics is expected to drive the growth of the Oleochemicals Market. Oleochemicals are used in personal care items as necessities for skin and hair care. They have grown in popularity as a result of their propensity to be devoid of carcinogens and allergens. Oleochemicals are used by the cosmetics sector to produce safe products for its customers. While polyhexanide is a water-based preservative and antibacterial ingredient used in many cosmetics, octyl stearate is a palm derivative used as an emollient for lipstick and eyeshadow.

Oleochemicals are utilized to make sanitizers for food contact surfaces as well as food packaging that has received FDA approval. When making sweets, calcium stearate is used as a flow agent and as an emulsifier for food. When making candy, triple-pressed stearic acid is utilized as a mold-release agent in addition to a hardening additive in the food and beverage industry. Thus the increasing use of Oleochemicals in the food and beverage industry is expected to fuel the Oleochemicals Market growth.

The growing use of Oleochemicals in pharmaceuticals is expected to drive the growth of the Oleochemicals Market. Oleochemicals can be employed as emollients, thickeners, and preservatives in the pharmaceutical and nutraceutical industries. In addition to being utilized as an emollient or thickening agent in other pharmaceutical applications, isopropyl myristate serves as a moisturizer in topical pharmaceutical treatments. As a humectant, glycerine 99.7% is used in the production of mouthwash and cough syrup.

Oleochemicals are able to enter the market and replace the currently used petroleum-based goods as a result of tightening environmental restrictions and the depletion of nonrenewable resources. In order to meet the demand for biobased products, manufacturers are also switching from chemical-based products to bio-based eco-friendly ones. This is anticipated to save time, money, and the environment.

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Based on type, the fatty acids segment is expected to be the most lucrative. The segment is expected to grow as a result of rising demand for bio-based fatty acids from end-use industries such as pharmaceuticals, personal care, cosmetics, food & beverages, chemicals, and others. Meanwhile, the rising demand for fatty alcohol is being driven by the pharmaceutical and cosmetics industries.

Based on region, the Asia-Pacific region is expected to drive the Oleochemicals Market. As a result of recent advancements and modernization in Asian oleochemical production facilities, which provide outstanding raw material integration and give producers a competitive edge over competitors from abroad. Additionally, a strong foundation of raw materials, a movement in consumer preferences toward sustainable products, and low manufacturing costs all contribute to the region's market growth.

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