Oleochemicals Global Market Report 2024

The oleochemicals market size has grown strongly in recent years. It will grow from $27.06 billion in 2023 to $29.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, increased demand for sustainable plastics, and a rise in crude oil prices.

The oleochemicals market size is expected to see rapid growth in the next few years. It will grow to $43.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period can be attributed to favorable government initiatives, an increasing focus on organic personal care products, and the lower cost and sustainability of raw materials, which will drive the growth of oleochemicals. Key trends projected for the forecast period include a focus on increasing investments, expanding online presence, engaging in partnerships and collaborations, introducing new oleochemicals production plants, and pursuing mergers and acquisitions.

The oleochemical market is anticipated to experience growth driven by the increased demand for sustainable plastics. Environmental concerns arising from the use of non-biodegradable materials, particularly plastics, have led to a heightened emphasis on sustainable alternatives. The shift towards sustainable plastics, driven by consumer and industry demands, is creating new opportunities for oleochemicals, especially in industries such as cosmetics, pharmaceuticals, fashion, and food. For example, European Bioplastics reported in December 2020 that global bioplastics production capacity is expected to increase from 2.1 million tons in 2020 to 2.8 million tons in 2025. This rise in demand for sustainable plastics is projected to be a significant driver for the oleochemicals market in the forecast period.

The growing focus on organic personal care products is poised to contribute to the expansion of the oleochemicals market. Consumer preferences are shifting towards natural ingredients, leading companies to replace synthetic chemicals with organic alternatives in personal care products. In the UK, the organic beauty and wellbeing market witnessed a 15% growth in sales, with consumers spending around £11 million ($13.5 million) monthly on certified organic and natural beauty products, according to the Soil Association Certification’s Organic Beauty & Wellbeing Market Report 2022. BASF SE, a German chemical company, also responded to this trend by offering certified sustainable personal care ingredients based on coconut oil, contributing to the growth of the market.

Major players in the oleochemicals market are adopting strategic partnerships and collaborations to enhance their market positions. For instance, DKSH, a Swiss-based distributor of specialty chemicals, partnered with Malaysia-based oleochemical producer IOI Oleo. This collaboration, effective in key Asia-Pacific markets, involves DKSH providing business development, marketing, sales, logistics, and distribution services for IOI Oleo’s range of oleochemical specialties. Similarly, IMPAG AG, a Swiss company specializing in life science and material science industries, entered into a distribution partnership with Hobum Oleochemicals, a German company involved in oleochemical production. This collaboration aims to offer innovative bio-based solutions for various industrial applications.

In November 2021, Mega First Corporation Berhad, based in Malaysia, acquired EMERY OLEOCHEMICALS (M) SDN BHD and EMERY SPECIALTY CHEMICALS SDN BHD for $8.27 million. This acquisition is expected to support Mega First Corp.'s talent recruitment goals and enhance its technical capabilities in the plantation division, especially as it expands into processing coconut and other agricultural produce. Emery Oleochemicals (M) Sdn. Bhd, the acquired entity, is a Malaysia-based manufacturer of high-performance, natural-based specialty chemicals.

Major companies operating in the oleochemicals market report are Wilmar International Limited, Kuala Lumpur Kepong Berhad, Kao Corporation, BASF SE, Evonik Industries AG, IOI Group, Emery Oleochemicals, Godrej Industries, Oleon Nv, Eastman Chemicals Company, Klk Oleo, Ecogreen Oleochemicals (Singapore) Pte Ltd., Pacific Oleochemicals Sdn Bhd, Ptt Global Chemical, Hangzhou Zanyu Oil Technology Co. Ltd., Jiangsu Meiaisi Corp Ltd., Taiko Palm-Oleo (Zhangjiagang) Co. Ltd., Evyap Oleo, Croda Industrial Chemicals, Mirriko, Pcc Group, Glycerine.Ru, Jedwards International Inc., Solvent Systems International, Ravago Chemicals North America, Vantage Oleochemicals, Oxiteno, Materia Hnos, Cremer Oleo Brazil, Gulf Chemicals And Industrial Oils Co, The Saudi Company Of Chemical Trading Ltd., African Chemicals, Refinex, Tristar.

Asia-Pacific was the largest region in the oleochemicals market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the oleochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the oleochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The oleochemicals market consists of sales of alkoxylates and palm oil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The main types of oleochemicals encompass specialty esters, fatty acid methyl esters, glycerol esters, alkoxylates, fatty alcohols, fatty acids, fatty amines, and other related products. Fatty acid methyl esters are esters derived from the transesterification of fats with methanol. They find applications in the manufacturing of detergents and biodiesel. Oleochemicals are distributed through direct and indirect sales channels.

The oleochemicals market research report is one of a series of new reports that provides oleochemicals market statistics, including oleochemicals industry global market size, regional shares, competitors with an oleochemicals market share, detailed oleochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the oleochemicals industry. This oleochemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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