Rising production for oleochemicals especially in Asia-Pacific region
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Oleochemicals are mainly used in the pharmaceuticals & personal care and soaps & detergents. Oleochemicals are categorized mainly on the basis of their types as fatty acids, fatty alcohols, glycerin, and others.
The oleochemicals market is highly saturated market with a presence of large number of established producers. There are many players with strong local and international market presence. The key players in this market are opting for agreements & partnerships, and expansions to enhance their market reach into new and developing markets and applications. The major companies in the market are BASF SE (Germany), Myriant (U.S.), Emery oleochemicals (Malaysia), and Arizona Chemical (U.S.), among others.
The pharmaceutical & personal care application dominated the oleochemicals market in 2013. Asia-Pacific was the largest market for oleochemicals and accounted for 67.38% of the overall oleochemicals market share in 2013. Glycerin is expected to show the highest growth among all other product types owing to the continuously increasing application area of oleochemicals, primarily in Asia-Pacific.