In terms of segmentation, the fatty acids segment dominated the market in 2020, comprising nearly half of the market share.

WILMINGTON, DELAWARE, UNITED STATES, April 18, 2024 /EINPresswire.com/ -- According to a report by Allied Market Research, the Asia-Pacific oleochemicals market reached $14.8 billion in 2020 and is anticipated to hit $26.5 billion by 2028, with a 6.5% CAGR from 2021 to 2028. The market growth is primarily fueled by increased demand from end-user industries and the rising preference for sustainable and biodegradable products. However, fluctuations in raw material prices pose a challenge to market expansion, while the growing awareness of harmful chemicals in personal care items presents promising opportunities.

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The Covid-19 pandemic has significantly impacted the demand and production of oleochemicals. Lockdown measures in various countries led to the closure of manufacturing facilities in sectors like automotive and construction, dampening the demand for oleochemicals. Disrupted supply chains, labor shortages, and raw material price hikes further compounded the challenges faced by the industry.

In terms of segmentation, the fatty acids segment dominated the market in 2020, comprising nearly half of the market share. Nevertheless, the fatty alcohol segment is forecasted to witness the highest CAGR of 7.4% during the forecast period. Regarding applications, the personal care and cosmetics segment is expected to exhibit the highest CAGR of 7.5%, while soap and detergents led the market in 2020.

Geographically, China held the largest market share in 2020, accounting for over two-fifths of the market. However, Vietnam is projected to register the highest CAGR of 8.9% during the forecast period.

Key players in the Asia-Pacific oleochemicals market include Hancole, Ecogreen Oleochemical, Kao Corporation, KLK Oleo, IOI Corporation Berhad, P&G Chemicals, Sinarmas Cepsa Pte. Ltd., Musim Mas, Unilever Oleochemicals Indonesia, Timur Oleochemicals, Wilmar International Ltd., Emery Oleochemicals, Croda International Plc, Oleon NV, and Global Green Chemicals.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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