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GLOBAL PALM KERNEL OIL AND COCONUT OIL BASED NATURAL FATTY ACIDS MARKET WILL LIKELY SURPASS USD 8.4 BILLION BY 2024

Author : Ravi Chawat | Published Date : 2020-09-14 

Surfactants form an essential part of detergents and cleaners that are used for industrial and residential cleaning purposes. Rising demand for surfactants owing to increasing awareness about workplace and industrial hygiene will drive the global palm kernel oil and coconut oil based natural fatty acids market during the forecast timespan. These fatty acids are used as an important source of hydrophobic surfactants due to their adaptable properties, natural origin and consistent supply. Increasing industrial developments will result in growing demand for surfactants for cleaners which in turn will augment the global palm kernel oil and coconut oil based natural fatty acids market in the future.

Global palm kernel oil and coconut oil based natural fatty acids market will also be augmented by the growing popularity of bio-based and herbal chemicals, mostly in personal cleaning products. Bio-based personal care products industry in 2015 was valued over USD 10 billion and will likely rise above USD 24 billion in 2024. The advantages of organic chemicals over their synthetic counterparts in terms of minimal side-effects and extra benefits will contribute to the global palm kernel oil and coconut oil based natural fatty acids market growth during the forecast period.

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Fluctuating raw material prices may hamper the global palm kernel oil and coconut oil based natural fatty acids market as it may hinder the entry of new players. In 2013, coconut and palm kernel oil prices changed by a rate of -10.38% & -15.14% respectively. In 2015, the rate of change was 28.93% & 21.53% for coconut and palm kernel oil respectively. As Asia Pacific has the highest concentration of coconut and palm kernel, cost of raw materials in other regions may also increase considerably.

Detergents, personal care, plastics, rubber are the major end-user industries in the global palm kernel oil and coconut oil based natural fatty acids market. Detergents is the most prominent end-user segment and its value is projected to be around USD 3 billion in 2024. High demand for industrial and residential cleaners and stringent rules pertaining to industrial hygiene will drive the segment’s growth. Personal care segments will likely grow by a CAGR of around 5% and its share is anticipated to be a quarter of the global palm kernel oil and coconut oil based natural fatty acids market. Rising income levels, increasing beauty-consciousness and popularity of organic personal care products will drive the segments growth during the forecast timeframe.

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Asia Pacific is the most significant palm kernel oil and coconut oil based natural fatty acids market growing by a CAGR above 5%. This region will account more than 50% of the global palm kernel oil and coconut oil based natural fatty acids market by 2024 owing to the high production of coconut and palm kernel oil in the region. Presence of many oleochemicals producers in Asia Pacific is also a factor behind the high growth. Global palm kernel oil and coconut oil based natural fatty acids market in Europe is projected to grow by less than 2% CAGR. Increasing raw material prices and small number of oleochemical manufacturers in Europe are some of the factors behind the slow growth.

Global palm kernel oil and coconut oil based natural fatty acids market is consolidated with 50% of the global share registered by the top five companies. These top companies are Wilmar International, OLEON, Emery Oleochemicals, Kao Corporation, and KLK Oleo. Other key participants in the global palm kernel oil and coconut oil based natural fatty acids market are P&G, Musim Mas Holdings, Chemical Associates Inc, Pacific Oleochemicals, United Coconut Chemicals, Philippine International, VVF LLC, Twin Rivers Technologies, and Vantage Specialty Chemicals.

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https://www.globenewswire.com/news-release/2017/02/21/925765/0/en/Palm-Kernel-Oil-And-Coconut-Oil-Based-Natural-Fatty-Acids-Market-worth-8bn-by-2024-Global-Market-Insights-Inc.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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