Global Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market to Expand at 4.6% CAGR 2015-2023 Driven by Rapid Growth of Personal Care Industry
Transparency Market Research has published an insightful report on the global palm kernel and coconut oil based natural fatty acids market. The report, titled “Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” projects the global palm kernel and coconut oil based natural fatty acids market to expand at a CAGR of 4.6% during the period from 2015 to 2023. In 2014, the market was worth US$5.32 bn and is expected to reach a valuation of US$7.98 bn by 2023.
The palm kernel and coconut oil based natural fatty acids are a type of oleochemicals that display excellent performance as surfactants. As these fatty acids are derived from natural resources, they are environmentally sustainable and are used across diverse end-use industries.
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The report states that the rapidly growing surfactants industry has propelled the growth of the global palm kernel and coconut oil based natural fatty acids market. Major production of palm kernel oil and coconut oil across South East Asia has also supported the market’s growth. However, the high volatility of raw material prices might restrain the market to an extent. The market has a significant growth opportunity with the rapid expansion of the personal care industry.
In terms of end-use industries, the global palm kernel and coconut oil based natural fatty acids market has been categorized into plastics, detergents, personal care, rubber, and others including oil and gas, pharmaceutical, and textile. In 2014, the increased consumption of detergents across the developing economies has helped the detergents industry to emerge as the largest end user in the market. During the forecast period, the personal care industry is anticipated to the fastest growing end-use segment. Personal care products manufacturers are focusing on the usage of biocompatible materials, thereby increasing the demand for palm kernel and coconut oil based natural fatty acids.
The global palm kernel and coconut oil based natural fatty acids market has been segmented into Latin America, Asia Pacific, the Middle East and Africa, Europe, and North America. In 2014, Asia Pacific was the leading region in the market and is expected to continue its dominance throughout the forecast period. The rapid growth of this regional market can be attributed to the growing demand from the end-use industries and the rise in purchasing power of consumers.
By 2023, China is anticipated to be the biggest consumer of palm kernel and coconut oil based natural fatty acids, followed by ASEAN and the Rest of Asia Pacific. Europe was the second largest region in the market in 2014. During the forecast period, Latin America and the Middle East and Africa are projected to register significant growth with the rapid expansion of the personal care industry.
Some of the major players in the global palm kernel and coconut oil based natural fatty acids market are Kao Corporation, Musim Mas Holdings, Pacific Oleochemicals Sdn Bhd, OLEON NV, Chemical Associates Inc., Emery Oleochemicals, Kuala Lumpur Kepong Berhad, Philippine International Dev. Inc., Procter & Gamble, United Coconut Chemicals Inc., VVF LLC, Twin Rivers Technologies Inc., Wilmar International Ltd., and Vantage Specialty Chemicals Inc.
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