Sellbyville, DE -- (SBWire) -- 01/21/2019 --Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market is witnessing an escalating commercialization with the increasing strong surfactants consumption rate across the globe. Growing inclination toward lauric acid based hydrophobes in surfactants has reflected a positive light on the overall market growth. In spite of a large number of hydrophobes' availability in the market, these natural origin basedoleochemicals are winning an edge over its other counterparts taking into account its global popularity. Reliable supply, versatility are the two major factors that caters the market's huge demand.
Additionally, spreading consumer awareness related to the harmful effects of chemical cosmetics is also providing lucrative avenues to palm kernel oil and coconut oil based natural fatty acids market to widen its business horizon. Concept of retail stores, increasing number of departmental stores, and natural beauty product showrooms is expected to leave an influential impact on the market outlook. As per a report by Global Market Insights, Inc., "Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids industry is projected to exceed USD 8 billion by 2024, with an estimated CAGR of 4.5% over 2016-2024.
Global Palm Kernel Oil And Coconut Oil Based Natural Fatty Acids Market size will likely exceed USD 8 billion by 2024, growing by a CAGR more than 4.5%.Global surfactant demand for detergents used in residential or industrial cleaning will boost the global palm kernel oil and coconut oil based natural fatty acids market in the near future. Increasing use of lauric acid based hydrophobes in surfactants will influence the global market positively.
Regulations regarding industrial and workplace cleanliness, coupled with the growing number of industries all around the globe will signify the surfactants demand throughout the considered forecast span. Surfactants industry was worth beyond USD 30 billion in 2015 with an estimated growth at a moderate rate from 2016 to 2024.
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.
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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.
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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Growing concerns regarding the harmful side effects of chemicals present in cosmetics and toiletries will also play a major role in promoting the palm kernel oil and coconut oil based natural fatty acids market throughout the forecast span. Rising awareness about the benefits of naturally derived cosmetic and personal care products will strengthen the market throughout the forecast span. Moreover, increasing number of concept retail stores and showrooms, along with rising demand from departmental stores, beauty product stores, spas, salons, etc. will drive the demand in coming years.
Geographically, Asia Pacific is one of the most potential players in the global market. With an expanding production and manufacturing base, APAC palm kernel oil and coconut oil based natural fatty acids market dominated the overall industry share in 2015, by accounting for more than 50% of the total volume. Statistics depict that almost three fourth of the global production is centered around APAC belt. This region is slated to chart a lucrative growth path in the years ahead also, at a projected annual rate of 5% over 2016-2024. Philippines, India, Vietnam will be the major revenue contributors of the regional market share owing to several oleochemical manufacturing units in these countries.
Europe palm kernel oil and coconut oil based natural fatty acids market also held a billion-dollar business in 2015. The growth of the regional industry can be credited to the Increasing adoption of natural origin based personal care products across European regions. As per estimation, Europe palm kernel oil and coconut oil based natural fatty acids industry will grow substantially at a CAGR of 4% over 2016-2024.
North America has an extremely volatile raw material price trend, making the region slow growing in the near future. High demand for organic personal care products in developed countries of Europe may have a positive impact on the palm kernel oil and coconut oil based natural fatty acids market.
Wilmar International, Musim Mas Holdings, KLK Oleo, P&G, Kao Corporation, Pacific Oleochemicals, Emery Oleochemicals, OLEON, United Coconut Chemicals, Chemical Associates Inc., VVF LLC, Vantage Specialty Chemicals, Twin Rivers Technologies, and. Philippine International are the important market players.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market to Hit $8.5bn by 2024: Kao Corporation, VVF Group, Wilmar International, Procter & Gamble, KLK OLEO
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.