India Oleochemicals Market to Cross $2.6 Billion by 2025
Growing
consumer applications coupled with increasing shift from the conventional
petroleum based products towards environment friendly substitutes to drive India
oleochemicals market until 2025
According to TechSci Research
report, “India
Oleochemicals Market By Type, By End Use Industry, Competition Forecast and Opportunities,
2011-2025”, oleochemicals
market in India is forecast to surpass $2.6 billion by 2025. Robust growth of
the personal care industry, favorable government regulations and rising consumerism
are among the major factors boosting demand for oleochemicals in the country. Continuing
growth in India’s oleochemicals market
can also be attributed to easy accessibility of raw materials along with the
growing demand for green chemicals in India. Government of India has laid down
strict regulations regarding the emission of greenhouse gases by vehicles in
order to curb rising pollution levels across the country. Consequently, the
country’s fast growing automotive industry, which recorded a production output of
24,884,312 vehicles in 2015, is boosting demand for bio-diesel in India, which
is positively impacting India oleochemicals market. Few of the major oleochemicals
manufacturers operating in India include VVF(India) Limited,
3F Industries Limited, Jocil Limited, Godrej Industries Limited, Oil Base
India, Oleochem India Private Limited, Indo Amines Ltd., and Universal Biofuels
Limited.
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Changing lifestyles and increasing discretionary income
are the underlying driving forces for the oleochemical industry in India. In
2015, the country’s huge soap industry, which is dominated by major soap brands
like Lifebuoy, Lux, Santoor and Dettol, accounted for the largest share in the
country’s oleochemicals market. In addition to this, growing consumer preference
for organic and herbal skincare products is also augmenting demand for oleochemicals
in the country. Apart from this, the fuel application segment witnessed the fastest
growth in the India oleochemicals market during 2011-2015. Various government
initiatives such as National Automotive Testing and R&D Infrastructure
Project (NATRiP), Focus Market Scheme (FMS), Automotive Mission Plan 2006-2016,
National Electric Mobility Mission Plan (NEMMP) 2020, Make in India Program,
etc. are boosting the country’s automotive industry, which is expected to
continue propelling demand for oleochemicals in the coming years.
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“India oleochemicals
market is dominated by the fatty acid segment due to easy availability of raw
materials such as vegetable oil coupled with growing fondness for organic
cosmetic products across the country. Fatty acids have the ability to function
as detergents and soaps owing to their amphipathic properties. Moreover, fatty
acid serves as a crucial raw material to produce several downstream derivatives
including elastomers, toiletry, biocides, softeners, wax, etc. for diversified
industries, which is anticipated to continue boosting oleochemicals demand
through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“India Oleochemicals Market By Type, By End
Use Industry, Competition Forecast and Opportunities, 2011-2025” has evaluated the future
growth potential of India oleochemical market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in India
oleochemicals market.
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