Burnaby, British Columbia,, Canada, October 09, 2015 --(PR.com
)-- According to recently released TechSci Research report, “India Oleochemicals Market Forecast & Opportunities, 2020,” the oleochemicals market in India is projected to grow at a CAGR of over 5% during 2015 - 2020. Growth in the market is anticipated on account of increasing demand for oleochemicals from end use industries such as soap, detergents, personal care, pharmaceutical, and food and beverage, among others. Growing inclination towards green chemicals coupled with easy access to raw materials is also expected to propel growth in the India oleochemicals market over the forecast period.
Oleochemicals are chemicals produced from natural sources like oils and fats procured from vegetables or animals. As oleochemicals are generally less toxic compared to petrochemicals, these chemicals are gaining popularity as substitutes for petroleum based products. Moreover, rapid depletion of non-renewable resources, and stricter government policies and regulations regarding environment protection, have resulted in boosting demand for sustainable and biodegradable products, further driving adoption of oleochemicals in various industries.
“With rising environmental concerns, the use of oleochemicals is growing in rubber, plastics, lubricants, paper, printing, paints & coatings, and animal feed industries. In addition, companies are focusing on innovation to expand their product portfolio, along with strategic agreements & partnerships to expand their reach and customer base. Competition in the market is expected to increase further with entry of global companies and launch of new products, enhancing growth prospects in India oleochemicals market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.