South Korea Oleochemical Market Research Report, 2029

The oleochemical market in South Korea has evolved dramatically over time, owing to a combination of industrial innovation, government policies, and a commitment to sustainable practices. The country's fast industrialisation and emphasis on technology fuelled the rise of the oleochemical sector, positioning it as a prominent player in the worldwide market. Due to limited indigenous agricultural resources, the country imports the majority of its raw materials. However, innovative processing methods are used to generate high-quality oleochemicals. This reliance on imports highlights the necessity of global trade partnerships, particularly with Southeast Asian countries that provide the majority of raw materials. The Korean government has imposed strict environmental rules and incentives to encourage the usage of bio-based chemicals. Policies like the "Act on the Promotion of Saving and Recycling of Resources" and the "Green New Deal" seek to cut carbon emissions while also encouraging the growth of sustainable industries. Companies must comply with worldwide certifications such as the RSPO (Roundtable on Sustainable Palm Oil) and ISO standards to ensure that their products meet environmental and quality requirements. The COVID-19 epidemic had a mixed effect on South Korea's oleochemicals business. Initially, the epidemic affected supply systems, producing a temporary halt in production and delivery. The pandemic’s heightened attention on health and wellbeing fuelled demand for natural and sustainable components in personal care and food goods. As the economy recovers, the market is projected to stabilise and maintain its growth trajectory, with businesses adapting to the new normal. According to the research report, "South Korea Oleochemicals Market Research Report, 2029," published by Actual Market Research, the South Korea oleochemicals market is anticipated to add to more than USD 540 Million by 2024–29. South Korea's emphasis on technological developments has resulted in the development of novel oleochemical derivatives, which have expanded their uses throughout these industries. South Korea's strong R&D capabilities are resulting in more efficient processes and diverse product offerings, cementing its position as a major player in the oleochemicals industry. The export market also contributes to the expansion, as South Korea strengthens its position as a prominent provider of oleochemicals in Asia-Pacific. The incorporation of new technologies, such as biocatalysis and enzymatic processes, is likely to spur more growth by improving production efficiency and product quality. LG Chem, Lotte Chemical, Korea Oleochemicals Co., Ltd., and S-Oil are among the leading oleochemicals companies in South Korea. These companies are at the forefront of innovation, investing in breakthrough technologies and environmentally friendly practices. Collaboration with global partners and research institutions is frequent, with the goal of improving product development and expanding market reach. Partnerships with Southeast Asian countries, for example, provide to a consistent supply of raw materials, and cooperation with university institutions aid in R&D efforts. Companies promote their products' eco-friendliness, emphasising their biodegradability and lower carbon impact when compared to petrochemical alternatives.

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Palm oil and palm kernel oil are essential raw materials in South Korea's oleochemical sector, used to produce fatty acids, fatty alcohols, glycerin, and esters. These oils are predominantly imported from Southeast Asian countries, particularly Malaysia and Indonesia, because of the region's favourable environment for palm production. Coconut oil is primarily imported from the Philippines and Indonesia, reflecting South Korea's priority on maintaining strong commercial links in the Asia-Pacific area. Coconut oil's appeal stems from its natural qualities and claimed health benefits, making it an ideal choice for green and natural product formulations. Companies such as Korea Oleochemicals Co., Ltd. are at the forefront of using coconut oil to develop novel oleochemical products. While demand for coconut oil is stable, the business faces challenges such as shifting costs and supply constraints. The country's close agricultural relations with the United States and Brazil ensure a consistent supply of soybean oil. The increased demand for bio-based goods and renewable energy sources has accelerated the usage of soybean oil in the oleochemical industry, particularly in the production of bio lubricants and biodegradable polymers. South Korean firms such as CJ CheilJedang and S-Oil are significant participants in utilising soybean oil for a variety of applications, which helps to drive market growth. In contrast, sunflower oil and rapeseed oil are falling segments of the South Korean oleochemical market. While they have distinct advantages, such as high oleic acid content and environmental friendliness, their market share is constrained by greater costs and competition from more established feedstocks. South Korea's oleochemical business serves a wide range of end markets, including personal care, food & beverage, pharmaceuticals, industrial uses, and biofuels. The personal care and cosmetics industry is South Korea's largest consumer of oleochemicals. South Korea, with its strong emphasis on beauty and skincare, has emerged as a global powerhouse for innovative cosmetic goods. Companies such as Amorepacific and LG Household & Health Care have adopted oleochemical-based chemicals to create sustainable beauty products, in line with the global trend towards clean beauty. Another major oleochemical user in South Korea is the food and beverage industry. With the growing desire for natural additives and emulsifiers, oleochemicals have found use in a variety of culinary products, including baked goods, confectionery, and dairy products. Companies are exploiting oleochemicals' functional qualities to increase texture, stability, and shelf life, fulfilling customer demand for high-quality food items. Oleochemicals are very important in industrial and manufacturing applications, especially in the production of lubricants, surfactants, and polymers. Companies are investing in R&D to develop high-performance oleochemical derivatives that meet the strict requirements of industrial processes, establishing oleochemicals as critical components in production. The country's dedication to sustainability and environmental stewardship has increased demand for bio-based fatty acids as alternatives to petrochemical rivals. Leading suppliers, such as LG Chem and Lotte Chemical, have established themselves as significant participants by supplying high-quality fatty acids that satisfy worldwide requirements. Another important component of the South Korean oleochemical sector is fatty alcohols, which are produced by hydrogenating fatty acids or methyl esters. These compounds are widely utilised in the manufacture of personal care products, detergents, and industrial lubricants because to their emollient and surfactant characteristics. Fatty acid derivatives are specialised chemicals generated from basic fatty acids that provide improved characteristics for specific industrial uses. Companies such as CJ CheilJedang have spent in R&D to develop cutting-edge goods that meet the specific needs of numerous industries. FAME, derived from transesterifying vegetable oils or animal fats, is a renewable and environmentally benign alternative to typical petrochemical goods. The growing emphasis on renewable energy and sustainable practices has driven up demand for FAME in South Korea, particularly in the transportation and industrial sectors. Leading firms, such as S-Oil, have capitalised on this trend by establishing efficient production techniques and increasing their FAME products to satisfy market demand.

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Praveen Kumar

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Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Oleochemical market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By Source • Palm Oil and Palm Kernel Oil • Coconut Oil • Soybean Oil • Rapeseed Oil • Sunflower Oil • Other Oil (Animal Fats, Waste and By-Products, Microbial and Emerging Sources) By End Users • Personal care and Comestics • Soaps and detergents • Food and feed • Rubber and plastics • Coatings and Resins • Lubricants • Others By Types • Fatty acids • Fatty alcohols • Fatty acid derivatives • Fatty acid methyl ester (FAME) The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Oleochemical industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry. Keywords: Oleochemical, Palm Oil and Palm Kernel Oil, Coconut Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Animal Fats, Waste and By-Products, Microbial and Emerging Sources, personal care and comestics, soaps and detergents, food and feed, Rubber and plastics, Coatings and Resins, Lubricants, Fatty acids, Fatty alcohols, Fatty acid derivatives, Fatty acid methyl ester (FAME)