Global Markets for Oleochemical Fatty Acids

  • January 2013
  • -
  • BCC Research
  • -
  • 326 pages

INTRODUCTION

STUDY GOALS AND OBJECTIVES

This BCC Research study is focused on the natural––based fatty acid industry, which is part of the wider oleochemical industry. The natural based fatty acid industry has been a workhorse in the chemical industry for a number of years, but it is a brightly burning star today fueled by the green chemistry agenda. The reason is that the raw material consumed to produce the oleochemicals is mainly based on material that is renewable, sustainable and readily biodegradable. This study reviews how the industry has recovered from the economic slowdown of 2008 and 2009, and how it will develop and change over the next five years through 2017. Global value demand for natural fatty acids, as well as the byproduct glycerin, will grow 9.8% annually from the current manufacturing value of $7.7 billion in 2011 to $13.5 billion through 2017.

This is based on the expectation that prices of key vegetable oils and animal fats will continue to rise sharply during the six–year period due to pressure on stocks from not only the fatty acid sector, but also the self–sufficient energy generation (bio–fuel) and food industries as well as export taxes imposed on key vegetable oils. In tandem, the demand for the base oleochemicals will largely reflect the gross domestic product of the developing nations across Asia, South America, Eastern Europe, the Middle East and Africa. However, the profitability for the operators will be squeezed as raw materials are a substantial portion of the manufacturing costs and there is difficulty in passing these fully across to the customers.Derivatives will experience the most growth, while personal and homecare applications will reap the benefits of the drive towards greener and more biodegradable chemicals. The wax applications (including candles and crayons) segment is expected to benefit from the lack of sufficient paraffin volumes to meet demand as a result of petrochemical refineries shifting production streams to match demand from the motor oil industry.

A shift towards alternative waxy substances will also be driven by the high price of crude oil passing along the whole fossil fuel supply chain. This study looks at the basic oleochemical business of fatty acids based on fats and oils and touches upon the impact of the biodiesel industry on the market. It presents historical demand data for 2008 and 2011, estimates for 2012 and projections for 2017. It reviews the main markets for the major acid types from stearic acid, distilled fatty acids, polyunsaturated (including tall oil fatty acid: TOFA), fractionated fatty acids and monounsaturated oleic acid. It reports on market sectors, reviews latest technology developments including the patent space, provides a regional perspective, examines the changing landscape of raw material and reviews the byproduct glycerin market.

Market shares provided by leading and active merchant players such as Emery Oleochemical, Arizona Chemicals, Kuala Lumpur Kepong (KLK), IOI, Wilmar International Vantage Oleochemical, Oleon, Felda, MeadWestVaco, Forchem, Braido, Oxiteno and CremerOleo are profiled. The report looks at how government incentives and regulations have impacted the industry especially with respect to self–sufficient energy resources and animal fat classification. It also assesses the impact of rising raw material prices, tight supply and demand curves for certain acid chains, the uncertainty of the economy in many of the developed countries around the world and the impact of the Roundtable on Sustainable Palm Oil (RSPO) accreditation.

REASONS FOR DOING THE STUDY

The fatty acid industry provides multiple products that are used in a wide range of industries due to the functionality it offers as a result of its molecule structure. A typical fatty acid has two reactive sites; the minor is the double bonds situated along the straight alkyl chain, while the major is a carboxylic acid group at the start of the chain. Thus, the molecule is a starting material for a number of reactions changing the functionality and performance dependent on the fatty acid derivative formed. Fatty acids are excellent hydrophobes and thus are a key material for a number of very important surfactant groups.

The world economy is still in a fragile state with a number of financial stress points impacting the more developed regions, oleochemicals will be a vital resource to meet the ingredient needs of a number of specialty chemical formulators and consumer facing companies.

Oleochemicals service different types of markets, more industrial orientated segments require ingredients that can achieve or even surpass the performance specification of the application at a price that is affordable while the more wellbeing and health orientated markets require ingredients that are not only suitable for human contact, be that externally on the skin or internally such as orally digested, but are sourced from renewable and natural grown origins. In both cases ingredients consumed must meet all safety, health and environmental regulations and legalization. Based on these types of demand the more wellbeing sectors will grow faster in value terms with a CAGR between 12% and 16% from 2012 through 2017 compared to the industrial segment at between 7% and 10% over the same period.

There are a number of governmental tax break incentives for using biomass to generate energy and produce fuel products. There are also export tax incentives for major tropical oil plantation countries to use local companies to develop downstream manufacturing capabilities utilizing locally sourced materials. Combined these incentives will have a profound effect on the industry at various points along the value chain. The self–sufficient energy incentives will not only drive up the cost of raw material for producers, it will tighten the supply especially for tallow based economies. The export taxes will not only make it prohibitive for foreign companies, especially those located outside Asia, to source the high in–demand, medium–chain, fatty acid raw material; it will also mean that local producers gain an unfair monetary advantage over the competition since derivatives of these fatty acids or refined acids such as fractionated and distilled cuts are exempt from this export tax.

The exponential growth in certain segments of the oleochemical family led to the devastation of important ecological systems that cannot be recovered. In addition it resulted in the diversion of not only vital food ingredients, but the arable land used to grow the crops such was the eagerness of a number of companies to benefit from the high value demand. The industry is now going to great lengths to, not only meet the growing needs of the market, but to do this in a way that is sustainable while minimizing the impact of the food supply chain.

CONTRIBUTION OF THE STUDY AND INTENDED AUDIENCE

Twenty-five years ago the oleochemical industry was in the heartland of mainland Europe and North America with a small foothold in Asia. Today, the heartland has shifted towards Asia with over 65% of the capacity on the ground now residing in that region. Another revolution has taken place today with upstream plantation owners seeking routes and applications for their crops by taking over established and longtime oleochemical firms or moving products for the same price around the world regardless of destination.

While a global business, fatty acids have a high regional tendency due to the fact that moving fatty acids a long distance is expensive as acids are prone to air oxidation, color reversion, odor reversion, metal pick–up and partial crystallization. Several factors play a role in the selection of raw material for oleochemicals, which are availability, fatty acid composition, quality and price. A number of sources are interchangeable such as coconut oil or palm kernel oil or palm oil for tallow, but it can result in challenges around meeting certain specifications as it is not a direct like–for–like substitution.

An important part of the profitability of the fatty acid industry is the outlets for the byproduct glycerin that is automatically generated when either fats or oils are hydrolyzed. The amount generated varies depending on the starting material, with the harder oils generating more glycerin than the majority of animal fats or softer oils. Thus, the amount of glycerin will increase as the share of the harder oils is projected to increase by a compound annual growth rate (CAGR) of 5.6% volume–wise during the forecast period through 2017. In recent years the glycerin market has been flooded by supply from the biodiesel market causing a collapse in the price, seriously impacting the profitability of fatty acid operators. The oversupply led to an abundance of research to generate new outlets for this byproduct resulting in the potential to be a key component of the future renewable chemical building block platform for chemical–using industries.

The slowdown during Q4 2008 and the whole of 2009 had a serious impact on the oleochemical business as orders were cancelled, volumes dropped and the prices fell through the floor. In 2010 the industry showed its resilience by bouncing back quickly as demand picked up, customers restocked and prices soared. The profit margins of the producers have suffered as rising raw material and energy costs impact the operational costs, especially for companies that are not backward integrated. Margins have been squeezed and with players actively selling on volume, not price, the situation is unlikely to improve in the near future. However, the demand in the derivative segment of the downstream industry and the desire for more renewable and environmentally friendly products creates the potential to produce greener material. It is uncertain though whether customers are really willing to pay premium prices in times of austerity.To this end, the study will be useful for the following:
- Marketing managers.
- Senior oleochemical executives.
- Decision makers from international governments.
- Traders and distributors of chemical products.
- Plant and operations directors.
- Engineering and technology manufacturers and providers.
- Process and technology support advisors.
- Plantation owners and renders managers.
- Logistical, supply chain and e–business specialists.
- Corporate, project and trade finance specialists
- Strategic planners and forecasters.
- New product and business developers.
- Decision makers from the chemical and energy industries/end users (oil, gas, petrochemical, fertilizer and chemical companies).
- Trade associations.
- Environmental consultants.
- Equipment manufacturers and process designers.
- Venture capitalists, those involved in research and development work and academic institutions.

SCOPE AND FORMAT

As the social condition of citizens in the developing nations rises, so too will the demand from these communities for more premium and westernized products, reflecting the higher standard of living status.

Oleochemicals, such as fatty acids, will be a vital link in the supply chain as their outstanding functionality and versatility make them ideal to be used in a multitude of applications. On top of this the high reactivity of this acid enables the production of a range of derivatives that can be tailored to meet the needs of a number of end using industries, working with the formulators to produce the ideal blend of functionality and performance.

The range of derivatives is dependent on the reaction site used. Derivatives can be produced using the acid functionality such as saponification, esterification, ethoxylation, or amination while derivatives based on the unsaturation include isomerization, dimerization, epoxidation, and hydrogenation acids.

Fatty acids and their derivatives have a range of functionality that can be used to support the move away from the petrochemical based platform that is reliant on the rapidly reducing fossil fuel industry since all the easy oil has been extracted and the remaining oil is more inaccessible, more remote and located in more inhospitable environments. While the equivalent renewable bio refinery type platform has a long way to go to be commercially viable and suitable to replace the petrochemical platform, oleochemicals will be a major contributor to such development. For instance the ester derivatives have the functionality of surfactancy, lubricity and solvency, which deliver the following benefits:
- The ability to reduce the surface tension between a polar and an apolar medium, which is important for cleaning and emulsification.
- The ability to reduce friction, which is needed for lubricant applications.
- The ability to dissolve chemicals, which is key to providing a greener solvent substitution for cleaning.

This report provides an understanding of how the composition of various fats and oils transform into the range, quality and types of acids produced and the applications for which those acids can be used. It explores the various attributes of different acid types and how these cuts compete with synthetic formed products from the petrochemical route and the major applications outlets.

This study will reveal the developments and research that demonstrate the green credentials of the oleochemical family and how these credentials are changing the environmental profile of the chemical using industry. This is helpful to the transformation from that of a major polluter to an industry working in harmony with its environment to meet the needs of the current generation without detrimental effects on its surroundings that would impact the generations to come. The study is divided into a number of sections and covers the following fatty acid types:
- Stearic acid.
- Distilled fatty acids.
- Fractionated fatty acids.
- Polyunsaturated acids including tall oil fatty acids.
- Oleic acids.

The fatty acid oleochemical business is important for the following reasons:
- It is a major source of surfactants, which are starting materials for the detergent, cleaning and personal care industries.
- The functionality and performance combination enables formulators to deliver tailored solutions to meet a variety of customers’ needs.
- It is an important cornerstone in the development of a sustainable chemical platform to reduce the reliance on fossil fuel based chemistry.
- It promotes the development of green chemistry that is environmentally friendly.
- Conversion of solid fats and liquid vegetable oils into a straight chain saturated or unsaturated carboxylic acid can be used in edible and non edible markets.

METHODOLOGY AND INFORMATION SOURCES

The insight and analysis contained within this report are based on information gathered from a cross section of oleochemical manufacturers, end users and other informed sources. Primary interview data was combined with secondary information gathered through an extensive review of published literature such as trade magazines, trade associations, company literature, conference material, patented technology, social media sites and online databases to produce the baseline market estimates contained in this report and building on the data collected in the previous review.With 2008 through to 2011 as the baseline, changes within each application were discussed and projections for each segment were developed for 2012 through 2017. Key findings were summarized, as well as tested, confirmed and debated with important contacts in the industry. BCC Research understands the market drivers and their impact from a historical and analytical perspective, which enabled the extraction and discussion of major developments and the subsequent impact on the markets.The analytical methodologies used to generate market estimates are based on a projection of world economy, world trade and technology developments. All dollar projections presented in this report are based on 2012 constant dollars.

ANALYSTS’ CREDENTIALS

Ronald van Rossum has more than 25 years of experience providing information management services to the chemical industry. For 10 years, he was a global information manager, delivering a wide range of services within the number one global oleochemical manufacturer. He is an expert information searcher and speaks several languages. He is also the co–author of BCC Reports CHM039B Oilfield Process Chemicals: Global Markets and CHMO46B Global Market for Catalyst Regeneration.John Joe Harkin is a Ph.D. chemist who graduated from the University of Manchester, United Kingdom, and is an independent business intelligence consultant. He has 21 years of experience providing business insight to a range of companies in the chemical and related industries. The majority of his industrial career was spent supporting business development activities on a global basis for the market leading oleochemical firm at that time. He is also the co–author of BCC Reports CHM039B Oilfield Process Chemicals: Global Markets and CHMO46B Global Market for Catalyst Regeneration.

REPORT HIGHLIGHTS

This report provides:
- An overview of the global markets for oleochemicals, including natural fatty acids, biodiesel and methyl esters, glycerine, as well as derivaties such as soaps, dimers, branched fatty acids, and fatty alcohols.
- Analyses of global market trends, with data from 2008 through 2012, and projections of compound annual growth rates (CAGRs) through 2017.
- Examination of applications by end market, such as household, personal care, oil field, and lubricants.
- Discussion of current and potential legislation that will affect the industry.
Coverage of consumer trends that drive many of the end markets, such as cleaning, beauty, and food.
Comprehensive company profiles of major players.

Table Of Contents

TABLE OF CONTENTS

CHAPTER 1 INTRODUCTION 1
STUDY GOALS AND OBJECTIVES 1
REASONS FOR DOING THE STUDY 2
CONTRIBUTION OF THE STUDY AND INTENDED AUDIENCE 2
SCOPE AND FORMAT 4
METHODOLOGY AND INFORMATION SOURCES 5
ANALYSTS' CREDENTIALS 5
RELATED BCC RESEARCH EFFORTS 6
BCC ONLINE SERVICES 6
DISCLAIMER 6

CHAPTER 2 SUMMARY 8
SUMMARY TABLE GLOBAL MARKET FOR NATURAL FATTY ACIDS THROUGH 2017 ($
MILLIONS) 11
SUMMARY FIGURE GLOBAL MARKET FOR NATURAL FATTY ACIDS, 2008-2017 ($ MILLIONS) 11
REPORT HIGHLIGHTS 12

CHAPTER 3 OVERVIEW OF THE INDUSTRY 14
INTRODUCTION 14
CHANGES IN THE OLEOCHEMICAL WORLD 15
RECENT AND FUTURE DEVELOPMENTS IN BRIEF 16
WHAT ARE OLEOCHEMICALS? 17
TABLE 1 AN OVERVIEW OF OLEOCHEMICALS 18
FIGURE 1 BASIC OVERVIEW OF THE OLEOCHEMICAL INDUSTRY 19
NATURAL FATTY ACIDS AND GLYCERIN 19
FIGURE 2 SATURATED FATTY ACID 20
FIGURE 3 UNSATURATED FATTY ACID 20
TABLE 2 NATURAL SATURATED FATTY ACIDS WITH CARBON CHAIN LENGTH, CHEMICAL
STRUCTURE AND EXAMPLES OF ORIGIN 21
TABLE 3 NATURAL UNSATURATED FATTY ACIDS WITH CARBON CHAIN LENGTH,
CHEMICAL STRUCTURE AND EXAMPLES OF ORIGIN 21
Tall Oil Fatty Acids (TOFA) 22
Castor Oil 22
Branched Fatty Acids 23
Glycerin€ 23
FIGURE 4 GLYCERIN MOLECULE 24
Biodiesel and Glycerin 24
Synthetic Glycerin and the Glycerin Market 24
FATTY ACID DERIVATIVES 25
FATTY ALCOHOLS 25
SOAPS 26
DIMERS 27
ESTERS 27
FIGURE 5 ESTER MOLECULE: THE “R” IS THE VARIABLE, COMMONLY AN ACID “REST”
GROUP 27
Esterification/Transesterification Process 28
AMIDES 29
FIGURE 6 ETHANAMIDE, AN EXAMPLE OF AN AMIDE MOLECULE 29
AMINES 29
FIGURE 7 AMINES 29
SULFONATES 30
FIGURE 8 SULFONATE 30
FUNCTIONALITY AND BUILDING BLOCKS 31
NONIONIC SURFACTANTS FROM METHYL ESTERS 32
BUILDING BLOCKS FOR POLYMERS 32
RAW MATERIALS 32
GLOBAL PRODUCTION OILS AND FATS 32
TABLE 4 WORLD PRODUCTION OF OILS AND FATS BY SOURCE, THROUGH 2017 (MILLION
METRIC TONS) 33
FIGURE 9 ESTIMATED WORLD PRODUCTION OF FATS AND OILS BY SOURCE, 2017 (%) 34
FIGURE 10 ESTIMATED VEGETABLE/ANIMAL FATS AND OILS, 2010 AND 2017 (%) 35
CONSUMPTION OF FATS AND OILS IN OLEOCHEMICALS 36
FIGURE 11 ESTIMATED PERCENTAGE OF USAGE OF OILS AND FATS, 2000 AND 2012 (%) 37
PRODUCTION OILS AND FATS, REGIONAL DIFFERENCES AND DEMAND 38
TABLE 5 WORLD PRODUCTION OILS AND FATS BY REGION, THROUGH 2017 (MILLION
METRIC TONS) 38
CHOICE OF RAW MATERIALS 39
FATTY ACIDS AND GLYCERIN 40
FATTY ACID COMPOSITION OF VARIOUS NATURAL OILS AND FATS 40
Nomenclature 40
Composition, Saturated vs. Unsaturated, MUFA vs. PUFA 41
Properties 42
TABLE 6 COMPOSITION AND PROPERTIES OF NATURAL OILS AND FATS 42
COMPOSITION AND CHARACTERISTICS OF NATURAL FATTY ACIDS AND GLYCERIN 44
Properties 44
SATURATED FATTY ACIDS IN ALPHABETICAL ORDER OF COMMON NAMES 45
Arachidic Acid (C20) 45
Behenic Acid (C22) 45
Capric Acid (C10) 46
Caproic Acid (C6) 46
Caprylic Acid (C8) 46
Lauric Acid (C12) 47
Myristic Acid (C14) 47
Palmitic Acid (C16) 47
Stearic Acid (C18) 48
TABLE 7 SELECTED PROPERTIES OF SATURATED FATTY ACIDS 48
UNSATURATED FATTY ACIDS IN ALPHABETICAL ORDER OF COMMON NAMES 48
Erucic Acid (C22:1) 49
Gadoleic Acid (C20:1) 49
Linoleic Acid (C18:2) 49
Linolenic Acid (C18:3) 50
Myristoleic Acid (C14:1) 50
Oleic Acid (C18:1) 51
Palmitoleic Acid (C16:1) 51
Ricinoleic Acid (C18:1OH) 51
TABLE 8 SELECTED PROPERTIES OF UNSATURATED FATTY ACIDS 52
PROPERTIES OF GLYCERIN AND TOFA 52
Glycerin 52
TABLE 9 PROPERTIES OF GLYCERIN 53
Tall Oil Fatty Acids (TOFA) 53
TABLE 10 EXAMPLE OF PROPERTIES TOFA 54
END USES, APPLICATIONS 54
THE MANUFACTURING LANDSCAPE 55
Hydrolysis or Splitting 55
FIGURE 12 SPLITTING COLUMN 55
Segregation/Separation 56
Distillation of Fatty Acids 57
Hydrogenation (Hardening) 57
Partial Hydrogenation 57
GLYCERIN PURIFICATION 58
MANUFACTURERS OF PRODUCTION EQUIPMENT 59
Which Technology to Use 59
FATTY ACID MANUFACTURERS AND THE INDUSTRY 60
A Changing Manufacturer's Landscape 60
Mergers and Acquisitions, Strategic Changes 61
TABLE 11 SELECTION OF MERGERS AND ACQUISITIONS WITH AN IMPACT IN THE FATTY
ACIDS AND DERIVATIVES INDUSTRY 64
TABLE 12 CAPACITY CHANGE ANNOUNCEMENTS 66
LEGISLATION 73
TRENDS AND IMPACTS 73
REGIONAL AND GEOGRAPHICAL DEVELOPMENTS 73
RENEWABLES - GREEN CHEMISTRY - SUSTAINABILITY 75
FIGURE 13 RSPO ENTRY PAGE FOR PLAYERS IN THE PALM OIL PRODUCTION SUPPLY
CHAIN 77

CHAPTER 4 OVERVIEW OF MARKETS AND APPLICATIONS FOR NATURAL FATTY ACIDS 80
OVERVIEW 80
IMPACT OF FINANCIAL CRISIS OF 2008 AND 2009 80
CHANGING NATURE OF OLEOCHEMICAL PRODUCERS 81
OLEOCHEMICAL BUSINESS MODEL 81
OLEOCHEMICAL BASE FAMILY 82
OLEOCHEMICAL COMPARED TO FOSSIL FUEL BASED PETROCHEMICALS 82
GREEN CHEMISTRY 83
SUSTAINABLE PALM OIL INDUSTRY 83
MANUFACTURING LANDSCAPE 85
TABLE 13 SNAPSHOT OF BASE FATTY ACID CAPACITY BY REGION, 2011 (MILLION METRIC
TONS) 86
FIGURE 14 SNAPSHOT OF BASE FATTY ACID CAPACITY, BY REGION, 2011 (MILLION METRIC
TONS) 86
FATTY ACID GLOBAL CONSUMPTION OVERVIEW 87
TABLE 14 BASE FATTY ACID CONSUMPTION, THROUGH 2017 (%*) 87
FIGURE 15 BASE FATTY ACID CONSUMPTION, 2008-2017 (%) 87
APPLICATIONS FOR OLEIC ACID AND ITS SIMPLE DERIVATIVES 88
TABLE 15 TYPICAL APPLICATIONS FOR OLEIC ACID AND ITS SIMPLE DERIVATIVES 89
ECONOMIC OUTLOOK 89
TABLE 16 REAL DOMESTIC PRODUCT GROWTH RATES, 2008-2017 (%) 90
FIGURE 16 REAL DOMESTIC PRODUCT GROWTH RATES, 2008-2017 (%) 90
IMPACT OF GOVERNMENTAL INTERNAL ENERGY SECURITY INCENTIVES 91
PRODUCT OVERVIEW 92
FATTY ACID TYPES 92
TABLE 17 SPLIT OF FATTY ACID TYPES ACROSS REGIONS IN TERMS OF CONSUMPTION,
2011 (%) 93
DISTILLED FATTY ACIDS 93
TABLE 18 EXAMPLES OF DISTILLED FATTY ACIDS 94
POLYUNSTAURATED FATTY ACIDS 94
TABLE 19 EXAMPLES OF POLYUNSATURATED FATTY ACIDS 95
TABLE 20 DFA AND PUFA MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 95
FIGURE 17 DFA AND PUFA MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 95
FRACTIONATED FATTY ACIDS 96
TABLE 21 EXAMPLES OF FRACTIONATED FATTY ACIDS 97
TABLE 22 FFA MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 97
FIGURE 18 FFA MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 98
STEARIC ACID 98
TABLE 23 EXAMPLES OF STEARIC FATTY ACIDS 99
TABLE 24 STEARIC ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 99
FIGURE 19 STEARIC ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 100
OLEIC ACID 100
TABLE 25 EXAMPLES OF OLEIC FATTY ACIDS 101
TABLE 26 OLEIC ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 101
FIGURE 20 OLEIC ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 101
PRICING MECHANISM FOR FATTY ACID TYPES 102
TABLE 27 AVERAGE PRICE FOR DIFFERENT FATTY ACID TYPES, 2008-2011 ($/POUND) 103
PROJECTION OF PRICES DURING FORECAST PERIOD 2012 THROUGH 2017 104
TABLE 28 AVERAGE PRICE FOR DIFFERENT FATTY ACID TYPES THROUGH 2017 ($/POUND) 105
DEMAND BY APPLICATION 105
CAPTIVE COMPARED TO MERCHANT 105
TABLE 29 APPLICATION VALUE OF FATTY ACIDS: MANUFACTURING LEVEL THROUGH 2017
($ MILLIONS) 106
FIGURE 21 APPLICATION VALUE OF FATTY ACIDS: MANUFACTURING LEVEL, 2008-2017 ($
MILLIONS) 106
ANIMAL FEED 107
TABLE 30 ANIMAL MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 108
FIGURE 22 ANIMAL FEED MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 108
COSMETICS AND TOILETRIES 108
TABLE 31 COSMETICS AND TOILETRIES MANUFACTURING SALES THROUGH 2017 ($
MILLIONS) 109
FIGURE 23 COSMETICS AND TOILETRIES MANUFACTURING SALES 2008-2017 ($ MILLIONS) 109
DETERGENTS AND CLEANERS 110
TABLE 32 HOME, INDUSTRIAL AND INSTITUTIONAL MANUFACTURING SALES, THROUGH
2017 ($ MILLIONS) 111
FIGURE 24 HOME, INDUSTRIAL AND INSTITUTIONAL MANUFACTURING SALES, 2008-2017
($ MILLIONS) 111
EMULSION POLYMERIZATION 112
TABLE 33 EMULSION POLYMERIZATION MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 112
FIGURE 25 EMULSION POLYMERIZATION MANUFACTURING SALES 2008-2017 ($ MILLIONS) 112
LUBRICANTS 113
TABLE 34 LUBRICANT MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 114
FIGURE 26 LUBRICANT MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 114
ORE PROCESSING 115
TABLE 35 ORE PROCESSING MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 115
FIGURE 27 ORE PROCESSING MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 115
RESINS 116
TABLE 36 RESINS MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 116
FIGURE 28 RESINS MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 116
TEXTILE SOFTENERS 117
TABLE 37 TEXTILE SOFTENERS (FABRIC SOFTENERS) MANUFACTURING SALES, THROUGH
2017 ($ MILLIONS) 118
FIGURE 29 TEXTILE SOFTENERS (FABRIC SOFTENERS) MANUFACTURING SALES 2008-2017
($ MILLIONS) 118
VULCANIZATION 118
TABLE 38 RUBBER PROCESSING MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 119
FIGURE 30 RUBBER PROCESSING MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 119
WAXES 120
TABLE 39 CANDLES, CRAYONS, WAXES MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 120
FIGURE 31 CANDLES, CRAYONS, WAXES MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 121
DERIVATIVES 121
FIGURE 32 MAJOR FATTY ACID DERIVATIVES 122
TABLE 40 COMPARISON OF MINERAL OIL VS. FATTY ACID ESTERS FOR LUBRICANT
APPLICATIONS 123
TABLE 41 TYPICAL DIMER AND ISOSTEARIC ACIDS YIELD (%) 124
TABLE 42 COMMON TYPES OF FATTY ACID HYDROPHOBES 124
TABLE 43 DERIVATIVES MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 125
FIGURE 33 DERIVATIVES MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 125
OTHERS 126
TABLE 44 OTHERS MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 126
FIGURE 34 OTHERS MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 126
SURFACTANT ALTERNATIVES BASED ON FERMENTATION TECHNOLOGY 127
RAW MATERIAL OVERVIEW 128
SPLIT OF FATS AND OILS CONSUMED IN FATTY ACID 128
TABLE 45 PERCENTAGE OF RAW MATERIAL BASED FATTY ACID CONSUMED, 2008-2017 (%) 129
FIGURE 35 PERCENTAGE OF RAW MATERIAL BASED FATTY ACID CONSUMED, 2008-2017 (%) 129
TABLE 46 CHOICE OF MATERIAL FOR SELECTIVE FATTY ACIDS 130
FIGURE 36 SPLIT ACROSS TROPICAL OILS, 2008-2017 (%) 130
TABLE 47 TROPICAL OILS PRODUCTION, THROUGH 2012 (MILLION METRIC TONNES) 131
FIGURE 37 TROPICAL OILS PRODUCTION, 2008-2012 (MILLION METRIC TONNES) 131
BIODIESEL IMPACT ON RAW MATERIAL AVAILABILITY 132
ANIMAL RAW MATERIAL 132
TABLE 48 ANIMAL FATS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 133
FIGURE 38 ANIMAL FATS CONSUMED IN FATTY ACID PRODUCTION, 2008-2017 (%) 133
TABLE 49 ANIMAL FAT FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 134
FIGURE 39 ANIMAL FAT FATTY ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 134
TROPICAL OILS OVERVIEW 135
TABLE 50 TROPICAL OILS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 136
FIGURE 40 TROPICAL OILS CONSUMED IN FATTY ACID PRODUCTION, 2008-2017 (%) 136
TABLE 51 TROPICAL OILS FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 137
FIGURE 41 TROPICAL OILS FATTY ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 137
SOFT OILS OVERVIEW 138
TABLE 52 SOFT OILS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 139
FIGURE 42 SOFT OILS CONSUMED IN FATTY ACID PRODUCTION, 2008-2017 (%) 139
TABLE 53 SOFT OILS FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 140
FIGURE 43 SOFT OILS FATTY ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 140
CRUDE TALL OIL 141
KRAFT PAPER MILL PROCESS 141
TOFA BASED FATTY ACID 141
TABLE 54 CRUDE TALL OILS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 142
FIGURE 44 CRUDE TALL OILS CONSUMED IN FATTY ACID PRODUCTION, 2008-2017 (%) 142
TABLE 55 CRUDE TALL OIL FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 143
FIGURE 45 CRUDE TALL OIL FATTY ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 144
TOTAL RAW MATERIAL PICTURE FOR THE FATTY ACID INDUSTRY 144
TABLE 56 RAW MATERIAL CONSUMPTION IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 145
TABLE 57 RAW MATERIAL FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 146
GLYCERIN 146
GLYCERIN GRADES 147
TABLE 58 AVERAGE PRODUCTION OF GLYCERIN BASED ON FATS AND OILS COMPOSITION
($ MILLIONS) 148
FIGURE 46 TYPICAL HYDROLYSIS OF TALLOW 148
TABLE 59 AMOUNT OF GLYCERIN LIBERATED BY VARIOUS FATS AND OILS 149
TABLE 60 AMOUNT OF GLYCERIN LIBERATED RELATIVE TO FATTY ACID YIELD 149
TABLE 61 GLYCERIN PRODUCTION FROM NATURAL FATTY ACIDS, THROUGH 2017 (%) 150
TABLE 62 GLYCERIN PRODUCTION BASED ON NATURAL FATTY ACID, 2011 (%) 151
TABLE 63 GLYCERIN PRODUCTION BASED ON NATURAL FATTY ACID, 2017 (%) 151
BIODIESEL IMPACT ON GLYCERIN MARKET 151
TABLE 64 GLOBAL BIODIESEL PRODUCTION, THROUGH 2011 (%) 152
FIGURE 47 GLOBAL BIODIESEL PRODUCTION, 2008-2011 (%) 152
GLYCERIN APPLICATIONS 153
TABLE 65 MAJOR ESTABLISHED GLYCERIN APPLICATIONS 154
New Outlets for Glycerin 155
OVERVIEW OF GLYCERIN PRICES 156
TABLE 66 AVERAGE GLYCERIN PRICE PER METRIC TONNE, THROUGH 2012 ($) 156
FIGURE 48 AVERAGE GLYCERIN PRICE PER METRIC TONNE, 2005-2012 ($) 156
OLEOCHEMICAL BASED GLYCERIN MANUFACTURING SALES VALUE 157
TABLE 67 GLYCERIN MANUFACTURING SALES BASED ON NATURAL FATTY ACID
PRODUCTION, THROUGH 2017 ($ MILLIONS) 157
FIGURE 49 GLYCERIN MANUFACTURING SALES BASED ON NATURAL FATTY ACID
PRODUCTION, 2011-2017 ($ MILLIONS) 157

CHAPTER 5 LEGISLATION 160
INTERNATIONAL GUIDELINES AND LEGISLATION 161
HAZARD ANALYSIS AND CRITICAL CONTROL POINTS (HACCP) AND GOOD
MANUFACTURING PRACTICE (GMP) 161
ENVIRONMENTAL, HEALTH AND SAFETY (EHS) 161
GLOBALLY HARMONIZED SYSTEM OF CLASSIFICATION AND LABELLING OF
CHEMICALS (GHS) 161
FIGURE 50 EXAMPLE OF GHS LABELLING 162
FIGURE 51 EXAMPLE OF GHS LABELLING 162
EUROPE 163
Raw Materials, Renewables, Energy 163
Animal Byproduct Regulation (ABPR) 164
TABLE 68 ABPR RISK CATEGORIES 165
Renewable Energy and Biofuels 166
REACH 168
VOC Solvents Emissions 169
AMERICAS 170
North America 170
Renewable Fuel Policies 170
Safe Cosmetics Act 171
EU ABPR Effects NAM/USA 172
Import Regulations 172
Latin America 173
Brazil 173
ASIA 173
Indonesia 173
Palm Oil Stimulation Plans and Regulations 173
Malaysia 175
Import and Export Regulations 175
Renewable Fuels Policy 175
India 176
Import Regulations 176
China 176
Import Regulations 176

CHAPTER 6 TECHNOLOGY AND CHEMISTRY OF FATTY ACIDS 178
HISTORY 178
FIGURE 52 THE PRINCIPLE MODEL OF HISTORIC OIL LAMP HAS ALWAYS REMAINED THE
SAME 178
COMPOSITION AND TECHNOLOGY DEVELOPMENTS 178
CHEMICAL COMPOSITION AND STRUCTURE OF FATTY ACIDS 179
SHORT, MIDDLE AND LONG CHAIN FREE FATTY ACIDS 180
TABLE 69 EXAMPLES OF SATURATED FATTY ACIDS AND TWO EXAMPLES OF
UNSATURATED FATTY ACIDS 181
Conjugated Linoleic Acid 181
FIGURE 53 VISUALIZATION CIS AND TRANS 182
TABLE 70 EXAMPLES OF UNSATURATED FATTY ACIDS 183
SOURCES OF FATTY ACIDS 183
FIGURE 54 A TRIGLYCERIDE MOLECULE (C63H12 2O6) 184
NATURAL SOURCES OF FATS AND OILS 184
Vegetable 184
Animal 185
DIFFERENT SOURCES AND EXCEPTIONS 185
PRODUCTION OF FATTY ACIDS FROM FATS AND OILS 186
SPLITTING OR HYDROLYSIS 186
Saponification or Soap Boiling 186
FIGURE 55 SIMPLE VISUALIZATION OF SOAP BOILING PROCESS 186
Twitchell Process 187
FIGURE 56 SIMPLE VISUALIZATION OF TWITCHELL PROCESS 187
Autoclave or In-batch Splitting 188
FIGURE 57 SIMPLE VISUALIZATION OF AUTOCLAVE OR IN-BATCH SPLITTING 189
Colgate-Emery Process 189
FIGURE 58 SIMPLE VISUALIZATION OF (COLGATE-EMERY) SPLITTING PROCESS 189
Splitting of Specific Delicate Unsaturated Fatty Acids 190
FIGURE 59 FATTY ACID AND GLYCERIN PRODUCING REACTIONS 190
Byproduct Glycerin (aka Glycerol) 191
SEGREGATION, PURIFICATION, HYDROGENATION 191
Segregation vs. Separation 192
Distilled Fatty Acids 192
FIGURE 60 SIMPLE VISUALIZATION OF DISTILLATION PROCESS 192
Segregation of Raw Fatty Acids into Solids and Liquids 193
Historic Method: Pressing 193
Emersol Process 193
Solexol Process 193
Wet Separation Process 194
Follow-up 194
Hydrogenation 194
FIGURE 61 SIMPLE VISUALIZATION OF HYDROGENATION PROCESS 195
GLYCERIN BACKGROUNDS AND PROCESSES 195
CHEMISTRY AND TECHNOLOGY 196
GLYCERIN RECOVERY 196
PURIFICATION 197
CHEMISTRIES OF GLYCERIN 198
USES OF GLYCERIN 198
FATTY ACIDS REACTIONS AND DERIVATIVES 198
SALT FORMATION 198
ESTER FORMATION 199
FIGURE 62 SIMPLE VISUALIZATION OF A COMMON ESTERIFICATION PROCESS 199
Numerous Applications 200
Transesterification 200
FIGURE 63 SIMPLE VISUALIZATION OF TRANSESTERIFICATION PROCESS 201
NITROGEN DERIVATIVES OF FATTY ACIDS 201
REDUCTION 202
HALOGENATION 203
REACTIONS ON THE HYDROCARBON CHAIN 203
Sulfation 203
Sulfonation 203
Sulfurization 204
Oxidation 204
Polymerization 204
Combustion 205
Reactions of Castor Oil and its Fatty Acids 205

CHAPTER 7 PATENTS AND NEW TECHNOLOGIES, TRENDS IN FATTY ACID TECHNOLOGY 208
INTRODUCTION 208
HIGHLIGHTS OF RESEARCH PROJECTS AND PROGRAMS 208
ALGAE 209
ENZYMES AND MICROORGANISMS 209
HIGH ERUCIC ACID RAPESEED (HEAR) 210
HIGH OLEIC SUNFLOWER (HOS) 211
GLYCERIN 212
PATENT SEARCHES 212
APPLICATIONS IN INCLUDED PATENTS 213
TABLE 71 U.S. PENDING NATURAL FATTY ACID PATENTS LISTED ALPHABETICALLY BY
COMPANY NAME AND YEAR (REGISTERED IN DIFFERENT COUNTRIES OR AS WORLD
PATENT)
213
TABLE 72 EXAMPLES OF NATURAL FATTY ACID PATENTS LISTED ALPHABETICALLY ON
COMPANY NAME AND YEAR (REGISTERED IN DIFFERENT COUNTRIES OR AS WORLD
PATENT)
223

CHAPTER 8 COMPANY PROFILES 236
INTRODUCTION 236
MAJOR GLOBAL NATURAL FATTY ACIDS PLAYERS 237
FIGURE 64 CURRENT SHARES OF GLOBAL MAJOR PLAYERS, 2012 (%) 238
FIGURE 65 ESTIMATED FUTURE SHARES OF GLOBAL MAJOR PLAYERS (%) 239
COMPANY PROFILES 239
AARHUSKARLSHAMN AB (AAK) 240
Recent Developments 240
A. AZEVEDO INDUSTRIA E COMÉRCIO DE ÓLEOS LTDA. 241
ABITEC CORPORATION (ASSOCIATED BRITISH INGREDIENT TECHNOLOGIES) 241
Recent Developments 242
ACIDCHEM INTERNATIONAL SDN. BHD. 242
ACME-HARDESTY 243
ADEKA CORPORATION 243
ADVANCED ORGANIC MATTER S.A. (AOM) 243
AKZONOBEL / BOXING CHEMICAL CHINA 244
ALEMDAR KIMYA ENDÃœSTRISI A.S. 244
ALLOCCO 245
AMBROGIO PAGANI SPA 245
ARIZONA CHEMICALS 246
Products and Applications 246
Recent Developments 246
ASHLAND INC. 247
AURORA ALGAE 247
BAERLOCHER GMBH 248
Recent Developments 248
BAKRIE SUMATERA 248
Recent Developments 249
BASF CORPORATION 249
Recent Developments 249
BEHN-MEYER HOLDING AG 250
BERG+SCHMIDT GMBH and CO. KG 250
Recent Developments 251
PT. BINA KARYA PRIMA 251
BRAIDO; GRUPO BRAIDO INDÚSTRIA AGROQUIMICA 251
BRASWEY S.A. INDUSTRIA E COMERCIO 252
CAILA Y PARES, SA 252
CAROTECH BHD. 252
CERALIT S.A. INDUSTRIA E COMERCIO 253
CHANT OIL CO. LTD. 253
CHEMITHON CORPORATION 254
CHEMOL COMPANY INC. 254
CHEMPRI OLEOCHEMICALS 255
CHEMREZ TECHNOLOGIES INC. 255
Recent Developments 255
CHIBA FATTY ACID CO. LTD. 256
CHRISTEYNS OLEOCHEMICALS (CHRISTEYNS NV) 256
Recent Developments 257
CISADANE RAYA CHEMICALS, PT (CRC) 257
COLGATE-PALMOLIVE (INDIA) LTD. 257
COMMODITY TRADING S.R.O. 258
CREMER OLEO 258
Recent Developments 259
CRODA INDUSTRIAL CHEMICALS 259
Recent Developments 260
CROWN IRON WORKS COMPANY 260
Recent Developments 260
DAVY PROCESS TECHNOLOGY LTD. 260
DERICHEM (MALAYSIA) SDN. BHD. 261
DERIVES RESINIQUES ET TERPENIQUES SA, LES (DRT) 261
DESMET BALLESTRA OLEO 262
Recent Developments 262
DONGMA OILS AND FATS / DONGMA OLEOCHEMICALS CO LTD 262
(PT.)DUA KUDA INDONESIA 263
EASTMAN CHEMICAL 263
ECOGREEN OLEOCHEMICALS, PT 263
Recent Developments 264
ECOPROCESSORS INTERNATIONAL LIMITED 264
ELEVANCE RENEWABLE SCIENCES INC. 264
Recent Developments 265
EMERY OLEOCHEMICALS 266
Recent Developments 267
ESTEARINA PARANAENSE, CIA. COMPANHIA 268
EVONIK GOLDSCHMIDT 268
FACI SPA 269
FATTY CHEMICAL (MALAYSIA) SDN. BHD. 269
FELDA GLOBAL VENTURES HOLDINGS SDN BHD (FGV) 269
FELDA IFFCO SDN. BHD. 270
FELDA IFFCO LLC. 270
FELDA IFFCO OIL PRODUCTS SDN. BHD. 271
FERRO CORPORATION 271
FORCHEM OY 272
Recent Developments 272
FPG OLEOCHEMICALS SDN. BHD. 272
GEORGIA-PACIFIC LLC (GP) 273
GLYCONA S.R.O. 273
Recent Developments 273
GODREJ INDUSTRIES LTD 274
Recent Developments 274
HANGZHOU OIL AND FAT CHEMICAL CO., LTD. 274
Recent Developments 275
HARIMA CHEMICALS 275
Recent Developments 276
HB INTERNATIONAL SAS 276
HK FINECHEM LTD. 276
HOBUM OLEOCHEMICALS GMBH 277
HUDONG HOUSEHOLD AUXILIARIES COMPANY LIMITED 277
INTER-CONTINENTAL OILS AND FATS PTE. LTD. (ICOF) 278
IFFCO EMIRATES REFINING COMPANY LTD. 278
IMPERIAL INDUSTRIAL CHEMICALS (THAILAND) CO., LTD. (IIC) 279
IMPERIAL-OEL-IMPORT - IOI 279
INDUSTRIA CAMPINEIRA DE SABÃO E GLICERINA (CAMPINEIRA) 280
INTERMED SDN. BHD. 280
IOI OLEOCHEMICAL INDUSTRIES BHD. 280
Recent Developments 281
INDUSTRIAL OLEOCHEMICAL PRODUCTS, (IOP) 281
JAYANT AGRO-ORGANICS LIMITED 282
Recent Developments 282
JIANGSU JINMA OIL TECHNOLOGY DEVELOPMENT CO., LTD. 282
JIANGSU NEW HUAMING OLEOCHEMICAL CO., LTD. 283
JIANGSU YONGLIN OLEOCHEMICAL CO., LTD 283
JINAN HAOHUA INDUSTRY CO., LTD 284
JNJ OLEOCHEMICALS INC. 284
Recent Developments 284
JOCIL LIMITED 285
KAO OLEOCHEMICAL 285
KAO OLEOCHEMICAL (MALAYSIA) SDN. BHD. 285
Kao Penang Group 286
Recent Developments 286
KASHIMA CHEMICAL CO. LTD 286
KEMIRA CHEMIE GES.MBH 287
KERRY OLEOCHEMICAL SHANGHAI CO. LTD. 287
Recent Developments 287
KEWALRAM OILS SDN. BHD. / KEWALRAM CHANRAI 288
KLK OLEOCHEMICALS (KUALA LUMPUR KEPONG BERHAD) 288
Products and Brands 289
Recent Developments 289
KULIM (MALAYSIA) BHD 290
LAMBERTI ITALIA SPA 290
LANXI JIABAO CHEMICAL INDUSTRY CO. 291
LASCARAY S.A. 291
LG CHEMICALS 291
LIAOYANG HUA XING 292
LURGI GMBH 292
MARTEK BIOSCIENCES 293
Recent Developments 293
MATERIA OLEOCHEMICALS ARGENTINA 293
MATRIX OLEOCHEM SDN. BHD. 294
MAZZONI 294
MEADWESTVACO (MWV) 294
MERIDIONAL TCS IND. E COM DE OLEOS S/A 295
Recent Developments 295
MIGASA 296
MIRACEMA NUODEX INDUSTRIA QUIMICA LTDA. 296
MIRACHEM SRL 297
MISSION NEWENERGY LTD. 297
MUDPETROL S.R.L. 297
MUSIM MAS 298
Recent Developments 298
MIYOSHI OIL AND FAT CO., LTD. 299
NANJING CJJY OLEO CHEMICAL CO, LTD 299
NANJING XINXU INDUSTRY LIMITED COMPANY 299
NATURAL OLEOCHEMICALS SDN. BHD. (NATOLEO) 300
NEW JAPAN CHEMICAL CO., LTD. (NJC) 300
NIMIR INDUSTRIAL CHEMICALS 301
NORDISCHE ÖLWERKE (WALTER) CARROUX GMBH 301
NOVANCE 302
OLEO CHEMICAL A.S. 302
OLEOCHEM INDIA PVT. LTD 303
OLEOMUD, COMPAÑÍA QUÍMICA 303
OLEON N.V. 303
Recent Developments 304
OLEOQUIMICA BRAZIL 304
OXITENO 305
Recent Developments 305
PACIFIC OLEO / PACIFIC OLEOCHEMICALS SDN. BHD. 306
PAN-CENTURY OLEOCHEMICALS SDN. BHD. 306
PT. PERKEBUNAN NUSANTARA III 307
Recent Developments 307
PERMATA HIJAU GROUP 307
PETER GREVEN GMBH and CO. KG 308
Recent Developments 308
PILIPINAS KAO 309
PMC BIOGENIX 309
Recent Developments 310
PRIGNITZER CHEMIE GMBH 310
PRIMO OLEOCHEMICALS, INC. 310
PROCTER and GAMBLE CHEMICALS 311
Recent Developments 311
PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED (PTTCH) 311
QUIMIC S.A. DE C.V. 312
RAJ CHEMICALS 312
RESITEC INDUSTRIAL QUIMICA LTDA. 313
RIKEVITA SDN BHD 313
(RUGAO) SHUANGMA CHEMICAL CO. LTD. 314
SAUDI BASIC INDUSTRIES CORPORATION (SABIC) 314
SAKAMOTO ORIENT CHEMICALS CORP. (SOCC) 315
SAKAMOTO YAKUHIN KOGYO CO., LTD. 315
SEGEZHA PPM 315
SERVOTECH INDIA LTD. 316
SETUZA A.S. 316
SHANGHAI SOAP CO. LTD 317
SICHUAN TIANYU OLEOCHEMICAL CO., LTD. 317
SIME DARBY 317
Recent Developments 318
SIMESTEARINA 318
SINAR OLEOCHEMICAL INTERNATIONAL, PT SOCIMAS 318
PT SINERGI OLEO NUSANTARA 319
SMARANA OLEO CHEMICALS SDN. BHD. 319
SO.G.I.S INDUSTRIA CHIMICA S.P.A. 319
SOLAZYME INC. 320
Recent Developments 320
SOUTHERN ACIDS 320
SREE RAYALASEEMA ALKALIES AND ALLIED CHEMICALS LTD. 321
PT SUMI ASIH 321
SUNSHINE OLEOCHEMICALS LTD. 322
SWEE KEE MandE AND CONSTRUCTION SDN. BHD. 322
SYMEX 322
Recent Developments 323
TAIKO PALM OLEO 323
TALLOW PRODUCTS PTY. LTD. 324
TECK GUAN OLEOCHEMICAL 324
THAI KAWAKEN CO., LTD. / TK WAX 324
THAI OLEOCHEMICALS 325
TIANZHU CHEMICAL FERTILIZER CO. 325
TIMUR OLEOCHEMICALS 326
TRIVEDI ENTERPRISES PVT. LTD. 326
TWIN RIVERS TECHNOLOGIES (FELDA COMPANY) 326
UNION DERIVAN, SA (UNDESA) 327
Recent Developments 328
UNITED COCONUT CHEMICALS INC. 328
VALE MINING 328
VANTAGE OLEOCHEMICALS 329
Recent Developments 329
VVF LTD. 330
Recent Developments 330
WILMAR INTERNATIONAL LIMITED 330
Recent Developments 331
WUJIANG JINYU LANOLIN CO., LTD. 332
YIHAI(LIANYUNGANG)OLEOCHEMICAL IND. 332
YUEYANG CH-CHENG OLEOCHEMICALS CO. LTD. 332
ZIBO FENBAO CHEMICAL CO., LTD./ZIBO KEHONG GREASE CO., LTD. 333



LIST OF TABLES

SUMMARY TABLE GLOBAL MARKET FOR NATURAL FATTY ACIDS THROUGH 2017 ($
MILLIONS) 11
TABLE 1 AN OVERVIEW OF OLEOCHEMICALS 18
TABLE 2 NATURAL SATURATED FATTY ACIDS WITH CARBON CHAIN LENGTH, CHEMICAL
STRUCTURE AND EXAMPLES OF ORIGIN 21
TABLE 3 NATURAL UNSATURATED FATTY ACIDS WITH CARBON CHAIN LENGTH, CHEMICAL
STRUCTURE AND EXAMPLES OF ORIGIN 21
TABLE 4 WORLD PRODUCTION OF OILS AND FATS BY SOURCE, THROUGH 2017 (MILLION
METRIC TONS) 33
TABLE 5 WORLD PRODUCTION OILS AND FATS BY REGION, THROUGH 2017 (MILLION
METRIC TONS) 38
TABLE 6 COMPOSITION AND PROPERTIES OF NATURAL OILS AND FATS 42
TABLE 7 SELECTED PROPERTIES OF SATURATED FATTY ACIDS 48
TABLE 8 SELECTED PROPERTIES OF UNSATURATED FATTY ACIDS 52
TABLE 9 PROPERTIES OF GLYCERIN 53
TABLE 10 EXAMPLE OF PROPERTIES TOFA 54
TABLE 11 SELECTION OF MERGERS AND ACQUISITIONS WITH AN IMPACT IN THE FATTY
ACIDS AND DERIVATIVES INDUSTRY 64
TABLE 12 CAPACITY CHANGE ANNOUNCEMENTS 66
TABLE 13 SNAPSHOT OF BASE FATTY ACID CAPACITY BY REGION, 2011 (MILLION METRIC
TONS) 86
TABLE 14 BASE FATTY ACID CONSUMPTION, THROUGH 2017 (%*) 87
TABLE 15 TYPICAL APPLICATIONS FOR OLEIC ACID AND ITS SIMPLE DERIVATIVES 89
TABLE 16 REAL DOMESTIC PRODUCT GROWTH RATES, 2008-2017 (%) 90
TABLE 17 SPLIT OF FATTY ACID TYPES ACROSS REGIONS IN TERMS OF CONSUMPTION, 2011 (%) 93
TABLE 18 EXAMPLES OF DISTILLED FATTY ACIDS 94
TABLE 19 EXAMPLES OF POLYUNSATURATED FATTY ACIDS 95
TABLE 20 DFA AND PUFA MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 95
TABLE 21 EXAMPLES OF FRACTIONATED FATTY ACIDS 97
TABLE 22 FFA MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 97
TABLE 23 EXAMPLES OF STEARIC FATTY ACIDS 99
TABLE 24 STEARIC ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 99
TABLE 25 EXAMPLES OF OLEIC FATTY ACIDS 101
TABLE 26 OLEIC ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 101
TABLE 27 AVERAGE PRICE FOR DIFFERENT FATTY ACID TYPES, 2008-2011 ($/POUND) 103
TABLE 28 AVERAGE PRICE FOR DIFFERENT FATTY ACID TYPES THROUGH 2017 ($/POUND) 105
TABLE 29 APPLICATION VALUE OF FATTY ACIDS: MANUFACTURING LEVEL THROUGH 2017
($ MILLIONS) 106
TABLE 30 ANIMAL MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 108
TABLE 31 COSMETICS AND TOILETRIES MANUFACTURING SALES THROUGH 2017 ($
MILLIONS) 109
TABLE 32 HOME, INDUSTRIAL AND INSTITUTIONAL MANUFACTURING SALES, THROUGH
2017 ($ MILLIONS) 111
TABLE 33 EMULSION POLYMERIZATION MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 112
TABLE 34 LUBRICANT MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 114
TABLE 35 ORE PROCESSING MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 115
TABLE 36 RESINS MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 116
TABLE 37 TEXTILE SOFTENERS (FABRIC SOFTENERS) MANUFACTURING SALES, THROUGH
2017 ($ MILLIONS) 118
TABLE 38 RUBBER PROCESSING MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 119
TABLE 39 CANDLES, CRAYONS, WAXES MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 120
TABLE 40 COMPARISON OF MINERAL OIL VS. FATTY ACID ESTERS FOR LUBRICANT
APPLICATIONS 123
TABLE 41 TYPICAL DIMER AND ISOSTEARIC ACIDS YIELD (%) 124
TABLE 42 COMMON TYPES OF FATTY ACID HYDROPHOBES 124
TABLE 43 DERIVATIVES MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 125
TABLE 44 OTHERS MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 126
TABLE 45 PERCENTAGE OF RAW MATERIAL BASED FATTY ACID CONSUMED, 2008-2017 (%) 129
TABLE 46 CHOICE OF MATERIAL FOR SELECTIVE FATTY ACIDS 130
TABLE 47 TROPICAL OILS PRODUCTION, THROUGH 2012 (MILLION METRIC TONNES) 131
TABLE 48 ANIMAL FATS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 133
TABLE 49 ANIMAL FAT FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 134
TABLE 50 TROPICAL OILS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 136
TABLE 51 TROPICAL OILS FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 137
TABLE 52 SOFT OILS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 139
TABLE 53 SOFT OILS FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($ MILLIONS) 140
TABLE 54 CRUDE TALL OILS CONSUMED IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 142
TABLE 55 CRUDE TALL OIL FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 143
TABLE 56 RAW MATERIAL CONSUMPTION IN FATTY ACID PRODUCTION, THROUGH 2017 (%) 145
TABLE 57 RAW MATERIAL FATTY ACID MANUFACTURING SALES, THROUGH 2017 ($
MILLIONS) 146
TABLE 58 AVERAGE PRODUCTION OF GLYCERIN BASED ON FATS AND OILS COMPOSITION ($ MILLIONS) 148
TABLE 59 AMOUNT OF GLYCERIN LIBERATED BY VARIOUS FATS AND OILS 149
TABLE 60 AMOUNT OF GLYCERIN LIBERATED RELATIVE TO FATTY ACID YIELD 149
TABLE 61 GLYCERIN PRODUCTION FROM NATURAL FATTY ACIDS, THROUGH 2017 (%) 150
TABLE 62 GLYCERIN PRODUCTION BASED ON NATURAL FATTY ACID, 2011 (%) 151
TABLE 63 GLYCERIN PRODUCTION BASED ON NATURAL FATTY ACID, 2017 (%) 151
TABLE 64 GLOBAL BIODIESEL PRODUCTION, THROUGH 2011 (%) 152
TABLE 65 MAJOR ESTABLISHED GLYCERIN APPLICATIONS 154
TABLE 66 AVERAGE GLYCERIN PRICE PER METRIC TONNE, THROUGH 2012 ($) 156
TABLE 67 GLYCERIN MANUFACTURING SALES BASED ON NATURAL FATTY ACID
PRODUCTION, THROUGH 2017 ($ MILLIONS) 157
TABLE 68 ABPR RISK CATEGORIES 165
TABLE 69 EXAMPLES OF SATURATED FATTY ACIDS AND TWO EXAMPLES OF UNSATURATED
FATTY ACIDS 181
TABLE 70 EXAMPLES OF UNSATURATED FATTY ACIDS 183
TABLE 71 U.S. PENDING NATURAL FATTY ACID PATENTS LISTED ALPHABETICALLY BY
COMPANY NAME AND YEAR (REGISTERED IN DIFFERENT COUNTRIES OR AS WORLD
PATENT) 213
TABLE 72 EXAMPLES OF NATURAL FATTY ACID PATENTS LISTED ALPHABETICALLY ON
COMPANY NAME AND YEAR (REGISTERED IN DIFFERENT COUNTRIES OR AS WORLD
PATENT) 223


LIST OF FIGURES

SUMMARY FIGURE GLOBAL MARKET FOR NATURAL FATTY ACIDS, 2008-2017 ($ MILLIONS) 11
FIGURE 1 BASIC OVERVIEW OF THE OLEOCHEMICAL INDUSTRY 19
FIGURE 2 SATURATED FATTY ACID 20
FIGURE 3 UNSATURATED FATTY ACID 20
FIGURE 4 GLYCERIN MOLECULE 24
FIGURE 5 ESTER MOLECULE: THE “R” IS THE VARIABLE, COMMONLY AN ACID “REST”
GROUP 27
FIGURE 6 ETHANAMIDE, AN EXAMPLE OF AN AMIDE MOLECULE 29
FIGURE 7 AMINES 29
FIGURE 8 SULFONATE 30
FIGURE 9 ESTIMATED WORLD PRODUCTION OF FATS AND OILS BY SOURCE, 2017 (%) 34
FIGURE 10 ESTIMATED VEGETABLE/ANIMAL FATS AND OILS, 2010 AND 2017 (%) 35
FIGURE 11 ESTIMATED PERCENTAGE OF USAGE OF OILS AND FATS, 2000 AND 2012 (%) 37
FIGURE 12 SPLITTING COLUMN 55
FIGURE 13 RSPO ENTRY PAGE FOR PLAYERS IN THE PALM OIL PRODUCTION SUPPLY CHAIN 77
FIGURE 14 SNAPSHOT OF BASE FATTY ACID CAPACITY, BY REGION, 2011 (MILLION METRIC
TONS) 86
FIGURE 15 BASE FATTY ACID CONSUMPTION, 2008-2017 (%) 87
FIGURE 16 REAL DOMESTIC PRODUCT GROWTH RATES, 2008-2017 (%) 90
FIGURE 17 DFA AND PUFA MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 95
FIGURE 18 FFA MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 98
FIGURE 19 STEARIC ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 100
FIGURE 20 OLEIC ACID MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 101
FIGURE 21 APPLICATION VALUE OF FATTY ACIDS: MANUFACTURING LEVEL, 2008-2017 ($
MILLIONS) 106
FIGURE 22 ANIMAL FEED MANUFACTURING SALES, 2008-2017 ($ MILLIONS) 108
FIGURE 23 COSMETICS AND T

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