ALBANY, N.Y., April 14, 2021 /PRNewswire/ -- Oleate esters are the esters or salts of oleic acids, where the raw materials are sourced from animal fats and wide variety of vegetable oils, including palm oil. The use of natural raw materials make oleate esters highly attractive in a wide spectrum of industrial and commercial applications. Some of them are methyl oleates, ethyl oleates, and butyl oleates, where a majority of products is utilized for their high solvency in lubricants, agrochemicals, and oil-based formulations. For instance, methyl ester is preferred in making lubricants due to its stability, biodegradability, and renewability. The consumption of oleate esters is rising in personal care industry. Constant focus on improving the efficacy and safety of major product categories is a key trend in the oleate esters market.
The global oleate esters market is projected to clock CAGR of ~ 5.0% between 2019 and 2027. By the end of this period, the valuation is expected to surpass US$ 2.63 Bn.
Vast Uptake due to Wide Range of Applications to Drive Innovation
The rising uptake of oleate esters in wide range of applications including agrochemical, cosmetics, and lubricants is a key driver for revenue growth in the oleate esters market. They are also utilized in plasticizers, and absorbents, due to the presence of natural raw materials. The presence of palm oil, canola oil, soybean oil makes it a desirable chemical formulation in all major applications. Thus, it is essential for manufacturers of oleate esters to aim at formulations that can modify the properties suitably such as for meeting the functional characteristics of the final products. Thus, they are finding massive demand in the lubricant industry. Rise in demand for oleate esters for agrochemicals makes the agriculture industry a potentially lucrative segment in the oleate esters market.
In the backdrop of the massive scale of demand in various industries, manufacturers are leaning on boosting their production output. A great deal of the demand is due to the vast utilization of oil based formulations in chemicals of commercial significance. The use of cost-effective raw materials is thus a key trend expanding the avenue in the market. Growing demand for these in automotive industries is a key factor in spurring volumes of production of oleate esters.
Oleate Esters Market: Key Driving Factors and Avenues
Rapid pace of industrialization is a key trend spurring the uptake of oleate esters in various industrial applications
Growing awareness about the use of natural raw sources is a key aspect
Oleate Esters Market: Regional Assessment
North America and Asia Pacific are lucrative markets.
The rapid pace of industrialization over the past few decades is a key trend in these markets.
Their combined share is more than 50% of the global oleate esters market
Vast scale of production and consumption drive the revenue in the regional market
Strides made in personal care ingredients in the U.S. are bolstering the sales in the market.
Europe is expected to be emerging market over the forecast horizon.
Oleate Esters Market: Key Participants
The Victorian Chemical Company
Italmatch Chemicals S.p.A.
Kuala Lumpur Kepong Berhad (KLK)
Wilmar International Ltd.
Procter & Gamble
Top players are engaging in strategic partnerships to gain a competitive edge over their rivals and peers. A growing number of players have been consolidating their production capacity in major and emerging regional markets.
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