Global Oleate Esters Market: Snapshot
In the recent times, the consumption of oleate esters has been significantly increasing, thanks to their widespread usage in agrochemicals, plasticizers, cosmetics, absorbents, lubricants, and various other products across the world. Several of these products have been finding a tremendous rise in their application due to the upswing in the industrialization, globally, which consequently, has fueled the usage of oleate esters remarkably. Over the forthcoming years, the global market for oleate esters is likely to witness continued growth on account of the infrastructural advancement, worldwide.
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According to Transparency Market Research (TMR), the opportunity in the global market for oleate esters, which stood at US$1.4 bn in 2015, is likely to rise at a CAGR of 4.80% between 2016 and 2024 and increase to US$2.2 bn by 2024. The shipment volume of oleate esters across the world is predicted to expand at a CAGR of 4.10% over the same time period.
Ethyl Oleate to Continue Witnessing Strong Demand
Methyl oleate, ethyl oleate, butyl oleate, and tri-methylolpropane trioleate (TMPTO) have emerged as the main products available in the global market for oleate esters. Among these, the demand for ethyl oleate has been higher, owing to its extensive usage in the formulations of lubricants. The segment is projected to retain its dominance expanding at a CAGR of 5.10% throughout the forecast period.
On the other hand, the demand for methyl oleate and TMPTO is anticipated to decline over the next few years. Butyl oleate, however, is projected to maintain a stable rise in its demand in the years to come.
Asia Pacific to Retain its Lead in Global Oleate Esters Market
The Middle East and Africa, Europe, North America, Latin America, and Asia are the key regional markets for oleate esters. Thanks to the rising industrialization, Asia Pacific has emerged as the leading contributor to the overall market. Researchers expect this regional market to continue its leading streak over the forecast period. The easy availability of raw materials for oleate esters, the presence of well-established production units, and the continued increase in research and development activities are likely to boost the Asia Pacific market for oleate esters in the years to come.
North America and Europe are also registering a significant rise in their respective markets for oleate esters due to the presence of several large production facilities. The growing number of industries is also propelling this market in these regions. Over the next few years, the rising consumption of personal care products is expected to stimulate the market for oleate esters in North America, whereas, the augmenting demand for organic esters will support the Europe market for oleate Esters.
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Emery Oleochemicals, Kuala Lumpur Kepong Berhad (KLK), Ecogreen OleochemicalsTATA Global Oleate Esters Ltd., Kowa India Pvt. Ltd., Kao Corp., Acme Chem, CHS Endüstriyel Ürünler San. ve Tic. A.?., Mohini Organics Pvt. Ltd., Hebei Jingu Plasticizer Co. Ltd, Italmatch Chemicals S.p.A., Croda International Plc Huntsman International LLC, Procter & Gamble, Victorian Chemical Company Pty Ltd., and Wilmar International Ltd. are some of the leading vendors of oleate esters across the world.