Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global oleate esters market is expected to reach $1.8 billion by 2021. Sales of oleate esters are expected to hit US$ 1.9 billion by 2022, with a CAGR of 5.8% projected from 2022 to 2032.
Increasing R&D activity by key manufacturers to create sophisticated and safe agrochemicals is expected to help oleate esters demand approach US$ 3.3 billion by the end of 2032.
Because of the rapid rise in infrastructure building activities as a result of the urbanisation trend, there is a considerable need for paints in the construction industry. With growing concerns about environmental sustainability, end consumers are gravitating towards bio-degradable and natural paints.
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In response to this trend, many manufacturers are introducing new environmentally friendly paints. For example, Asia Paints, an Indian multinational paint business, debuted a new organic range of paints in 2020 that included components including castor seeds, soya beans, and neem oil. Because oleate esters are utilised in the creation of these paints, rising organic paint acceptance and new product releases are expected to drive sales in the global market.
Among the application verticals, the lubricant segment is expected to account for a maximum share in the market through 2032. This is attributed to the large-scale application of lubricants across automotive, manufacturing, aerospace, and others industries.
| Oleate Esters Market Scope | |
| Report Coverage | Details |
| Historic period | 2017-2021 |
| Forecast period | 2022-2032 |
| Growth momentum & CAGR | Accelerate at a CAGR of 5.8 % |
| Market growth 2022-2032 | US$ 3.3 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | P&G Chemicals, Wilmar International Ltd., Kao Corporation, Emery Oleochemicals, Victorian Chemical Company, Italmatch Chemical S.p.A., Croda International Plc., INEOS Group |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Takeaways:
- The U.S. is estimated to account for a dominant share of the North America market, owing to increasing adoption of bio-degradable and organic paints.
- Germany is expected to register growth at a considerable pace in the Europe market, driven by the growing applications of lubricants across the automotive industry.
- Sales of oleate esters are forecast to rise at a rapid CAGR in China, assisting the country to create an absolute dollar opportunity of US$ 143.9 Mn through 2032.
- On the basis of type, the butyl oleate segment is anticipated to account for a significant share in the market, expanding at a CAGR of 6.7% between 2022 and 2032.
- Lubricant is projected to account for a leading revenue share in the application segment, exhibiting sales growth at 7.3% CAGR during the assessment period.
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Growth Drivers:
- Rising adoption of organic ingredients in personal care & cosmetic products is expected to augment the demand for oleate esters in the market.
- Increasing applications of butyl oleate as a plasticizer for synthetic and natural defoamers, rust inhibitors, and, textile and wetting agent are estimated to favor the growth in the butyl oleate segment.
Restraints:
- Implementation of regulations and ban on the use of polyvinyl chloride across countries such as the U.K., the U.S, India, and others are hindering the demand for oleate esters
- Growing emphasis on decreasing the use of agrochemicals such as fertilizers, pesticides, and herbicides, due to the rising awareness regarding the adverse of these chemicals on soil, is restraining the sales of oleate esters across the agrochemical segment.
Competitive Analysis
Because oleate esters are derived from natural resources, manufacturers are investigating techniques or alternatives to create oleate esters at a faster rate in order to meet the demands of various applications. Manufacturers are looking for compounds that can be used as raw materials in the large-scale production of oleate esters.
The market's nature is believed to change on a regular basis due to changes in the processes utilised to make oleate esters. In the future years, the number of companies operating in the oleate esters market may increase.
Because of the extensive R&D efforts of market participants, a change in the nature of oleate esters may be possible.
Some of the recent developments of key Oleate Esters providers are as follows:
- In January 2021, Emery Oleochemicals increased its distribution agreement with Omya Inc. Omya's North America company will provide technical help and support to Emery's Green Polymer Additives (GPA) products, including release agents, lubricants, specialty plasticizers, antistatic and antifogging agents, to both new and current customers in the United States.
- In May 2020, Kao Corporation finished the new facility of its joint venture firm PT Apical Kao Chemicals, in Sumatra, Indonesia.
Key Companies Profiled
- P&G Chemicals
- Wilmar International Ltd.
- Kao Corporation
- Emery Oleochemicals
- Victorian Chemical Company
- Italmatch Chemical S.p.A.
- Croda International Plc.
- INEOS Group
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Market Segments Covered in Oleate Esters Market Analysis
- By Type :
- Ethyl Oleate
- Methyl Oleate
- Butyl Oleate
- Trimethylolpropane Trioleate
- By Application :
- Lubricants
- Plasticizers
- Agrochemicals
- Cosmetics
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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