The global oleate esters market is experiencing intense competition due to numerous players and strong rivalry among them, finds study by Transparency Market Research (TMR). The companies are focused to increase profitability by increasing production capacities to make product available in the market. Currently, merger, acquisition, and strategic partnership among key player are the major trends observed in the market.
Some of the prominent players in the global oleate esters market includes Wilmar International Ltd., Procter & Gamble, Croda International Plc., Ecogreen Oleochemicals, Kowa India Pvt. Ltd., Kao Corp., TATA Global Oleate Esters Ltd., and Acme Chem.
TMR prophesizes, the global oleate esters market was registered at US$1.4 bn in 2015, is likely to rise with a CAGR of 4.80% from 2016 to 2024 and expected to attain value of US$2.2 bn by the end of 2024. On the basis of product, ethyl oleate is faster growing segment of the market with a CAGR of 5.1% over forecast period.
Robust Industries Using Oleate Esters in Asia Pacific to Uptake the Market
The global oleate esters market is segmented on the basis of product, application, and region. On the basis of product, the market is segmented into methyl oleate, butyl oleate, ethyl oleate, and tri-methylolpropane trioleate. Of these, ethyl oleate is experiencing a sudden boom in the market owing to its extensive usage in the formulation of lubricants.
On the basis of application, the market is segmented into agrochemical, cosmetics, lubricant, plasticizer, and absorbent. Among these, lubricants and agrochemicals are expected to witness faster growth owing to high use and growing industries globally.
Geographically, the market is segmented in to North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, Asia Pacific market is expected to witness faster growth followed by the North America. This growth in the both regions is attributable to numerous production facilities coupled with high number of industries using oleate esters present in the region.
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Swift Industrialization to Accelerate Growth of the Market
Oleate esters are widely used in many end-use industries including cosmetics, plasticizers, agrochemicals, absorbent, and lubricants. Growing industries across the globe is key factor propelling demand for oleate esters. They are salts of oleic acids, synthesized by the reaction between alcohol and oleic acids in presence of catalysts. They can be derived from natural resources such as vegetable oil and animal fat. Being derived from natural resources, they are preferred in cosmetic industries over many chemicals. Rising demand from cosmetic industries is a key factor driving growth of the market.
However, high cost of oleate esters coupled with high cost of maintenance and storage are possibly to restrain demand for oleate esters over the next few years. Nevertheless, high adoption of oleate esters are creating potential opportunities for revenue generation for players in the market.