Oleate Esters Market to See Incredible Growth During 2024
The global market for oleate esters demonstrates a highly competitive landscape, thanks to the intense rivalry between leading players, such as Wilmar International Ltd., Procter & Gamble, and Croda International Plc., finds a research study by Transparency Market Research (TMR). These participants are continuously making efforts to improve profitability by increasing their production capacities. Going forward, a shift in the focus of these companies towards strategic partnerships to increase their visibility can be observed, states the research report.
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The study reports that the global market for oleate esters, which offered an opportunity worth US$1.4 bn in 2015, is projected to expand at a CAGR of 4.80% during the period from 2016 to 2024 and reach a value of US$2.2 bn by the end of the forecast period. In terms of volume, the market is estimated to rise at a CAGR of 4.10% over the same time period. Ethyl oleate has emerged as the most demanded product in this market. Thanks to the increasing usage of ethyl oleate in various applications, such as lubrication, this segment, progressing at a CAGR of 5.10% between 2016 and 2024, is expected to continue as market leader throughout the forecast period.
North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific have been identified as the main regional markets for oleate esters in this report. Among these, North America and Asia Pacific are registering a higher growth in their respective markets for oleate esters than other regional markets, thanks to the presence of a number of large production facilities. The increasing number of industries using oleate esters is also adding to the growth of this market in these regions.
With nearly 33% of the overall market, Asia Pacific surfaced as the leading contributor to this market in 2015. Supported by the easy availability of raw materials for oleate esters, together with well-established production plants and the continual rise in research and development activities, this regional market is likely to remain dominant throughout the forecast period.
In North America, the growing consumption of personal care products is anticipated to drive the demand for oleate esters in the near future. On the other hand, the growing demand for organic esters is projected the Europe market for oleate esters over the next few years, states the research report.
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“The demand for oleate esters is heavily influenced by the growing industrialization across the world,” states the author of the study. The emerging economies of Asia Pacific, specifically, has surfaced as key consumers of oleate esters, owing to the high rate of industrialization in this region. The continued rise in industrialization is projected trigger the demand for oleate esters considerably over the forecast period. The increasing demand for various types of lubricants is also anticipated to boost the global market for oleate esters in the forthcoming years.
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