Global oleate esters market size would expand in the coming years, driven by the growing agrochemical industry, rising awareness about the merits of agrochemicals, and a significant surge in the demand for food grains.
The expanding cosmetic industry is as well complementing the demand for oleate esters thus impelling the industry progression. The product is also used to produce bio-degradable and natural paints used in the construction and building industry. Across the industry, the demand for oleate esters is rising owing to the increasing awareness among customers to use eco-friendly paints, expanding population, and rapid urbanization. These factors are expected to stimulate the growth of oleate esters market over 2021-2027.
However, the growth of oleate esters market is projected to be hampered by the increase in the production costs of the compound. Nevertheless, the elevating demand for PVC would further offer lucrative growth opportunities for the oleate esters market in the foreseeable span.
Meanwhile, ongoing R&D practices by prominent players in the global market to develop advanced and safe lubricants and agrochemicals are further likely to propel the business dynamics over the forecast period.
Based on the product type, methyl oleate segment is touted to garner significant gains in the coming years. Methyl oleate is a fatty acid methyl ester made by the formal condensation of methanol and oleic acid. It is generally present in liquid form and is insoluble in water. The product is extensively used in lubricants, agricultural chemicals, water treatment products, personal care products, and more.
Ethyl oleate segment, on the other hand, is projected to gain substantial returns over the ensuing years. This can be credited to the soaring consumption of ethyl oleate owing to its property of high solvency, making it useful in a diverse range of applications and in various formulations.
In terms of application, oleate esters are used in lubricants due to their attributes like stability, renewability, and biodegradability. A subtle rise in the rate of industrialization and the growing number of automotive industries would further drive the use of oleate esters in lubricants in the ensuing years.
Asia Pacific oleate esters market is anticipated to record considerable growth through the analysis period mainly due to the rapid industrialization trends. Moreover, the demand for fertilizers and pesticides is phenomenally rising in Indian and Chinese sub-continents, accelerating the market growth.
North America oleate esters market would grow at a notable rate fueled by advances in the lubricant industry. Besides, the thriving aerospace and automotive industries in the region would further boost the demand for oleate esters, complementing the market growth curve.
Some of the well-known companies operating in the global oleate esters industry are Acme Synthetic Chemicals, Procter & Gamble, Croda International plc, Kuala Lumpur Kepong Berhad, The Victorian Chemical Company, and Cayman Chemical Company amongst others.
These market vendors are engaged in strategic practices like acquisitions, collaborations, partnerships, and product launches to gain a competitive edge in the global market.
The novel COVID-19 pandemic outbreak in 2020 had induced disruptions in the global oleate esters market mainly due to the stringent movement restriction and imbalance in demand to supply ratio. The demand for lubricants, paints and coatings, and agrochemicals observed a downscale in the coronavirus period, negatively influencing the growth of oleate esters market.