The global oleate esters market features a highly competitive market landscape with numerous market players trying to expand their product capacities, reports Transparency Market Research (TMR). The intense competition between the players is highly driven by players engaging in strategic alliances to expand their revenue share in the market. The prominent players in the global oleate esters market include TATA Global Oleate Esters Ltd., Kowa India Pvt. Ltd., Acme Chem, Ecogreen Oleochemicals, and Procter & Gamble.
As per expert analysts, the global oleate esters market is anticipated to display a steady growth rising at a 4.8% CAGR during the forecast period, which is 2016 – 2024. Progressing at this rate, the market is expected to reach a valuation of US$2.2 bn at the end of the forecast period.
Based on products, the global oleate esters market is segmented into methyl oleate, tri-methylolpropane trioleate, butyl oleate, and ethyl oleate. Of them, ethyl oleate leads the market rising at 5.10% CAGR during the forecast period. This is owing to rising applications in manufacturing lubricants.
Europe, Latin America, North America, Middle East and Africa, and Asia Pacific are the prominent markets for oleate esters. Out of these, Asia Pacific leads the global oleate esters market owing to the presence of abundant raw materials and rising number of oleate ester manufacturing companies.
Oleate esters are extensively used in manufacturing cosmetics as they are extracted from natural sources. This is one of the prominent factors promoting the growth of the global oleate esters market. Moreover, oleate esters find numerous applications in the end-use industries due to the easy availability of oleate ester manufacturing materials, thus supporting the market’s expansion.
Furthermore, the rise in research activities has led to the development of new manufacturing methods for oleate esters. This has facilitated the production of better quality oleate esters, thus causing a spur in the demand for oleate esters. This has impacted the global oleate esters market favorably, thus fortifying its growth.
In addition to the drivers mentioned above, an increase in use of oleate esters in personal care goods may contribute to an expansion in the oleate esters market. Moreover, rise in demand for paint coatings and the biodegradable nature of oleate esters is expected to facilitate the oleate esters market’s growth.
On the downside, there are a few restraining factors that may cause an impediment in the global oleate esters market’s growth. The high costs of oleate esters and the availability of chemical substitutes may restrict the market’s growth. Nonetheless, development of alternative methods for the production of oleate esters may increase the output of the product, thus expediting the market’s growth. Additionally, industrialization and increase in the production units may enhance the growth prospects of the oleate esters market.
New Product Development to Strengthen Market’s Growth Ground
Ecogreen Oleochemicals have developed Rodalube fatty esters that can be used for numerous applications in the lubricant industry. These esters can be produced with different properties depending on the end use. This enables the manufacturers to modify the emulsifying properties, lubricity, and viscosity of the product using different raw materials. For instance, Rodalube polyol esters have extremely viscosity and lubricity and can be used in manufacturing biodegradable hydraulic fluids. On the other hand, Rodalube monoalcohol esters are used in neat oils to enhance its lubricity. Such new product developments may pave new avenues for the global oleate esters market.