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Oleate Esters Market Size
Oleate Esters Market is poised for expansion during 2024-2032, propelled by the thriving agrochemical sector, increased awareness of benefits of the product in agrochemicals, and a surge in food grain demand.
Oleate Esters Market Trends
According to a report published by McKinsey & Company in 2023, the beauty market, encompassing skincare, fragrance, makeup, and haircare, raked in a substantial $430 billion in 2022. Projections indicate a robust 6% annual growth, garnering a staggering $580 billion by 2027. One of the primary factors boosting market growth is the expansion of cosmetic & personal care industry and the subsequent demand for oleate esters in the same. The product finds extensive applications in skincare and haircare products due to its emollient properties, making it a preferred choice for formulators aiming to create products with superior moisturizing and conditioning attributes.
Furthermore, the rising awareness about the environmental benefits of oleate esters, which are derived from natural sources, has led to a surge in their adoption across various industries. As consumers increasingly prioritize sustainable and eco-friendly products, manufacturers are responding by incorporating oleate esters into a wide range of formulations. This can be ascertained by the fact that as per data published by Roundup.org, 63% of individuals are actively modifying their lifestyles, taking steps towards sustainability, including greener purchasing habits.
Oleate Esters Market Analysis
Methyl oleate segment is expected to witness substantial demand over 2024 and 2032, owing to is diverse applications. The product serves as an excellent emollient in personal care products, contributing to the silky and smooth texture of skincare formulations. Moreover, methyl oleate is widely used as a solvent in various industrial processes, further bolstering its demand. Its biodegradable nature and low toxicity make it an attractive choice in applications where environmental considerations are paramount, further inducing market appeal.
The lubricants application segment is poised to grow at a steady pace through 2032, driven by exceptional lubricating properties of oleate esters. They serve as effective base oils and additives in lubricant formulations, enhancing the overall performance of lubricating oils. The demand for high-performance lubricants in automotive, industrial, and other sectors is a significant factor contributing to the product demand. As industries seek lubricant solutions that not only provide excellent friction reduction but also meet stringent environmental regulations, the product is emerging as a sustainable and efficient option.
Asia Pacific oleate esters market is anticipated to generate notable revenues during the forecast period, favored by the increasing industrialization, coupled with a growing population and rising disposable incomes. Countries such as China and India are witnessing substantial growth in the cosmetics, personal care, and automotive sectors, leading to an increased need for oleate esters. Additionally, the focus on sustainable and environmentally friendly solutions aligns with the properties of oleate esters, making them an attractive choice for manufacturers in the region.
Oleate Esters Market Share
Some of the well-known companies operating in the global oleate esters industry are Croda International plc, Procter & Gamble, Kuala Lumpur Kepong Berhad, Acme Synthetic Chemicals, The Victorian Chemical Company, and Cayman Chemical Company amongst others. These companies are undertaking strategic partnerships and product innovations to strengthen their standing in the marketplace.
Oleate Esters Industry News
- In 2021, Emery Oleochemicals strengthens tied up with Omya Inc., empowering its North America arm to provide technical support for Green Polymer Additives (GPA) in the United States.