Albany, NY -- (SBWIRE) -- 10/16/2018 -- The global oleate esters market is foreseen to witness a significant competition owing to various important players existing in the market, along with the intense competition between them, says a study by Transparency Market Research (TMR). The companies are focused to increase profitability by increasing production capacities to make product available in the market. Presently, the major players are indulging in strategic partnership, and mergers and acquisitions to sustain their position in the global and regional market. Some of the key players operating in the global oleate esters market are Procter & Gamble, Wilmar International Ltd., TATA Global Oleate Esters Ltd., Croda International Plc., Kowa India Pvt. Ltd., Ecogreen Oleochemicals, Kao Corp., and Acme Chem.
According to a research report by Transparency Market Research (TMR), the global oleate esters market is estimated to expand at a steady CAGR of 4.8% within the forecast period from 2016 to 2024. In 2015, the global oleate esters market was valued to be around worth of US$1.4 bn, which is likely to reach around worth of US$2.2 bn by 2024.
n the basis of product, the global oleate esters market is classified into butyl oleate, ethyl oleate, methyl oleate, and tri-methylolpropane trioleate (TMPTO). Among these, the ethyl oleate segment is anticipated to witness a significant demand because of its wide utilization in the making of lubricants. The segment is foreseen to dominate the entire market. Moreover, it is likely to sustain its position in the market within the forecast years as well, with a robust CAGR of 5.10% throughout. On the basis of geography, Asia Pacific region is estimated to dominate the overall market for oleate esters in the upcoming years. This is attributed to rapid increase in industrialization, Experts are expecting this region to keep on leading the market within the forecast period as well. The existence of well-known and settled key firms, convenient availability of the crude materials, and the consistent improvement in research and development activities are foreseen to fuel the demand in the Asia Pacific region.
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Increased Number of Industries Around the globe to Surge Market Demand
Owing to advancements in every field, the oleate esters are utilized extensively in various end-use sectors for example, plasticizers, cosmetics, absorbent, agrochemicals, and lubricants as well. Rise in number of industries all over the world is another key factor boosting the demand for oleate esters in the market. Oleate esters are the oleic acids' salts that are amalgamated due to the reaction among oleic acid and alcohol, along with the existence of catalysts. These can be extracted from the organic resources for example, animal fat and vegetable oil. As it is extracted from the organic resources, they are highly chosen in cosmetic sector, in replacement of various chemicals. Surge in demand in cosmetic sectors is another major factor supporting the global market growth.
High maintenance Cost to Hamper Market Growth in Future
On the flip side, the high expenses in making of oleate esters along with increased expenses of storage and maintenance are anticipated to hinder the demand for oleate esters in the market, in the upcoming years. However, rise in adoption and popularity of oleate esters are providing significant opportunities in order to generate the revenue for the major firms present in the market.
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