According to new Global Market Insights, Inc, chemical research report Oleate Esters Market size is expected to grow steadily during the forecast time span. The products are synthesized by the condensation of alcohol and oleic acid and has several industrial end-uses including agrochemicals, lubricants, adhesives, and additives.
The oleate esters market will be driven by flourishing agrochemical industry during the forecast time span. Increasing demand for food grains due to rising population and rising awareness about the advantages of agrochemicals will increase the product demand in future. Moreover, factors such as limited agricultural land sizes and continuously changing climate conditions are compelling farmers to increase yield with the usage of pesticides and fertilizers. China and U.S. are the two leading countries in terms of pesticide consumption. In 2014, worldwide pesticides exports accounted for around USD 34.9 billion, whereas it has increased to USD 36.5 billion in 2018, registering a growth by more than 4.5% from 2017 to 2018. China, Germany, U.S., France and India were the top five pesticide exporters, contributing to more than half of the worldwide pesticide exports in 2018. The agrochemical industry shows promising future trends, thereby facilitating the growth of oleate esters market in upcoming years.
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Oleate esters are used as a lubricant and plasticizer in a wide range of applications. According to a report published by Fuchs Petrolub SE, global lubricant demand increased by 1% to reach 36.1 million tons in 2018 over the demand of 35.7 million tons for the year 2017. The demand for lubricants is increasing due to large scale applications in manufacturing, automotive, aerospace and other industrial sectors. This in turn will spur the market growth of oleate esters within the forecast period. Rising demand for polyvinyl chloride will create positive outlook for the plasticizer industry, and favorable trends associated with plasticizer industry will propel the product market from 2019 to 2025. However, the market growth will be affected by high production costs.
Based on type, oleate esters market is classified into methyl, ethyl, butyl and other oleates. Methyl oleate is a fatty acid methyl ester produced by the formal condensation of oleic acid and methanol. It occurs in liquid form and is insoluble in water. It is used in agricultural chemicals, lubricants, personal care products, water treatment products, etc. Ethyl oleate is a derivative of oleic acid produced by its condensation process of ethanol. It is a long chain fatty acid ethyl ester produced in the body due to ethanol intoxication. It has liquid form and used in lubricants and its related additives, plating agents, and surface treating agents. Butyl oleate is a fatty acid ester obtained by the condensation of oleic acid with butan-1-ol; and is a yellow liquid with mild odor. Its industry applications include anti-adhesive agents, plasticizers, lubricants and lubricant additives, paint and coatings additives, etc. The others segment comprises of decyl oleate, trimethylpropane trioleate (TMPTO), etc.
Based on application, oleate esters market is classified into lubricants, plasticizers, agricultural chemicals, personal care products and others. In agricultural industry, they are used as a solvent and oil carrier in the formation of agrochemicals. They are used as a plasticizer for natural and synthetic rubbers & defoamers. In personal care products, they are used to control viscosity as well as for improving the texture, performance and fragrance.
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The Asia Pacific region will capture a significant share in oleate esters market owing to rapid industrialization trends. China and India are the leading players in regional agrochemicals industry and demand for pesticides & fertilizers will continue to remain on higher side. The above mentioned trends will assist the global market growth. North America and Europe will show steady growth in oleate esters market due to progressions in lubricant industry. Thriving aerospace and automotive industry in both these regions will accelerate the pace of lubricant demand and will trigger the market growth in future.
Some of the key players in the market are Croda International plc, Acme Synthetic Chemicals, The Victorian Chemical Company, Ecogreen Oleochemicals, Procter & Gamble, Emery Oleochemicals, Kuala Lumpur Kepong Berhad, Cayman Chemical Company and others.
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