Oleic acid, also referred to as Omega-9, is a colorless or pale yellow, odorless unsaturated fatty acid. It occurs naturally in sources such as animals, vegetable fats and oils. The most common vegetable sources of oleic acid include avocados, palm oil, olive oil, table olives, canola oil and others. On the other hand, its common animal sources are beef tallow, lard, etc. Oleic acid is present in an easily available product due to the ready availability of raw materials needed for its production. Oleic acid finds usage in various applications such as chemical intermediates, lubricants, detergents, surfactants, epoxy resin esters, emulsifiers and protective coatings, release agents and caulks & sealants, among others. As an emulsifier or surfactant, oleic acid is used in cosmetics and personal care products – it used for the manufacturing of lotions, lipsticks, creams, etc. Generally, oleic acid is an essential part of human diet as it is present in both vegetable oils as well as animal fats. It has also been proved that any diet containing the required amount of oleic acid can improve fasting plasma glucose, blood circulation and insulin sensitivity.
Global Oleic acid Market Dynamics
Globally, the oleic acid market is being driven by the increasing demand from end-use industries such as cosmetics and personal care, pharmaceuticals and food, etc. The market growth is also being supported by the abundant availability of oleic acid. The increasing demand for cosmetics and personal care products across the globe is a major driving factor for the growth of the oleic acid market. Furthermore, the availability of oleic acid in various grades such as food, kosher, pharmaceutical grade also helps to increase the demand for oleic acid. Since oleic acid is a bio-based compound, its demand has increased in developed regions such as North America and Europe where governments have laid down regulations that promote maximum use of bio-based compounds during the manufacturing of products. However, the changing climatic conditions may hamper the availability of natural resources which might affect oleic acid production in the long run. Industries focused on sustainable development are creating opportunities for the growth of oleic acids.
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Global Oleic acid Market Segmentation
On the basis of sources, the global oleic acid market is segmented into:
On the basis of grade, the global oleic acid market is segmented into:
On the basis of application, the global oleic acid market is segmented into:
- Emulsifying Agent
- Lubricating Agent
- Chemical Intermediate
On the basis of End use industries, the global oleic acid market is segmented into:
- Oil & gas
Global Oleic acid Market: Regional Outlook
In terms of production and consumption, the Global oleic acid market is mainly dominated by the Asia- Pacific region. In APAC region, the ASEAN countries such as Malaysia, Indonesia, Thailand and others are the major producers of oleic acid owing to the large sources of natural raw materials i.e vegetable oils and fats. Moreover, growing personal care, cosmetics, pharmaceutical and food industry in APAC, especially in China and India, has resulted in increased demand for oleic acid and thus, the APAC oleic acid market is expected to register healthy growth over the forecast period. North America, followed by the Europe, is the major consumer of oleic acid after APAC. Government regulations in these regions support sustainability and promotes bio-based compound use, which is why the demand for oleic acid is expected to increase in North America and Europe region and the oleic acid market is projected to grow with a significant CAGR over the forecast period.
As the oleic acid is available in the kosher grade, the demand for products-based on oleic acid is expected to increase in Middle east and Africa region and is also expected to register steady growth over the forecast period. The Latin America oleic acid market is expected to register steady growth over the forecast period.
Global Oleic acid Market Players
Examples of some of the market participants in the global oleic acids market identified across the value chain include Eastman Chemical Company, Berg + Schmidt, VVF L.L.C., Klk Oleo Sdn. Bhd., Emery Oleochemicals (M) Sdn Bhd, Wilmar International Limited, Wilmar International Ltd., Oleon NV, White Group Public Co.,Ltd and others.
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