The global oleic acid market is set to be valued at US$ 317.8 million in 2023 and is expected to grow at a CAGR of 3.1% during the forecast period of 2023-2033. The demand for natural products in cosmetics and personal care products has increased significantly. This is likely to boost the demand for oleic acid in the coming years. Oleic acid is widely employed in the manufacture of lotions, lipsticks, creams, and moisturizers.
Oleic acid is widely used in other end-use industries such as food & beverages, pharmaceuticals, and chemicals. A significant rise in expenditure on cosmetics by women and an increase in consumption of grooming products for men are anticipated to propel the demand for oleic acid in the personal care industry. Oleic acid has anti-inflammatory properties which have become a popular ingredient in skin care products. Increasing demand for natural oil and fatty acid, especially in the pharmaceutical and cosmetics industry is likely to drive the oleic acid market in the forecast period.
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Wide applications of oleic acid in the chemical industry to lift the market. It is used as an intermediate, emulsifier, detergent, release agent, surfactant, protective coating, lubricant, and epoxy resin to bolster the demand for oleic acid.
Key Market Drivers:
- Surging Demand in the Personal Care Industry: The personal care and cosmetics industry has emerged as a major driver for the oleic acid market. Oleic acid is widely utilized in the formulation of skincare and haircare products due to its moisturizing properties and its ability to act as an emollient, providing a smooth and soft texture in various personal care applications.
- Growing Adoption in Food and Pharmaceuticals: Oleic acid’s applications in the food and pharmaceutical industries contribute significantly to market growth. It serves as an ingredient in the formulation of food additives, nutritional supplements, and pharmaceuticals, owing to its role in enhancing product stability and texture. The demand for oleic acid in these sectors is driven by the increasing consumer focus on health and wellness.
- Expanding Chemical and Industrial Applications: Oleic acid serves as a precursor in the production of chemicals such as oleates, which find applications in lubricants, textiles, and metalworking. Its versatility and compatibility with other chemicals contribute to its utilization in various industrial processes, driving demand across the chemical sector.
Key Takeaways from Market Study
- The global oleic acid market is projected to grow at 3.1% CAGR and reach US$ 431.3 million by 2033
- The market witnessed a 2.0% CAGR between 2018 to 2022
- North America is likely to represent 31.3% of the oleic acid market share
- Europe oleic acid market is anticipated to grow at a CAGR of 3.0% in the forecast period
- China’s oleic acid market is set to grow at a CAGR of 3.4%
- Prominent manufacturers of oleic acid are Eastman Chemical Company, Berg + Schmidt, VVF LLC., Klk Oleo Sdn. Bhd., Emery Oleo Chemicals, Wilmar International, and Oleon N.V.
“Growing Demand from Food & Beverage, Pharmaceuticals and Cosmetics & Personal Care Industries to Create High Demand for Oleic Acid,” says a Fact.MR analyst.
Segmentation of Oleic Acid Industry Research
- By Origin :
- Plant-based
- Animal-based
- By Grade :
- Food Grade
- Pharmaceutical Grade
- Technical Grade
- By End-Use :
- Food & Beverages
- Textiles & Leather
- Cosmetics & Personal Care
- Pharmaceuticals
- Chemical Intermediates
- Automotive
- Paints & Coatings
- Other End Uses
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Market Growth Strategies
Manufacturers are looking for strategic partnerships with cosmetics players where demand for oleic acid is increasing as natural products are gaining popularity in the cosmetics market. Some of the leading market players in the oleic acid market are investing heavily in research & development activities for finding out the potential use of oleic acid and to maintain a significant market share.
For instance, Clover Biopharmaceuticals has conducted trials with oleic acid as viable vaccine culture mediums for better stability.
Key Companies Profiled
- Eastman Chemical Company
- Berg + Schmidt GmbH & Co. KG
- Croda International Plc
- Godrej Industries (Chemicals)
- Surfachem Group Ltd
- Tokyo Chemical Industry Co., Ltd.
- Univar Solutions Inc.
- Emery Oleochemicals (M) Sdn Bhd
- Wilmar International Limited
- Oleon NV
- White Group Public Co. Ltd.
- KRATON Corporation
- Win Rivers Technologies Inc.
- Recochem Inc.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the oleic acid market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of origin (plant-based, animal-based), grade (food grade, pharmaceutical grade, technical grade), end-use (oleic acid for food & beverages, textile & leather, cosmetics & personal care, pharmaceutical, chemical intermediate, automotive, paints & coatings, others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, Middle East & Africa).
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