Oleic Acid Market Driven by Demand for Plant-based Offerings: Finds Fact.MR
Oleic acid manufacturers are primarily invested in research towards expanding the scope of applications for oleic acid, with potential for new revenue streams in the forecast period.
"Food and technical grade oleic acid variants are estimated to gain demand from the textile rubber, food processing sectors. However, new applications of oleic acid in drug development as an excipient will provide manufacturers with major lucrative opportunities in the years ahead," says the Fact.MR analyst.
Oleic Acid Market - Important Takeaways
• Food and beverage applications of oleic acid account for significant market share, with roles as emulsifiers and binders in the industry.
• Plant-based oleic acid witnessing fast growth owing to changes in consumer preferences including vegan, vegetarian, and halal end products among others.
• Asia Pacific is a prominent market, accounting for more than half of the oleic acid industry owing to large-scale production of multiple edible oils in the region.
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Oleic Acid Market - Driving Factors
• Industrial applications of oleic acid as protective coatings, lubricants, and surfactants are key drivers of market growth.
• Changes in regulations, encouraging the use of bio-based chemical compounds will support adoption rates.
Oleic Acids Market - Leading Constraints
• Limited range of enzyme addition into chemical reactions is an issue in terms of oleic acid conversion which hinders applications.
• Availability of alternatives to oleic acid the food and industrial sectors are expected to limit market growth.
Anticipated Market Impact by Coronavirus Outbreak
The coronavirus pandemic has moderately affected developments in the global oleic acid market. Disruptions in supply chains owing to lockdowns has been a concern. Also, inventories reaching capacity, a drop in production rates and limited activity in end use industries are restraining short term growth.
However, growing applications in the health care sector, especially in drug and vaccine development will create profitable opportunities.
Prominent manufacturers in the oleic acid market include but are not limited to Univar Solutions Inc., Twin Rivers Technologies Inc., Recochem Inc., Emery Oleochemicals (M) Sdn Bhd, White Group Public Co. Ltd., and Kraton Corp.
PR Source- https://www.factmr.com/