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The oleic acid market will display a moderate 3% CAGR for the forecasting period between 2020 and 2030. The coronavirus pandemic will have a marginal impact on the global oleic acids market owing to reduced demand in multiple end use sectors owing to stringent lockdown regulations. However, extensive use of oleic acid in essentials such as food, pharmaceuticals, and personal care products are likely to minimize losses during the crisis period, with the industry likely to reach normalcy towards 2021, as the pandemic subsides.

"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.

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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.

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. Also, roles in food and personal care products will also support demand as consumers take to stockpiling behavior during the crisis. The industry will witness steady recovery in the coming months with production and manpower issues being dealt with.

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Competition Landscape

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.

Top market players are focused on research initiatives to widen the potential applications of oleic acid, appealing to a wider consumer demographic and creating new revenue streams in the industry.

For instance, Wilmar International Ltd has revealed trials to use oleic acid supplements in formulations of animal feed products to improve milk yield from lactating cows. Clover Biopharmaceuticals has conducted trials with oleic acid as viable vaccine culture mediums for better stability. Also, Eastman Chemical Company has unveiled a new kosher, non-animal, high-purity oleic acid offering in compliance with FDA regulations.