Erucic Acid Market to Grow with a CAGR of 3.81% through 2028
Increasing demand in food
and beverage industry and growing personal care and cosmetics industry is expected to
drive the Global Erucic Acid Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Erucic Acid
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028F”, the Global Erucic Acid Market has volumed at 260
thousand tons in 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 3.81% through 2028 to reach 322 thousand ton in
2028. The key drivers of the global
erucic acid market include the increasing demand in the food and beverage
industry, growing personal care and cosmetics sector, pharmaceutical
applications, industrial applications, the shift towards sustainable and
bio-based products, and geographical factors such as population growth and
industrialization in various regions.Erucic acid is utilized in the
pharmaceutical industry for the production of ointments, creams, and other
topical formulations. It offers emollient and moisturizing properties, making
it suitable for pharmaceutical applications. The growing pharmaceutical sector,
driven by factors such as an aging population, increased healthcare spending,
and advancements in medical treatments, has contributed to the demand for
erucic acid.
Erucic acid
finds use in various industrial applications. It is employed as a raw material
for the production of lubricants, plasticizers, and surfactants due to its
excellent lubricating properties. The industrial sector's growth, including
manufacturing, automotive, and machinery industries, drives the demand for
erucic acid as a component in industrial formulations. Erucic acid
possesses unique functional properties that make it suitable for various
applications. Its long-chain structure and high melting point contribute to its
stability, viscosity, and lubricating properties. These functional characteristics
make erucic acid desirable in industries such as food, personal care,
pharmaceuticals, and industrial manufacturing. At last, Collaborations between
industry players, research institutions, and government organizations have
contributed to the growth of the erucic acid market. Partnerships facilitate
knowledge sharing, technological advancements, and market expansion.
Collaborative efforts focus on improving production processes, developing
innovative applications, and addressing sustainability challenges, fostering
market growth.
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the global erucic acid market is evolving to meet the
demands of a changing world. The trends favoring sustainability, natural
ingredients, and innovative applications are expected to continue driving the
growth and diversification of the erucic acid market in the coming years. As
industries continue to explore the possibilities offered by erucic acid, it is
positioned to play an increasingly significant role in a wide range of
applications.There is a growing demand for sustainable ingredients,
and erucic acid, derived primarily from rapeseed oil, aligns perfectly with
this trend. Its natural origin, renewability, and biodegradability make it an
attractive choice for industries seeking eco-friendly alternatives. Erucic acid is finding increased utilization in the
development of renewable lubricants and industrial applications. Its
biodegradable nature and effective performance position it as a promising
candidate for reducing the environmental impact of industrial practices.Erucic acid's presence is expanding in the cosmetics
and personal care industry, particularly in clean beauty and natural cosmetics
products. Consumers are gravitating towards naturally derived ingredients, and
erucic acid fits this narrative perfectly. Health-Conscious Food Products: In the food sector,
erucic acid is being explored for its potential health benefits. As consumers
prioritize health and wellness, manufacturers are investigating its role in
creating healthier food products. Ongoing research and innovation efforts are
broadening the applications of erucic acid. It is being explored in areas such
as pharmaceuticals, green chemistry, and nutraceuticals, hinting at its
potential for future growth.
The erucic acid market is extending its reach beyond
traditional regions, with increasing demand from Asia-Pacific markets.
Countries like China and India are contributing significantly to the global
market's expansion. Erucic acid's versatility is enabling its application in a
wide range of industries, from agriculture to textiles and plastics. This
diversity is driving its adoption in various sectors.
Companies are forming collaborations and partnerships
to enhance erucic acid production capabilities and explore new applications.
These partnerships facilitate knowledge sharing and innovation. As the market matures, maintaining product
quality and adhering to industry standards are becoming more prevalent. Quality
control measures ensure consistent erucic acid products. While still limited,
there is a growing awareness of erucic acid and its potential benefits.
Increasing education and marketing efforts are expected to boost consumer
recognition.
The Global Erucic Acid Market is segmented into
source, grade, Application, regional distribution, and company
Based on its application, the pharmaceuticals segment
has emerged as the predominant market leader. Erucic acid has garnered
significant attention in the pharmaceutical industry for its potential
therapeutic benefits. Research and clinical trials have explored erucic acid's
applications in managing certain medical conditions, including neurological
disorders and heart disease, driving increased demand from pharmaceutical
manufacturers. Secondly, the pharmaceutical sector's stringent quality and
safety standards align with the need for high purity erucic acid, ensuring that
products meet regulatory requirements.
Moreover, the rising global burden of chronic diseases
has led to greater emphasis on developing novel pharmaceutical formulations,
where erucic acid finds utility as an ingredient with potential health
benefits. The Pharmaceuticals segment's dominant position underscores erucic
acid's growing importance in medical research and therapeutic applications.
This trend is expected to continue as further research validates its efficacy
and expands its role in pharmaceutical formulations.
Based on region, Asia-Pacific region is expected to
grow during the forecast period. North Asia Pacific's dominance in
the global erucic acid market is driven by its abundant rapeseed cultivation,
expanding industrial sectors, consumer preferences for sustainability, and a
burgeoning pharmaceutical and healthcare industry. As the region continues to
invest in research, innovation, and sustainable practices, it is expected to
maintain its leading position in the erucic acid market during the forecast
period.
Asia Pacific's burgeoning industrial sector, including
chemicals, lubricants, and manufacturing, is driving the demand for erucic acid
in various applications. As industries seek sustainable and bio-based
alternatives, erucic acid's versatile properties make it an attractive choice. The
region boasts substantial rapeseed cultivation, particularly in countries like
China and India. Rapeseed serves as the primary source of erucic acid, and Asia
Pacific's robust agricultural infrastructure ensures a consistent and abundant
supply of rapeseed oil. Another, Asia Pacific's diverse and growing population
is increasingly inclined toward sustainable and eco-friendly products. Erucic
acid, with its renewable sourcing and biodegradability, aligns with these
consumer preferences, making it a sought-after ingredient.
Major companies operating in Global Erucic Acid
Market are:
- Bunge Limited
- Cargill, Incorporated
- Archer Daniels Midland Company
- Perdue Farms
- Vantage Specialty Chemicals, Inc.
- Godrej Industries Limited
- Wilmar International Limited
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“Technological advancements in the global erucic acid
market during the forecast period are poised to bring about significant
improvements in production efficiency, quality control, and innovation. These
advancements will contribute to the market's growth and diversification in
various industries. One of the notable technological advancements is the
development of more efficient extraction methods for erucic acid from rapeseed
oil. These methods enhance yield while reducing waste, making erucic acid
production more sustainable and cost-effective. Additionally, advancements in
purification and quality control techniques ensure that erucic acid meets
stringent industry standards and regulatory requirements. In terms of innovation, research efforts are expected
to yield new applications for erucic acid, particularly in the pharmaceutical,
green chemistry, and nutraceutical sectors. Technological breakthroughs will
facilitate the integration of erucic acid into novel formulations, potentially
unlocking its therapeutic and functional benefits. Furthermore, digitalization and automation are likely
to streamline production processes, leading to increased production capacity
and consistency. This ensures a stable supply of high-quality erucic acid to
meet the growing demand across various industries.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Erucic Acid Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Source
(Rapeseed Oil, Canola, Tame Mustard, Fish, Others), By Grade (Low Vs High), By
Application (Plastic, Printing Ink, Personal Care, Rubber, Pharmaceuticals,
Others), By Region, and By Competition”, has evaluated the future growth potential of Global
Erucic Acid Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Erucic Acid Market.
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