H1 2023: The leading consumer of Erucic Acid in H1 2023 was Europe. However, the erucic acid prices depicted a fluctuating trend in the period. Erucic Acid's price fell in the first two months of 2023 and rebounding in March 2023. The demand by the downstream sectors like lubricants, printing inks, and plastics industries were sluggish in January and February as a result of the sluggish economic activity in Europe. The German economy struggled in these months due to high inflation, which resulted in less purchasing and decreased consumption of erucic acid. However, Erucic Acid’s price increased as a result of insufficient supply and a significant increase in demand for the product in March in the European market. In the period of April-June 2023, erucic acid price trend showed pessimistic attitudes. Prices decreased due to abundant product supply and a decline in the price of the feedstock rapeseed oil, and a decline in the consumption by the downstream lubricant industry of the European region. Due to increased rate pf rapeseed planting in France, the main producer of erucic acid in the European region, there was abundant rapeseed oil. Due to abundance of rapeseed oil feedstock, the production costs reduced and he suppliers reduced erucic acid prices. Additionally, decreased buying activity of erucic acid was a contributing factor towards market’s sluggish behavior.
The global Erucic Acid market displayed a consumption of 215 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 4.01% during the forecast period until 2032.
Erucic Acid, or cis-13-Docosenoic Acid, is a monounsaturated omega-9 fatty acid. It is present in the oil-rich seeds of the Brassicaceae family of plants, especially rapeseed and mustard. It possesses a lengthy fatty acid chain and has the chemical formula of CH3(CH2)7CH=CH(CH2)11COOH. Rapeseed contains high levels of erucic Acid (HEAR), which is generally more than 40% of the total fatty Acid. High erucic acid rapeseed (HEAR) is a vital component of polymers, skincare, and medicines. Erucic acid is utilized as an essential oil in lubricants to enhance their lubricative property and the metalworking industry. Erucic acid is a versatile chemical that is utilized in a variety of products, including lubricants, polymers, hygiene products and cosmetics, and pharmaceuticals.
Since erucic acid is being produced from natural sources, it has been grasping interest of countries towards itself as an excellent lubricant. The increased focus on the use of eco-friendly additives in lubricants, polymers, and the metalworking industry applications have been the major drivers for erucic acid market. The polymer industry is also benefited from its use as a chemical intermediary in the production of a variety of plastics and polymers for specialized uses in multiple industries. High-erucic acid oils can be employed directly as lubricants directly in processes like manufacturing, or in formulations. It is anticipated that the global consumption of Erucic Acid will reach approximately 320 thousand tonnes by 2032.
Based on region, Europe is the leading consumer and held a market share of approximately 40% of the global Erucic Acid market. North America and Asia Pacific region stand after Europe in terms of consumption. While canola is widely utilized in North America, low erucic-acid rapeseed oil (LEAR) is the most widely used edible oil in Central Europe. Europe and North America hold the majority of raw materials (rapeseed and canola) for producing erucic acid and are dominating the Erucic Acid market. Furthermore, the growing demand of lubricants and polymers in the Asia Pacific region with new industrial development projects and economy expansion is anticipated to swell up the demand of Erucic Acid in the forecast period.
Based on the end-user industry, the global Erucic Acid market is segmented into Lubricants, Plastic, Printing Inks, Personal Care, and Others. Lubricants industry is the dominating as a consumer, with a market share of approximately 37% of the total demand in 2022. The plastic industry is also a significant consumer of the Erucic Acid market.
Major players in the global Erucic acid market were VVF (India) Limited, Godrej Industries Limited, Agilent Technologies, Inc, Bunge Limited, Perdue Agribusiness, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Erucic Acid which covers production, demand and supply of Erucic Acid market in the globe.
• To analyse and forecast the market size of Erucic Acid
• To classify and forecast Global Erucic Acid market based on end-use and regional distribution.
To extract data for Global Erucic Acid market, primary research surveys were conducted with Erucic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Erucic Acid market over the coming years.
ChemAnalyst calculated Erucic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the supply and demand of Erucic Acid across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Erucic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Erucic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Erucic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Erucic Acid s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
215 thousand tonnes
Market size Volume by 2032
320 thousand tonnes
Growth Rate
CAGR of 4.01% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap
Segments covered
By End-Use: (Biofuel, Soaps, Lubricants, Paints and Varnish, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Erucic Acid market in terms of value and volume.
2. Demand by End-Use [Quarterly Update]
Discover which end-user industry (Biofuel, Soaps, Lubricants, Paints and Varnish, and Others) are creating a market and the forecast for the growth of the Erucic Acid market.
3. Demand by Region
Analyzing the change in demand of Erucic Acid in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
4. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Erucic Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
5. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Erucic Acid.
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What is the expected global market size of Erucic Acid in terms of volume for 2032?
Ans:
The global market size of Erucic Acid is expected to reach approximately 320 thousand tonnes by 2032.
Q2.
What region is dominating the Erucic Acid market?
Ans:
Europe is dominating the Erucic Acid Market and accounted a market share of approximately 40% in 2022.
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