Trimethylolpropane Trioleate Market

Trimethylolpropane Trioleate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Trimethylolpropane trioleate possesses low pour point, excellent lubricity & oxidation stability, and high flash point
Trimethylolpropane trioleate is prepared by esterification of oleic acid with trimethylolpropane (TMP) without solvent in the presence of solid acid catalyst
Trimethylolpropane trioleate can be used as potential lubricating base oil due to its excellent comprehensive performance

Rise in demand for high-performance hydraulic fluids and increase in environmental concerns have boosted the use of esters base oils. Companies have been developing a high quality range of hydraulic ester base oils over the past few decades. These oils are compliant with all market standards.
Rise in production and sale of automobiles is a major factor driving the demand for base oils. Base oils are used as base fluids in the formulation of various types of lubricants. The automotive industry is a key end-user of lubricants. Lubricating products such as engine oils, transmission oils, and greases are used in automobiles. Rapid increase in population and urbanization is leading to consistent rise in production of vehicles across the globe. According to the International Organization of Motor Vehicle Manufacturers (OICA), sales of new vehicles increased from 87.5 million in 2013 to 95.05 million in 2018.
Increase in need for emission control in various sectors such as marine; and enactment of stringent norms to curb emissions of CO2, NOx, sulfur, and other particulate substances imposed by governments of various countries as well as the European Union have compelled oil companies to develop better methods of lubricant formulation. This has led to an increase in the adoption of hydraulic ester base oils for the production of lubricants. These factors are boosting the global trimethylolpropane trioleate market.

Trimethylolpropane trioleate is used in biolubricant base oil, fire resistant & biodegradable hydraulic fluids, and metalworking fluids
Trimethylolpropane trioleate is particularly recommended for usage in formulation of environmentally-friendly hydraulic fluids and metalworking fluids. It is also used for cutting and forming (including steel rolling and greases).

The global coronavirus outbreak is posing severe challenges to the global trimethylolpropane trioleate market. The pandemic has disrupted the supply chain network in China, due to limited/no production in organizations owing to the lockdown. Some companies had limited access to their workforce. This impacted the overall production of factories.
Trade activities in the Middle East have been hampered due to the pandemic. Refiners of base oil in China have been compelled to lower their operating costs in order to decrease the pressure on inventories due to transportation restrictions in certain provinces in the country.

In terms of region, the global trimethylolpropane trioleate market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
In terms of volume, Asia Pacific dominated the global trimethylolpropane trioleate market in 2019. Rapid industrialization in China, India, and Indonesia is boosting the demand for trimethylolpropane trioleate in industrial applications such as process oils, hydraulic oils, metalworking fluids, and white oils. This is driving the trimethylolpropane trioleate market in the region. Most companies across the globe are shifting their manufacturing bases to India, Indonesia, and Vietnam primarily due to availability of inexpensive labor and raw materials; and supportive government regulations.
Europe is another key region of the global trimethylolpropane trioleate market. Rise in demand for hybrid electric vehicles (HEVs) and electric vehicles (EVs) is positively impacting the trimethylolpropane trioleate market in Europe.

The global trimethylolpropane trioleate market is consolidated, with players focusing on incorporating advanced technologies to gain higher share. These players offer a complete portfolio of products; and focus on different business strategies to strengthen their position.

Prominent players operating in the global trimethylolpropane trioleate market include: