The global fatty acid esters market was valued at $2,240.9 million in 2019, which is expected to reach $3,688.9 million by 2030, advancing at a CAGR of 4.6% during the forecast period (2020–2030). During the historical period, oleate-based fatty acid esters witnessed the highest demand, owing to their applications in personal care products and usage as lubricant additives.
The palmitates category is expected to witness the fastest growth, based on product type, in the fatty acid esters market during the forecast period, owing to their increasing adoption in the pharmaceutical industry. Palmitates are vastly used as a source of vitamin A when added to fat-free milk in order to replenish the vitamin content lost through the removal of milk fat, and also used as antioxidants. Owing to these, the demand for palmitates is expected to increase in coming years.
Shift From Tallow-Based Fatty Acid Esters to Tall Oil Fatty Acid (TOFA) Esters
In recent times, the fatty acid esters market has observed a shift from tallow-based fatty acid esters (animal fat based) to TOFA esters, particularly in countries, such as the U.S., Germany, the U.K., and France. This is majorly attributed to their low cost and abundant availability in comparison to fatty acid esters based on animal fats. Moreover, TOFA esters provide several benefits, such as low rosin and great performance at low temperatures.
Rising Awareness of Bio-Lubricants
In recent years, there has been a rise in awareness regarding bio-lubricants and their benefits, such as ability to provide excellent lubrication and biodegradable in nature, owing to which they serve as a better alternative to petroleum-based lubricants. In addition, usage of bio-lubricants create a less toxic work environment, thereby cause fewer skin problems for those working with engines and hydraulic systems.
Segmentation Analysis of Fatty Acid Esters Market
The oleates category held the largest share in 2019, due to their increasing adoption in drug manufacturing. In addition, significant demand for oleates arises from applications in lubricants and personal care products. With the growth in end-use industries across the globe, the demand for oleates is projected to increase during the forecast period.
The personal care & cosmetic products category is projected to demonstrate the fastest growth during the forecast period. This can be attributed to the fast-paced adoption of organic personal care & cosmetic products. In addition, increasing consumer spending on personal care products, particularly in developing nations, is expected to further propel the demand for fatty acid esters.
Geographical Analysis of Fatty Acid Esters Market
Geographically, APAC held the largest share in the fatty acid esters market in 2019. This is ascribed to the high-volume demand for fatty acid esters arising from applications in lubricants, personal care & cosmetic products, as well as several other applications. Moreover, these esters are required in surfactants as an emulsifying agent, which makes them suitable for products, such as shampoos, body washes, and detergents. With the rise in disposable income in developing countries of the region, there has been a shift toward organic personal care products. These factors are expected to propel the demand for fatty acid esters in APAC during the forecast period.
Browse report overview with detailed TOC on "Fatty Acid Esters Market Research Report: By Product Type (Tall Oil Fatty Acid [TOFA]-Based Esters, Oleates, Pelargonates, Dimerates, Stearates, Laureates, Palmitates), Application (Lubricants, Personal Care & Cosmetic Products, Food Additives, Industrial Solvents & Additives)– Global Industry Size, Share, Development, Growth, and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/fatty-acid-esters-market
Competitive Landscape of Fatty Acid Esters Market
The global fatty acid esters market is partially consolidated in nature, with the presence of leading players, such as KLK OLEO, Wilmar International Ltd., Esterchem Ltd., Emery Oleochemicals Group, and Temix Oleo Srl, which are involved in manufacturing of fatty acid esters. In order to gain larger market share, the players are involved in several strategic developments. For instance, in 2019, Matangi Industries announced the expansion of its performance chemicals facility, which includes the production of fatty acid esters. With this expansion, the company’s total production capacity reaches 14,400 tons annually.
Some other important players operating in the fatty acid esters market include NYCO, Kao Corporation, Oleon NV, Govi N.V., Matangi Industries LLP, and DKS Co. Ltd.