A number of factors, such as the rising consumption of fatty acid esters in the personal care & cosmetics industry, surging awareness of bio-based lubricants, low cost of these esters, and their several environmental benefits, are projected to drive the growth of the fatty acid esters market at a CAGR of 4.6% during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of $2,240.9 million in 2019, and it is expected to reach $3,688.9 million by 2030.
One of the major factors driving the demand for fatty acid esters is the growing awareness of the benefits of bio-based lubricants. Due to their excellent lubricity, low emission of toxic pollutants, and biodegradability, bio-based fatty acid esters are being increasingly used as lubricants in hydraulic, metal cutting, and automotive applications. Additionally, these environment-friendly esters are the best alternatives to the conventionally used petroleum-based lubricants, which is why they are rising in preference in numerous industries.
The product type segment of the fatty acid esters industry is categorized into oleates, tall-oil fatty acid (TOFA)-based esters, palmitates, pelargonates, laureates, dimerates, stearates, and others. Among these, the oleates category accounted for the largest volume share in the market in 2019. This is attributed to the high-volume usage of these esters in the production of drugs, lubricants, and personal care products due to their beneficial properties, such as excellent lubrication, low toxicity and volatility, and cold-flow properties.
Globally, the fatty acid esters market is predicted to record the fastest growth in Asia-Pacific (APAC) from 2020 to 2030. This is primarily ascribed to the flourishing personal care industry in the various APAC nations such as Indonesia, Malaysia, and India and the large-scale utilization of fatty acid esters in the personal care industry, owing to their applications in various skin care products such as face creams, moisturizers, and body lotions. Furthermore, the rising popularity of bio-based and organic personal care products is contributing significantly toward the growth of the fatty acid esters market in the region.
Therefore, it can be safely said that the utilization of fatty acid esters will increase tremendously throughout the world in the upcoming years, primarily because of the mushrooming popularity of bio-based products and lubricants across the world.
Source: www.psmarketresearch.com
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