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.
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.
The application segment of the fatty acid esters industry is classified into personal care & cosmetic products, lubricants, industrial solvents & additives, food additives, and others. Among these, the personal care & cosmetic products category is expected to witness the highest CAGR in the coming years. This can be ascribed to the fact that fatty acid esters are widely used as detergent cleansing agents, emollients, and thickeners in organic skin creams. Moreover, the surging public awareness regarding bio-based cosmetics is driving the consumption of these esters.
Geographically, the Asia-Pacific (APAC) fatty acid esters market accounted for the largest share in 2019, and it is expected to witness the fastest growth during the forecast period as well. This is attributed to the surging consumption of these chemicals in the agriculture, personal care, and lubricant sectors in the region. Moreover, the presence of several major companies producing fatty acid esters, such as Kao Corporation, Emery Oleochemicals Group, Wilmar International Ltd., Mitsubishi Chemical Corporation, DKS Co. Ltd., and KLK OLEO, is driving the regional market growth.
Thus, the rising consumption of fatty acid esters for the manufacturing of pharmaceutical drugs, lubricants, personal care products, and industrial solvents & additives is expected to propel the market growth during the forecast period.
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