iCrowd Newswire – Jun 25, 2020
The rising awareness about bio-lubricants is one of the biggest factors responsible for the increasing popularity of fatty acid esters across the globe. In addition to being highly eco-friendly, fatty acid esters offer extremely high lubricity and are thus, widely used as lubricant additives in hydraulic, metal-cutting, and automotive applications. Furthermore, they have lower costs than the conventionally used lubricants, mainly on account of the abundant and easier availability of the raw materials (plant oils like coconut oil, rapeseed oil, and soy oil and animal fats) used for their production.
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The large-scale utilization of fatty acid esters in the personal care and cosmetics industry is another important factor considerably causing the surge of the fatty acid esters market all over the world. Driven by these factors, the revenue generated from the global sales of fatty acid esters is predicted to increase from $2,240.9 million to $3,688.9 million from 2019 to 2030. The global fatty acid esters market is expected to exhibit a CAGR of 4.6% during the forecast period (2020—2030).
Fatty acid esters are extensively used in personal care and cosmetic products, lubricants, industrial solvents and additives, and food additives. Out of these, the personal care and cosmetic products category is predicted to exhibit rapid progress in the fatty acid esters market from 2020 to 2030. This is mainly credited to the increasing incorporation of fatty acid esters as thickeners and emollients in various skin creams and the ballooning usage of these chemicals as detergent cleansing agents. Moreover, the rising awareness about bio-lubricants will massively boost the growth of the category in the fatty acid esters market in future.
One of the major trends presently being witnessed in the fatty acid esters market is increasing preference of tall oil-based fatty acid esters over the conventionally used tallow-based fatty acid esters all over the world. This is attributed to the lower costs of the tall oils, especially in Europe and North America. Additionally, the tall oil fatty acid (TOFA) esters offer great performance at lower temperatures, which in turn, makes them highly sought-after for use in various applications such as additives in the production of personal care products and lubricant additives.
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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.
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Keywords: Fatty Acid Esters Market, Global Fatty Acid Esters Market Growth, Fatty Acid Esters Market Size, Fatty Acid Esters Market Share