Demand for Fatty Acid Esters Growing due to Increasing Need for Biofuels

The personal care and cosmetics industry has been registering considerable growth over the past few years. This is because of the rising disposable income of people across the globe and surging consciousness among people regarding their physical appearance. A major component that is used in the cosmetic industry is fatty acid esters, because of which its demand is increasing as well. These compounds are synthesized by the dehydration of alkyl alcohol and fatty acids, and are used in the cosmetics industry as they soften the skin for creating a smooth sensation. Their growing demand is leading to the growth of the fatty acid esters market.

Fatty acid esters are also utilized for the production of biofuels, the demand for which is expected to surge in a few years. Till now fossil fuels have been the major source of energy across the globe, however, their excessive consumption has given rise to the current energy crisis. Along with this, global warming has been a direct effect of increased utilization of fossil fuels. Because of these factors, the focus is now shifting towards alternative and cleaner sources for generating energy. Governments of various countries are also implementing policies for encouraging the adoption of solutions that can conserve energy. This is leading to the rising demand for biofuels, which, in turn, is driving the demand for fatty acid esters.

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The global fatty acid esters market is predicted to generate a revenue of $3,688.9 million by 2030, rising from $2,240.9 million in 2019, and is projected to advance at a 4.6% CAGR during the forecast period (2020–2030). In terms of product types, the market is categorized into palmitates, laureates, stearates, oleates, tall oil fatty acid (TOFA)-based esters, dimerates, and pelargnates. Out of these, the oleates category held the largest volume share of the market in 2019 and is predicted to generate $1,180.8 million in 2030.

Geographically, APAC accounted for the largest share in 2019 in the fatty acid esters market. Moreover, the regional market is expected to witness the fastest growth during the forecast period, owing to the increasing demand for fatty acid esters from the growing lubricant, personal care, and agriculture sectors of developing economies, including China, India, and Indonesia. In addition, the region is home to some of the largest fatty acid manufacturers, such as KLK OLEO, Kao Corporation, DKS Co. Ltd., Wilmar International Ltd., Mitsubishi Chemical Corporation, and Emery Oleochemicals Group.