Global Fatty Acid Esters Market Set to Exhibit Over 4.0% CAGR Between 2020 and 2030

In 2019, the global fatty acid esters market generated a revenue of $2,240.9 million and is predicted to progress at a CAGR of 4.6% from 2020 to 2030. According to the forecast of the market research firm, P&S Intelligence, the market would attain a valuation of $3,688.9 million in 2030. The growing public awareness about bio-lubricants and the burgeoning requirement for the substance in the personal care and cosmetics industry are the key factors driving the advancement of the market.

In recent years, there has been a sharp surge in public awareness regarding the various benefits of bio-based fatty acid esters and their ability to be used as excellent lubricant additives in metal-cutting, hydraulic, and automotive applications. Additionally, these environment-friendly esters offer high lubricity and provide a less toxic and cleaner work environment than the traditional lubricants. These esters have highly affordable prices, owing to which, they are increasingly being preferred in various applications.

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As a result, the governments of several countries are increasingly preferring bio-based lubricants over petroleum-based ones. Depending on product type, the fatty acid esters market is divided into oleates, TOFA-based esters, pelargonates, dimerates, stearates, laureates, and palmitates. Out of these, the oleates category recorded the highest growth in the market in the years gone by. This category is also predicted to register an explosive growth in the market in the coming years.

Apart from the aforementioned factors, the high requirement for these esters in surfactants as an emulsifying agent and the huge sales of personal care products such as body washes, detergents, and shampoos also contributed to their high sales in APAC in the last few years. In the near future, the market is predicted to demonstrate rapid expansion in APAC, primarily because of the rising disposable income of the people and the growing popularity of organic care products in the region.