Fatty Acid Esters Market is Poised to Surpass $3,688.9 Million by 2030: P&S Intelligence

(MENAFN- GlobeNewsWire - Nasdaq) Fatty Acid Esters Market Research Report: By Product Type (Tall Oil Fatty Acid [TOFA]-Based Esters, Oleates, Pelargonates, Dimerates, Stearates, Laureates, Palmitates), Application (Lubricants, Personal Care & Cosmetic Products, Food Additives, Industrial Solvents & Additives)

NEW YORK, March 03, 2020 (GLOBE NEWSWIRE) -- Owing to the high demand for oleate-based fatty acid esters during the historical period (2014–2019), due to their application in personal care products and as lubricant additives, the global fatty acid esters market share generated $2,240.9 million in 2019. During the forecast period (2020–2030), the market is expected witness a CAGR of 4.6% and, by 2030, reach a valuation of $3,688.9 million.

The palmitates category, based on product type, is expected to witness the fastest fatty acid esters market growth during the forecast period. This is attributed to the rise in the adoption of palmitates in the pharmaceutical industry. Such esters are widely used as a source of vitamin A in fat-free milk, to add the vitamin content lost during the removal of milk fat. In addition to this, palmitates are also used as anti-oxidants, which is expected to increase their demand in the coming years.

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The fatty acid ester market has, in recent times, observed a massive shift toward tall-oil fatty acid (TOFA) esters, from tallow-based fatty acid esters (derived from animal fats), especially in countries such as Germany, the U.S., France, and the U.K. This is primarily due to their low cost and higher availability than the fatty acid esters obtained from animal fats. Furthermore, TOFA esters provide numerous benefits, such as performance at low temperatures and low rosin.

In recent times, there has been an increase in the awareness about bio-lubricants and their benefits, such as their biodegradable nature and excellent lubrication, as a result of which, they have become a perfect alternative to petroleum-based lubricants. Moreover, the utilization of bio-lubricants results in lower emission of toxic fumes, thereby resulting in fewer dermatological problems, in people handling engines and hydraulic systems. 

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As a result of their increasing usage in the manufacturing of drugs, oleates led the fatty acid esters market in 2019. Owing to the increasing demand for lubricants and personal care products and the rapid growth in the end-user industries, the oleates category is predicted to experience significant growth during the forecast period. 

The personal care & cosmetic products category is expected to record the highest CAGR during the forecast period. The rapidly growing trend of organic personal care & cosmetic products and the increasing consumer expenditure on personal care products, especially in developing countries, is predicted to further shoot up the demand for fatty acid esters.

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On the basis of region, Asia-Pacific (APAC) was the most productive fatty acid esters market in 2019. This is mainly attributed to the high demand for fatty acid esters from the personal care & cosmetic products, lubricants, and numerous other industries. These esters are required in surfactants, owing to their emulsifying characteristics, which is why they are suitable for shampoos, detergents, and body washes. With the increase in the disposable income in the developing nations of the region, the demand for organic personal care products has skyrocketed.

The global fatty acid esters market is partially consolidated and comprises several leading players, such as Wilmar International Ltd., Emery Oleochemicals Group, Temix Oleo Srl, KLK OLEO, and Esterchem Ltd. Matangi Industries LLP announced expansion plans for its performance chemicals facility, which is engaged in the production of fatty acid esters, in 2019. As a result of this massive expansion, the company's total production capacity is now 14,400 tons per year.

Some other prominent players operating in the market include DKS Co. Ltd., Govi N.V., Kao Corporation, NYCO, and Oleon NV.

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