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The Increasing Demand For Biodiesels Is Increasing The Demand For Fatty Acid Esters, Which is Driving The Fatty Acid Ester Market Growth.
HYDERABAD, TELANGANA, INDIA, September 28, 2022 / / -- IndustryARC, in its latest report, predicts that The size is forecast to reach US$3.1 billion by 2027, after growing at a CAGR of 4.3% during 2022-2027. Fatty acid esters such as medium-chain triglycerides, glyceryl monostearate, polyol esters, and more are manufactured from the combination of fatty acid and alcohol. Furthermore, the rapid growth of the textiles and garments segments is expanding fatty acid ester demand, thereby, propelling the fatty acid ester industry growth during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways :
1. Asia-Pacific region dominates the fatty acid ester market, owing to the increasing government initiatives to increase the production of pharmaceuticals. For instance, in 2021 Department of Pharmaceuticals launched a PLI scheme to promote domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four separate 'Target Segments' with a cumulative outlay of Rs. 6,940 crore (US$ 951.27 million).
2. The rising disposable income of people all over the world is driving up demand for higher-quality foods, which is boosting up the demand for the fatty acid ester industry.
3. Moreover, the growing preference for biodiesels is increasing the demand for fatty acid ester, which is further boosting the growth of the market.
4. Nevertheless, the high cost associated with the fatty acid ester is posing a major challenge for the growth of the fatty acid ester market.
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Segmental Analysis :
1. The fatty acid methyl ester segment held the largest share in the fatty acid ester market in 2021. The fatty acid methyl ester is widely employed in the fatty acid ester because compared with esters of fatty it has high lubricity. Fatty acid methyl esters organic solvent properties makes it ideal for using it in detergents and biodiesels.
2. Moreover, the use of fatty acid esters as a solvent is increasing because they have renewable contents since they're made from ingredients such as vegetable oils and animal tallow. Thus, due to these benefits of solvents, the fatty acid ester market will see growth.
3. For instance, according to Cosmetic Europe- the personal care association, Europe was the largest cosmetic market at the global level with annual sales of€76.7 billion (US$87.6 billion) in 2020. Thus, the growing cosmetics and personal care industry across the globe are aiding the fatty acid ester market growth.
4. For instance, China is encouraging local pharmaceutical production; this will increase the demand for fatty acid esters for pharmaceutical application in the region. Furthermore, the increasing aged population in Japan has also resulted in increased pharmaceutical products in the region. Thus the growing building and construction industry in the Asia-Pacific region is fueling the fatty acid ester market growth.
Competitive Landscape :
The top 5 players in the Fatty Acid Ester Industry are -
1. Wilmar International Ltd.
2. KLK OLEO
3. Evonik Industries
4. P & G Chemicals
5. AkzoNobel NV
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Related Reports :
A. Fatty Acid Methyl Ester (FAME) Market
B. Personal Care Ingredients Market
Venkat Reddy
IndustryARC
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