The fatty acid esters market will advance at a 4.6% CAGR, and it will touch USD 3,688.9 million, by 2030. The growth of the industry is mainly attributed to the increasing consciousness regarding bio-lubricants, as well as the mounting usage of these esters in the personal care and cosmetics sector.
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The rising end user’s preference for tall-oil-based fatty acid esters compared to those produced from tallow is a key trend observed in the industry. This is attributed to the accessibility of tall oils at lesser costs, particularly in North America and Europe.
Moreover, the exceptional performance of tall oils in low temperatures is boosting their adoption all over the world. Tall oil fatty acid esters are ideal for the additive’s implementation in numerous lubricants and personal care goods.
A key driving factor in the industry is the rising public consciousness regarding the advantages of bio-based fatty acid esters and their usage as additives of lubricants in hydraulic, automotive, and metal cutting applications. These eco-friendly esters offer exceptional lubricity and a lesser toxic & cleaner work environment as compared to the traditionally used lubricants.
In the past few years, the oleates category, based on product type, accounted for the largest fatty acid esters market share, and it will propel at a 4.7% compound annual growth rate, to touch USD 1,180.8 million, by 2030. This is primarily attributed to the increasing demand for these products to manufacture personal care goods, lubricants, and pharmaceuticals.
Additionally, oleate-based fatty acid esters are very ideal for numerous applications as they have excellent lubrication, low toxicity & volatility, and cold-flow properties.
The personal care & cosmetic products category, based on application, will exhibit the fastest growth in the years to come. This is ascribed to the rapid adoption of fatty acid esters as detergent cleansing agents and as emollients and thickeners in skin creams. Moreover, the rising public consciousness regarding bio-based cosmetics is boosting the need for these products.
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In recent years, the APAC industry accounted for the largest share. Moreover, the regional industry is also expected to observe the fastest growth in the years to come. This is attributed to the mounting need for such chemicals in the agriculture, lubricant, and personal care sectors in nations such as Indonesia, China, and India. Additionally, the presence of numerous key fatty acid ester-producing businesses is also boosting the growth of the regional industry.
Hence, with the increasing requirement for fatty acid esters from the personal care and cosmetics sector, the industry will continue to power at a rapid rate in the years to come.
SOURCE: P&S Intelligence
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