Growing demand for fatty esters for industrial applications owing to their environment friendliness is expected to augment market growth over the forecast period. The increasing use of fatty esters in end-use industries such as food, biochemical, and agricultural is expected to boost the growth of the market during the forecast period.
The global fatty esters market size is expected to secure US$ 3.4 Billion while exhibiting a 4.4% growth rate during the 2022-2032 forecast period. The market was estimated at US$ 2.1 Billion in 2021 and is likely to reach US$ 2.2 Billion in 2022. Growth of the market can be attributed to the extensive usage of fatty esters in a wide range of industries, including cosmetics & personal care, as well as biofuels.
On the contrary, inadequate availability of raw materials is also one of the major factors affecting the growth of the market. In addition, the lack of properly developed infrastructure in underdeveloped nations is a major disadvantage faced by the market is another factor projected to hamper the industry growth in the forecast period.
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Key Takeaways from the Report
- By type, the fatty acid methyl esters (FAME) segment is expected to record a 4.1% CAGR by 2032
- By application, the synthetic lubricant segment to expand at a 3.9% growth rate during the forecast period.
- The U.S market to garner US$ 1.2 Billion and record a 4.3% CAGR from 2022-2032
- Market in China to procure US$ 235 Million, expanding at a 3.9% growth rate during the assessment period
“Growing demand of fatty esters for expansion of cosmetics industry across the globe is expected to drive the market in the forecast period. Also, the development of food, biochemical and agriculture industries is projected to play a vital role in strengthening the market.”
Competitive Analysis
Eminent players in the global fatty esters market include Faci Asia Pacific Pte. Ltd., KLK Oleo, Estelle Chemicals Pvt. Ltd., Evonik Industries, and DuPont, among others. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market. Recent key developments among players include:
- In July 2021, Verbio AG signed a MoU (Memorandum of Understanding) with Indian Oil Corporation Ltd. The MoU will explore the possibility of creating a Joint Venture Company using Verbio’s technology and expertise in the production of biofuels (biomethane (CBG/BioCNG), bioethanol, and biodiesel) and marketing these biofuels through Indian Oil’s network.
- In March 2021, Renewable Energy Group Inc. collaborated with Optimus Technologies. This collaboration delivers biodiesel to fleets across the United States. With Optimus’ new technology, biodiesel can be utilized as B100 in fleets, i.e., with 100% blended biodiesel.
Leading Companies Profiled in the Fatty Esters Market are
- Faci Asia Pacific Pte. Ltd.,
- KLK Oleo,
- Estelle Chemicals Pvt. Ltd.,
- Evonik Industries, and
- DuPont,
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global fatty esters market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (fatty acid methyl esters, polyol esters, sorbitan esters, sucrose esters and other types) and application (synthetic lubricants, pharmaceuticals, personal care products, food, biofuel application, and other applications) across five major regions (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
Key Segments Covered in the Fatty Esters Market Study
By Type:
- Fatty Acid Methyl Esters (FAME)
- Fatty Acid Polyol Esters
- Fatty Acid Sorbitan Esters
- Fatty Acid Sucrose Esters
- Other Types of Fatty Esters
By Application:
- Synthetic Lubricants
- Pharmaceuticals
- Personal Care Products
- Food
- Biofuel Applications
- Other Applications
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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