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.
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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.
The abundant availability of the raw materials such as plant oils and animals required for the production of these esters is the main reason behind the low prices of these esters. Another major factor propelling the expansion of the fatty acid esters market is the rapid depletion of fossil fuel reserves, owing to the increasing usage of oil in various industrial and automotive applications. The depletion of these reserves is pushing up the prices of fossil fuels.
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.
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This would be because of the growing requirement for oleates in the pharmaceuticals, personal care, and lubricants applications. Moreover, the oleate-based fatty acid esters have low toxicity and volatility, high lubrication, and excellent cold flow characteristics, which make them extremely suitable for use in various applications. Globally, the fatty acid esters market recorded the highest growth in Asia-Pacific (APAC) in the past, because of the high-volume requirement for fatty acid esters in various personal care & cosmetics and lubricants applications.
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.
Based on Product Type
- Tall Oil Fatty Acid (TOFA)-Based Esters
- Polyol esters
- Trimethylolpropane (TMP)
Based on Application
- Fuel Additives
- Lubes & Greases
- Chainsaw lubricants
- Marine lubricants
- Food-grade lubricants
- Metalworking Fluids
- Cooling Liquids
- Hydraulic Fluids
- Motor oil
- Gear oil
- Personal Care & Cosmetic Products
- Food Additives
- Industrial Solvents & Additives