Why will Asia-Pacific Fatty Acid Esters Market Boom in Coming Years?

The fatty acid esters market revenue stood at $2,240.9 million in 2019, and it is expected to surge to $3,688.9 million by 2030. The major factors propelling the growth rate of the market are the soaring public awareness about the various benefits of using bio-based fatty acid esters as lubricant additives in several applications, such as hydraulic, automotive, and metal cutting.

These eco-friendly esters provide good lubricity and a cleaner and less toxic work environment than the conventional lubricants. Besides, these esters also have low costs, owing to the abundant availability of various raw materials, such as animal fats and plant oils (like rapeseed oil, soy oil, and coconut oil). Additionally, the increasing concerns being raised over the rapid depletion of fossil fuel reserves because of their large-scale exploitation, are also boosting the demand for bio-based fatty acid esters, which is subsequently fueling the expansion of the fatty acid esters market.

With the surge in various end-use industries around the world, the requirement for oleates is predicted to soar in the coming years. When application is taken into consideration, the fatty acid esters market is classified into personal care and cosmetic products, lubricants, industrial solvents and additives, and food additives. Amongst these, the personal care and cosmetic products category is predicted to exhibit the fastest growth in the market in the coming years. This is credited to the growing use of organic cosmetic and personal care products. Additionally, the surging consumer expenditure on personal care products, especially in emerging economies, is also predicted to push up the requirement for fatty acid esters.

Hence, the market is set to exhibit huge expansion in the coming years, primarily because of the growing public awareness about the beneficial traits of bio-based fatty acid esters.