Fatty Acid Esters Market to Witness 4.6% CAGR during 2020-2030

At the present time, there is no bigger or more important issue than the need for energy conservation, in any way possible. Reducing the consumption of energy is one way to get ahead of this problem; however, the chances of that happening are almost zero, since the population is growing at a rapid pace across the globe. In this case, making use of alternative fuels, instead of fossil fuels, for producing energy is the only promising solution to the energy crisis. Presently, solar energy and wind energy are extensively being utilized as alternative sources of energy.

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Other than these, the usage of biofuels, such as those made from fatty acid esters, is also a promising avenue for achieving sustainable living. Attributed to their renewable content, fatty acid esters are also being utilized in a number of other industries. Derived from organic sources such as animal tallow and vegetable oils, these compounds have low volatility as compared to other conventional solvents, which makes them suitable for replacing solvents in inks & pressroom cleaners, coatings, and lubricants and metalworking fluids. In 2019, the global fatty acid esters market reached a value of $2,240.9 million, and is projected to generate revenue of $3,688.9 million by 2030, progressing at a 4.6% CAGR during the forecast period (2020-2030).

Asia-Pacific has been the largest user of these compounds in the past, owing to the growing need for fatty acid esters for application in lubricants and personal care & cosmetics products. Fatty acid esters are needed in surfactants, as emulsifying agents, which make them suitable for products including body washes, shampoos, and detergents. The personal care industry is itself registering a rapid growth in the region, due to the rising disposable income and shift toward organic cosmetic products.

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The global fatty acid esters market is partially consolidated in nature, with the top five players accounting for a market share of nearly 50%. Some of the leading players operating in the market are Wilmar International Ltd., Esterchem Ltd., Emery Oleochemicals Group, KLK OLEO, NYCO, Temix Oleo Srl, Kao Corporation, and Oleon NV.

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