The rising demand for personal care and cosmetic products will be a key reason behind the growth of the fatty acid esters market size to $3,688.9 million in 2030 from $2,240.9 million revenue in 2019, at a 4.6% CAGR during forecast period.
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This is also the reason the consumption of these esters is increasing in the manufacturing of lubricants. Such fluids are quite significant anywhere two moving objects are in constant contact with each other. Such an activity creates friction, which generates heat and can destroy things, especially metallic things, over time. Therefore, lubricants find widespread usage in industrial machinery and automobiles to keep everything running smoothly, while consuming as little energy as possible. Fatty acid esters are an eco-friendly, less-toxic, and cheaper ingredient for lubricants than mineral oil derivatives.
Oleates, tall-oil-fatty-acid (TOFA)-based esters, dimerates, pelargonates, laureates, stearates, and palmitates are the various types of fatty acid esters used across industries. Among these, oleates are consumed in the highest volumes, as they are an important ingredient of several pharmaceutical solvents, lubricants, and personal care products, the demand for all of which is skyrocketing around the world. Fatty acid esters made from oleates are less-volatile and toxic, and they have the ability to keep the end product flowing in cold weather.
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Market Size Breakdown by Segment
By Product Type
- Tall Oil Fatty Acid (TOFA)-Based Esters
- Polyol esters
- Trimethylolpropane (TMP)
- Personal Care & Cosmetic Products
- Food Additives
- Industrial Solvents & Additives