The global fatty esters market are expected to witness tremendous growth owing to its increasing use in personal care including cosmetics, lubricants, paper, and food products. Growing demand for fatty esters for industrial applications owing to its environment friendliness is expected to augment market growth over the forecast period. In addition, growing consumer preference towards natural and specialty esters in personal care products is anticipated to further drive market growth. Increasing consumption of fatty esters in biodiesels coupled with the growing demand for biodiesels owing to the presence of supporting regulations is likely to propel fatty ester market demand over the forecast period.
Alluring commercialization and low profit margins witnessed by ester market due to the superior bargaining power of end-users, lack of product differentiation, application disintegration, and the existence of multiple vendors results in cut-throat competition. High cost of ester-based lubricants along with fluctuations in crude oil prices are expected to hamper market growth over the forecast period. However, specialty esters capable of performing multiple tasks provide growth opportunities for fatty esters market. Additionally, there is an increasing demand for fatty esters derived vegetable-based sources owing to their biomass content. R&D activities in the field of esters have resulted in the development of fatty esters that are used for their thickening and solvency properties. These types of esters are gradually entering mainstream applications.
High prevalence of personal care market in the U.S. resulted in high demand for fatty esters over the past few years and the trend is expected to continue over the forecast period. Recent discovery of technically recoverable shale gas reserves in the region is expected to propel fatty esters demand in the oil & gas sector. However, Asia Pacific is expected to witness the fastest growth in the next six years owing to the growth of the food, personal care and oil & gas industries. Food industry contributes as the major end-user for fatty esters followed by personal care and cosmetics applications which are likely to be the fastest growing sectors over the forecast period. Simple esters are used as demulcent in lubricants and cosmetics, while composite esters are used in paper manufacture, metal working fluids, food & water treatment, and rolling oils.
Key players in fatty esters market include Acidchem International Sdn Bhd, Sumitomo Chemical, ABITEC Corp., Archer Daniels Midland, Croda International, AkzoNobel, Faci Asia Pacific Pte, BASF SE, DuPont, Felda IFFCO, Gattefosse, Lonza, Sasol Limited, Stearinerie Dubois, Fine Organics, Stepan Company, PMC Biogenix Inc, Subhash Chemical Industries and UNDESA Group.
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.