With rampant urbanization and industrialization, the disposable income of people in developed and developing countries is increasing. This is why people are now spending more on things they earlier avoided splurging on, such as cosmetics and personal care products. Additionally, the sale of such products is also rising on account of the increasing appearance consciousness among people, driven by the influence of TV, social media, and fashion and lifestyle magazines. As a result, major companies that offer such products are augmenting their manufacturing output to increase their profit.
According to P&S Intelligence, the rising demand for personal care and cosmetic products will be a key reason behind the growth of the fatty acid esters market to $3,688.9 million in 2030 from $2,240.9 million revenue in 2019, at a 4.6% CAGR between 2020 and 2030. This is because fatty acid esters are vastly utilized in the production of skin creams as a thickener and emollient. Additionally, these chemicals find usage as detergent cleansing agents. The biggest reason fatty acid esters are becoming an important ingredient in the personal care and cosmetic industry is the rising demand for bio-based products.
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In this regard, a key driver for the fatty acid esters market is the use of crude oil derivatives for manufacturing lubricants and powering automobiles. As the burning of crude oil derivatives is the biggest cause of air pollution, the levels of which are continuously rising, governments around the world are implementing policies to adopt cleaner automotive fuels, such as biodiesel, which has fatty acid esters as a key ingredient. Similarly, most of the lubricants available today have a mineral oil base, and due to the rampant exploration and production (E&P) activities, oil reserves are depleting fast, thereby driving the demand for bio-based lubricants.
Hence, with the shift toward bio-based personal care products, cosmetics, automotive fuels, and lubricants, increasing volumes of fatty acid esters will be used around the world.
Read more: https://www.psmarketresearch.com/market-analysis/fatty-acid-esters-market
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