Soaring Prices of Crude Oil Fueling Global Demand for Fatty Acid Esters


Posted November 11, 2020 by ManishBaghel

The market is predicted to grow from $2,240.9 million to $3,688.9 million from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 4.6% between 2020 and 2030.
 
Over the last few years, the public awareness regarding the numerous benefits of fatty acid esters and their ability to be used as lubricant additives in various hydraulic, metal-cutting, and automotive applications has grown massively. Moreover, the fatty acid esters are highly eco-friendly and offer cleaner and a less toxic work environment and higher lubricity than the conventional lubricants. In addition to these factors, these esters are extremely affordable, which make them highly sought after in various applications.

The main factor responsible for the low prices of these esters is the abundant availability of animal fats and plant oils, which are the major raw materials required for the production of these esters. The rapid depletion of fossil fuel reserves, because of the increasing utilization of fossil fuels in various automotive and industrial applications, and the subsequent surge in the prices of fossil fuels are also fueling the popularity of fatty acid esters across the world.

Due to the soaring prices of crude oil, the governments of many countries are increasingly encouraging the usage of bio-based lubricants. This is, in turn, causing the expansion of the global fatty acid esters market. As a result, the valuation of the market is predicted to grow from $2,240.9 million to $3,688.9 million from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 4.6% between 2020 and 2030.


Get the sample copy of the report at: https://www.psmarketresearch.com/market-analysis/fatty-acid-esters-market/report-sample


The huge sales of various personal care items such as detergents, shampoos, and body washes and the high demand for these esters in surfactants as an emulsifying agent contributed significantly toward the growth of the market in the APAC region in the years gone by. In the coming years, the market will exhibit swift growth in APAC, due to the soaring disposable income of the people and the rising usage of organic care products in the region.

Hence, it can be said with full confidence that the demand for fatty acid esters would surge all over the world in the forthcoming years, primarily due to their rising usage in various residential and industrial applications and the surging consumer preference for environment-friendly products over the traditionally used petroleum-based ones.
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Issued By Manish Kumar
Business Address Noida
Country India
Categories Business , Research , Services
Tags fatty acid esters market , fatty acid esters market demand , fatty acid esters market future , fatty acid esters market growth , fatty acid esters market scope , fatty acid esters market share , fatty acid esters market size , fatty acid esters market trends
Last Updated November 11, 2020