Fatty Acid Methyl Ester Market by Product and Application – Global Market Size Estimation, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2029
Overview
Fatty Acid Methyl Ester Market was valued at US$ 21.43 Bn in 2022 and expected to reach US$ 31.59 Bn by 2029, at a CAGR of 5.7% during the forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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The fatty acid methyl ester is the type of fatty acid ester, and it is produced by transesterification of fats with methanol. It is used as a primary constituent in biodiesel. Palm oils, Soybean, UGO, sunflower oil, and animal fats are used as raw materials in its production of Fatty Acid Methyl Ester.
It is largely preferred over conventional diesel on account of its properties such as lower toxic emissions. They are readily biodegradable and thus are less environmentally harmful, and help in curbing problems like global warming. The above properties and applications are anticipated to be key factors driving the global market growth over the forecast period.
The fatty acid methyl ester is used as fuels in vehicles, in machines (construction, mining, and farm), stationary power generators, cosmetics, as lubricants, industrial solvents, in pharmaceuticals, as fuel additives, and as carriers for fertilizers and pesticides. Furthermore, it is widely used in the food industry as a thickening and emulsifying agent. The growing food industry is expected to complement the global market growth.
It is also being increasingly used as a green solvent since it contains low Volatile Organic Compounds along with being readily biodegradable. Moreover, in the leather chemical industry, it is used to produce leather fatliquoring agents, which in turn is used as an excellent textile detergent. Growing detergent demand is expected to grow the global market over the next eight years.
In addition, it has some excellent characteristics such as excellent solubility in organic solvents, good lubricity, and high boiling points are increasing its demand in various end-use industries such as metalworking fluids, lubricants, solvents, fuels, detergents & surfactants, and coating & food several others.
Based on the product, the global market segmented into glyceryl monostearate, medium-chain triglycerides, polyol esters, glycol esters, isopropyl palmitate, and sucrose esters. Medium-chain triglycerides emerged as the leading product segment owing to their increasing use in the food industry. Glyceryl monostearate is expected to witness rapid growth on account of its growing use as an emulsifier in confectionaries and baking preparations.
Based on applications, the global market segmented into lubricants & fuels, surfactants & detergents, personal care & cosmetics, food, and pharmaceutical. Fuel is the major Fatty Acid Methyl Ester application segment on account of its widespread use in vehicles, stationary power generators, machines such as construction equipment, farm equipment, and mining equipment.
The personal care & cosmetics industry is expected to emerge as the fastest-growing segment over the forecast period owing to growing Fatty Acid Methyl Ester demand in lotions, moisturizers, and creams. Increasing demand in pharmaceutical formulations and as pesticide & fertilizer in the agriculture industry is anticipated to further complement fatty acid methyl ester demand over the forecast period.
North America is expected to register considerable growth over the forecast period primarily driven by high demand from end-use industries in the U.S. High personal care products demand is expected to strengthen the regional market growth. Additionally, regulatory favorability for biodiesel in North America to combat global warming is further projected to complement North American market growth.
The demand for these esters is going to rise in the Asia-Pacific region due to the region’s rapid economic growth and government regulations for the control of the content of volatile organic compounds (VOCs) in the environment. Asia Pacific market is predicted to witness significant growth owing to rapid industrialization coupled with increasing disposable income particularly in China and India along with Southeast Asia.
The key market players operating in the global CNG market are Cargill Inc., ADM Company, BASF SE, KLK Oleo, Archer Daniels Midland Company, Wilmar International Limited, Berg Schmidt, Emery Oleochemicals Group, Longyan Zhuoyue New Energy Co. Ltd., Alnor Oil Co. Inc, Avantor Performance Materials, Eastman Chemical Company, FUSHIMI Pharmaceutical Co., The Chemical Company, Velsicol Chemical LLC, Smart Chemicals Group Co., Swastik Industries, Hemadri Chemicals among others.
The report covers the total market for fatty acid methyl ester market has been analyzed based on the Porter's five forces model. The impact of the different market factors, such as drivers, restraints, and opportunities, challenges key issues SWOT analysis, and technology forecasting is also illustrated in the report. This gives an idea about the key drivers, such as high growth and demand in emerging economies countries.
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| Global Fatty Acid Methyl Ester Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2018 to 2022 | Market Size in 2022: | US $ 21.43 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 5.7% | Market Size in 2029: | US $ 31.59 Bn. |
| Segments Covered: | by Product | Glyceryl Monostearate Medium Chain Triglycerides Polyol Esters Glycol Esters Isopropyl Palmitate Sucrose Esters |
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| by Application | Lubricants & fuels Surfactants & detergents Personal care & cosmetics Food and pharmaceutical |
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Fatty Acid Methyl Ester Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Fatty Acid Methyl Ester Market Key Players
1. Cargill Inc.
2. ADM Company
3. BASF SE
4. KLK Oleo
5. Archer Daniels Midland Company
6. Wilmar International Limited
7. Berg Schmidt
8. Emery Oleochemicals Group
9. Longyan Zhuoyue New Energy Co. Ltd.
10. Alnor Oil Co. Inc
11. Avantor Performance Materials
12. Eastman Chemical Company
13. FUSHIMI Pharmaceutical Co.
14. The Chemical Company
15. Velsicol Chemical LLC
16. Smart Chemicals Group Co.
17. Swastik Industries
18. Hemadri Chemicals
Frequently Asked Questions:
1. Which region has the largest share in Global Fatty Acid Methyl Ester Market?
Ans: North America region held the highest share in 2022.
2. What is the growth rate of Global Fatty Acid Methyl Ester Market?
Ans: The Global market is growing at a CAGR of 5.7% during forecasting period 2023-2029.
3. What is scope of the Global Fatty Acid Methyl Ester market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Fatty Acid Methyl Ester market?
Ans: The important key players in the Global market are – Cargill Inc., ADM Company, BASF SE, KLK Oleo, Archer Daniels Midland Company, Wilmar International Limited, Berg Schmidt, Emery Oleochemicals Group, Longyan Zhuoyue New Energy Co. Ltd., Alnor Oil Co. Inc, Avantor Performance Materials, Eastman Chemical Company, FUSHIMI Pharmaceutical Co., The Chemical Company, Velsicol Chemical LLC, Smart Chemicals Group Co., Swastik Industries, and Hemadri Chemicals.
5. What is the study period of this market?
Ans: The Global market is studied from 2022 to 2029