Transparency Market Research released its latest market report ‘Fatty Acid Esters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020’ stating the market was valued at $ 1.70 billion in 2013 and is anticipated to reach $2.24 billion by 2020, growing at a CAGR of 4.1%.
According to the report, the increasing demand for fatty acid esters from the personal care products and cosmetics industry is driving the growth of the market.
Fatty acid esters have a wide range of applications in the cosmetic industry and are often used as emollients and thickeners, which has led to this high demand in the market.
It is also used in manufacturing soaps and detergents as it possesses functional properties such as foaming, stability, cleansing and moisturizing properties among others.
TMR also mentions that a significant rise in demand comes from personal care products, especially from Asia-Pacific and North America.
“Isopropyl Palmitate is a moisturizer; emulsifying and thickening agent manufactured using palm oil. It is expected to experience significant demand from the personal care products and cosmetics industry due to its use in wide range of cosmetics including lotions and creams,” says the researcher.
Personal care and cosmetics, which accounts for the major applications of fatty esters, is also anticipated to be the fastest growing application segment due to increasing demand for its usage in make-up, creams and lotions in developed and developing economies.
North America accounted for the largest share of the global fatty acid esters market in 2013 thanks to spending power of consumers on cosmetics and rising demand.
Asia Pacific is the second largest and fastest growing market for fatty acid esters, and is anticipated to boost demand for fatty acid esters due to growing demand from end–user industries especially in China and India.