Fatty Acid Methyl Ester Market
Fatty Acid Methyl Ester Market Analysis By Application (Fuels, Metalworking Fluids, Lubricants, Food & Agriculture, Coating and Other Applications) By Region – Global Market Insights 2022 to 2032
Analysis of Fatty Acid Methyl Ester market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global Fatty Acid Methyl Ester Market Outlook (2022-2032)
Newly released Fatty Acid Methyl Ester Market analysis report by Fact.MR shows that global sales of Fatty Acid Methyl Ester Market in 2021 was held at US$ 18 Bn. With 4.7% projected CAGR, the market is expected to register a valuation of US$ 29.8 Bn by 2032.
Fuels is expected to be the highest revenue generating application, projected to grow at a CAGR of over 5.6% during 2022 – 2032.
Fatty Acid Methyl Esters Market CAGR (2022 – 2032)
Fatty Acid Methyl Esters Market Size (2022)
US$ 18.8 Bn
Fatty Acid Methyl Esters Market Size (2032)
US$ 29.8 Bn
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Revenue of Fatty Acid Methyl Ester Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
As per the Fatty Acid Methyl Ester Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Fatty Acid Methyl Ester Market increased at around 3.8% CAGR.
Owing to the rising demand for biodiesel, the worldwide fatty acid methyl ester market is predicted to increase significantly over the forecast period. Fatty acid methyl ester (FAME) is a key ingredient in biodiesel and is generated from vegetable oils by transesterification. An alkali catalyzed reaction of lipids and methanol produces the product, which is a form of fatty acid ester.
Soybeans, palm oils, UGO, sunflower oil, and animal fats are among the raw ingredients utilised in its manufacture. Because of its features, such as decreased harmful emissions, FAME is widely chosen over ordinary diesel. As a result, it is considered harmless and biodegradable.
Over the projected period, the above-mentioned features and applications are expected to be important drivers of worldwide FAME market growth. FAME is a thickening and emulsifying chemical commonly used in the food business.
The worldwide fatty acid methyl ester market is predicted to increase in tandem with the growing food sector. FAME is increasingly being employed as a green solvent in solvent applications since it has a low VOC content and is easily biodegradable.
Furthermore, it is utilized to make a leather fat liquoring agent, which is then employed as an outstanding textile detergent in the leather chemical sector. Over the next seven years, rising detergent consumption is predicted to supplement worldwide market expansion.
The properties of fatty methyl esters, including high solubility in organic solvents, high boiling point, and better lubricity, are driving its demand across several end-use sectors, including metalworking fluids, lubricants, solvents, fuels, detergents & surfactants, and coatings & food, among others.
As a result, its capacity to serve a diverse variety of end-use industries is likely to fuel worldwide market expansion in the approaching years. Over the next seven years, FAME market participants are projected to face problems due to high fatty acid esters costs and, as a result, high raw material procurement costs.
What Factors are Propelling Fatty Acid Methyl Ester Demand?
One of the primary factors driving the growth of the worldwide fatty acid methyl ester market is end customers' preference for biodiesel over traditional diesel due to its reduced toxicity. Furthermore, the increased use of fatty acid methyl esters as a green solvent due to its low VOC and biodegradable nature is likely to propel the worldwide fatty acid methyl ester market forward.
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Which Region is projected to Offer the Largest Opportunity for Fatty Acid Methyl Ester Market?
The market in North America is expected to increase significantly during the projection period, owing to strong demand from end-use industries in the United States. The regional fatty acid methyl ester market is predicted to rise due to increased demand for personal care products. Furthermore, regulatory favourability for biodiesel in North America to combat global warming is expected to support market expansion in the region.
Due to fast industrialization and rising disposable income, the Asia Pacific market is expected to develop significantly, notably in China and India, as well as Southeast Asia.
Which Country Lies at the Centre Stage for Fatty Acid Methyl Ester Market Revenue?
In the global fatty acid methyl esters market, the US holds over 30% share. The abundance of raw materials as well as presence of end-use industries in the U.S. makes it the largest market for fatty acid methyl esters. With the growth in end use industries including fuels, metalworking, lubricants, food and agriculture, and coatings, the demand in the country is further expected to escalate in the coming years.
Why application projected to Witness Fastest Growth among Fatty Acid Methyl Ester Type?
Fuels segment is forecasted to grow at the highest CAGR of over 5.6% during 2022-2032. Owing to rules aimed at protecting the ozone layer and limiting global warming, the fuel industry is expected to be the most dominant.
Countries are looking for alternative fuel sources due to their increasing reliance on fossil fuels and the depletion of fossil fuel stocks. As a result, the methyl ester fatty acid market is predicted to develop, as methyl ester fatty acid is a primary raw ingredient utilised in biodiesel synthesis.
Biodiesel is witnessing an increase in consumption on account of its properties such as lower toxic emissions and biodegradability. Biodiesel has been a demanding fuel in recent years, as it helps in raising the cetane number of the fuel and improves fuel lubricity.
This improved lubricity helps in reducing the friction within the moving parts by avoiding additional wear. Canada and the United States are expected to rapidly adopt biodiesel due to increased government policy and environmental awareness concerning the reduction of greenhouse gas emissions.
What is the impact of Covid-19 on Fatty Acid Methyl Ester Market?
A detailed examination of the adverse economic impacts of the viral epidemic and the consequent economic downturn has resulted in revision of one of the Metalworking Fluids segment's predicted CAGR's to 2.6%. This market sector now has 17.7% of the worldwide Fatty Acid Methyl Ester (FAME) market.
Metalworking fluids are engineering compounds that improve the metalworking process. Fatty acid methyl esters are predicted to benefit from the trend toward ecologically friendly metalworking fluid compositions. COVID-19 had an influence on car manufacturing and sales in the North American area, lowering demand in the market analysed. In 2020, the North American area produced 13.37 automobiles, a 20.5 percent decline from the previous year.
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Archer Daniels Midland Company, Emery Oleochemicals Group, Longyan Zhuoyue New Energy Co. Ltd., Wilmar International Limited, Alnor Oil Co. Inc, Avantor Performance Materials, Eastman Chemical Company, FUSHIMI Pharmaceutical Co., Berg Schmidt, Velsicol Chemical LLC, and Smart Chemicals Group Co. are among the major players in the fatty acid methyl ester market.
As a result, the fatty acid methyl ester chemical plays an important function as a lubricant and fuel in the automobile sector. Furthermore, the fatty acid methyl ester's environmentally favourable property is propelling its use in a variety of industries, including fuel, and aiding in the fight against global warming.
Some of the recent developments of key Fatty Acid Methyl Ester providers are as follows :
- In 2020, Dow, a global chemical business based in the United States, had USD 7.95 billion in sales in its Performance Materials and Coatings sector.
- In July 2020, ABITEC Corporation, a subsidiary of ABF Ingredients, announced that it has acquired Larodan AB, a manufacturer and international marketer of high-purity research grade lipids.
Similarly, recent developments related to companies Fatty Acid Methyl Ester services have been tracked by the team at Fact.MR, which are available in the full report.
Market Segments Covered in Fatty Acid Methyl Ester Market Analysis
By Application :
- Metalworking Fluids
- Food & Agriculture
- Other Applications
By Region :
- North America
- Latin America
- FAQs -
The global Fatty Acid Methyl Ester Market is worth more than US$ 18 Bn at present.
Value of Fatty Acid Methyl Ester Market are projected to increase at a CAGR of around 4.7% during 2022 – 2032.
Value of Fatty Acid Methyl Ester Market increased at a CAGR of around 3.8% during 2017 – 2021.
The market for Fatty Acid Methyl Ester Market in China is projected to expand at a CAGR of around 5.6% during 2022 – 2032.
While the market in South Korea is expected to grow at nearly 4.5%, the market in Japan is projected to register a CAGR of nearly 3.1% during 2022 - 2032.