According to the research report titled ‘Global Fatty Acid Ester Market by Type (Fatty Acid Methyl Esters, Polyol Esters, Sorbitan Esters, Sucrose Esters, and Other Types), Application (Synthetic Lubricant, Pharmaceuticals, Personal Care Products, Food, Bio-Fuel Applications and Other Applications), Regional Forecasts 2021-2027’, available with MarketStudyReport, global fatty acid ester market was valued approximately at USD 2.3 billion in 2020 and is predicted to reach USD 3.1 billion by the end of 2027, recording a steady growth rate of more than 4.5%, throughout the forecast timespan.
 

As per the findings of the report, surging usage of fatty acid ester in biofuel applications, as well as growing demand for medical items are primarily driving global fatty acid ester market growth.
 

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For the unversed, fatty acid esters can be monoglycerides, diglycerides, or triglycerides. The product’s natural components such as FAEs which are used in treating gastrointestinal and other illnesses, makes it highly favorable in the pharmaceutical sector.
 

Favorable government initiatives are also enhancing the industry outlook. For instance, in December 2019, Indonesia became the first country to mandate a B30 blend of palm-based gasoline, allocating 9.59 million kiloliters of FAME to the B30 mandate in 2020, up from 6.63 million kiloliters in 2019.
 

Apart from the aforementioned, increasing product launches and collaborative ventures amongst industry participants is complementing the market development.
 

For instance, in July 2021, Verbio AG and Indian Oil Corporation Ltd. signed an MoU (Memorandum of Understanding) to develop a joint venture in order to leverage Verbio's technology, as well as experience in producing & marketing biofuels (biomethane (CNG, CBG/Bio), biodiesel, and bioethanol) through Indian Oil's network.
 

Despite the favorable scenery, rising demand for synthetic lubricants may hinder market growth between 2021 and 2027.
 

From a regional perspective, global fatty acid ester market size spans across North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
 

Among the aforementioned geographies, Asia-Pacific market is the largest producer of fatty acid esters across the world owing to the presence of major companies like KLK OLEO, P&G Chemicals, Croda International plc, Stepan, and Wilmar International Ltd. Furthermore, rising customer awareness regarding the consequences of the chemicals used in cosmetics, and growing inclination towards green goods are boosting the regional market progress.
 

Based on competitive landscape, Renewable Energy Group Inc., Croda International plc, DuPont de Nemours Inc., INOLEX Inc., A&A Fratelli Parodi SpA, P&G Chemicals, Stepan Co., KLK Oleo, Cremer Oleo Gmbh & Co. KG and Wilmar International Ltd., are among the major companies influencing the global fatty acid ester market dynamics.