$2,340.0 Mn expected for Global Fatty Acid Methyl Esters Market at 4.0% CAGR by 2020
Deerfield Beach, FL -- (SBWIRE) -- 09/15/2017 -- Zion Market Research has published a new report titled "Fatty Acid Methyl Esters (Polyol Esters, Sucrose Esters, Glyceryl Monostearate, Isopropyl Palmitate, Medium Chain Triglycerides and Glycol Esters) Market for Fuel, Polymer, Lubricant, Coating, Food, Metalworking Fluid, Agriculture and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021". According to the report, global demand for fatty acid methyl esters market was valued at around USD 1,820.0 million in 2015 and it is expected to reach around USD 2,340.0 million in 2021, growing at a CAGR of slightly above 4.0% between 2016 and 2021.
Fatty acid esters are carboxylic esters derived by transesterification of fatty acid and alcohol. Fatty acid methyl ester is produced when methanol reacts with fatty acid. Fatty acid methyl ester is being increasingly used as a replacement for fossil fuel. Moreover, it is low in toxicity and biodegradable in nature. Soybean oil, rapeseed oil, palm oil, sunflower oil and animal fats are utilized asa raw material for the manufacturing of fatty acid methyl esters.
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The fatty acid methyl esters market is primarily driven by ever growing demand for biodiesel. Government funding for research and development of alternative green fuel and rising awareness among end-users for use of biodiesel is another key driving factor for fatty acid methyl esters market. Capital intensive manufacturing technology and higher cost of production is one of the major constraints for the industry participants.
Polyol esters, sucrose esters, glyceryl monostearate, isopropyl palmitate, medium chain triglycerides and glycol esters are key product segments of fatty acid methyl esters market. Medium chain triglycerides was the largest product segment with highest share of total volume fatty acid methyl esters consumed in 2015. Glyceryl monostearate is likely to exhibit rapid CAGR during the forecast period owing its increasing usage in bakery products and confectionaries.
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Some of the key application markets for fatty acid methyl esters include, fuel, polymer, lubricant, coating, food, metalworking fluid and agriculture among others. Fuel was the largest application market of fatty acid methyl esters in 2015. It is also expected to keep dominating the global fatty acid methyl esters market during 2016 to 2021.
North America dominated the fatty acid methyl esters market due to strong growth prospects of end-user industries in the region. Strong demand from emerging economies such as India and China are expected to fuel the growth of fatty acid methyl esters industry in Asia Pacific. Asia pacific is also expected to witness surge in demand for fatty acid methyl esters. Europe, Latin America, and Middle East & Africa are also expected to exhibit significant growth in demand for fatty acid methyl esters during the forecast period.
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Some of the leading industry participants in global fatty acid methyl ester (FAME) market include Western Iowa Energy, Novaol, ADM Biodiesel, Cargill, Biopetrol Industries, Biofuels Corporation, Diester Industries and Green Fuels among others.
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