Global Fatty Acid Methyl Esters Market Will Growing at CAGR of around 4.0% between 2015 and 2020
Fatty acid esters are carboxylic esters produced by condensation of fatty acid with alcohol. Methanol reacts with fatty acid to form fatty acid methyl ester. Fatty acid methyl esters are bio-degradable and nontoxic in nature. Their properties depend on the oil used for the production of fatty acid methyl ester. Soybean oil, rapeseed oil, palm oil, sunflower oil and animal fats are used as the raw material for production of fatty acid methyl esters.
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Escalating demand for bio diesel is expected to drive the demand for fatty acid methyl esters. Moreover, high oxidation stability is also expected to fuel growth of FAME. Government initiative sand increasing awareness among end-users for use of eco-friendly products is expected to trigger the demand for fatty acid methyl ester market. However, high cost of raw materials and capital intensive manufacturing technology is expected to hamper growth of this industry. Nevertheless, growing demand leads to rise in R&D sector and unexploited properties is likely to open new market avenues in the forecast period.
Polyol esters, sucrose esters, glyceryl monostearate, isopropyl palmitate, medium chain triglycerides and glycol esters are some of the key product segments of fatty acid methyl esters. Medium chain triglycerides was the largest product segment in 2015 due to strong demand from food industry. Glyceryl monostearate is expected to exhibit fastest CAGR during the forecast period. Demand for glyceryl monostearateis mainly fueled by its increasing usage as an emulsifier in bakery products and confectionaries.
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Fuel, polymer, lubricant, coating, food, metalworking fluids and agriculture are some of the important outlets for fatty acid methyl esters. Fuel was the largest application market for fatty acid methyl esters. It is also expected to exhibit strong growth in the years to come. Demand for fatty acid methyl esters as a fuel is expected to witness rapid growth on the account of increasing usage in power generators, vehicles mining equipment, construction and machines used in farming. Lubricants and coating are also expected to witness significant growth owing to robust demand from automobile and manufacturing industries. Agricultural application is also anticipated to exhibit rise in demand during the forecast period.
North America accounted for the largest share of the fatty acid methyl esters market owing to strong growth of en-user industries. U.S.is predicated to witness significant growth in the years to come. Asia Pacific is anticipated to increase in its share in global market. Demand in Asia Pacific will be primarily driven by rapid growth in China and India. Latin America and Middle East & Africa are also expected to experience significant growth of fatty acid methyl esters market during the forecast period.
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Western Iowa Energy, Novaol, ADM Biodiesel, Cargill, Biopetrol Industries, Biofuels Corporation, Diester Industries and Green Fuelsare some of the prominent players in global fatty acid methyl esters market.
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