Fatty Acid Methyl Ester Market Share, Outlook: Post Covid-19 Scenario by 2027
Fatty Acid Methyl Ester (FAME) Market Overview:
The fatty acid methyl ester market is expected to reach a value of $22.3 billion by 2027 with a CAGR of around 5%.
Fatty acid methyl ester or FAME demand will continue to growth healthy in the next decade. It is bio-based product, which primarily derived from vegetable oil, soya beans, palm oil and rapeseed. Market Research Future (MRFR) reports that the global fatty acid methyl ester market share will exhibit a healthy growth between 2022 and 2027. Rise of bio-fuel has reflected favorably on the market. FAME is a key constituent in biodiesel. In recent years, biodiesel has emerged as one of the better options to replace conventional fossil fuels. FAME is a low emission and non-toxic product.
The product is also used in manufacturing facilities for greasing and lubrication purpose. It prevents corrosion in machineries and equipment. FAME is also popular in the food & beverage sector. It is used as thickening agent and emulsifying agent in various types of packaged food. The application of fatty acid methyl ester spans across fuel additives, metalworking fluids, coatings, cosmetics & personal care and lubrication. It is also used as an alternative to mineral oil.
Growing environmental concerns over use of products derived from crude oil is prompting a shift towards eco-friendly alternatives. This is a major market driver. Global FAME supply is likely to grow substantially over the next couple of years. The chemical sector posts a strong demand for FAME; the product is used as eco-friendly solvent in various types of chemical synthesis. Toxic emission of low volatile chemical (VOC) is prompting manufacturers to switch to FAM
Global Fatty Acid Methyl Ester (FAME) Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of application, type and region.
Based on application, the market has segmented into metal working fluids, food, coatings, fuel, agriculture, lubricant and others. On the basis of type, the market has been segmented into isopropyl palmitate, glycol ester, sucrose ester, medium chain triglyceride, polyol ester, glyceryl monostearate and others.
Global Fatty Acid Methyl Ester (FAME) Market: Regional Analysis
On the basis of region, the market has been segmented into Europe, the Middle East & Africa (MEA), North America, Latin America and Asia Pacific (APAC). In 2016, APAC accounted for more that 40% market share in terms of revenue. The region is expected to retain it dominant position of over 2023. Favourable business climate, fast-growing automotive sector and rapid industrial growth are some of key factors supporting the market in Asia Pacific. Major of the growth is expected to come from China during the assessment period. The country’s growing status in the global manufacturing industry make it’s a highly attractive investment destination. Other countries such as India, Vietnam and Indonesia are also expected to market impressive contributions to the market in the forthcoming years.
APAC is followed by North America, which currently holds the second spot. The market in the region is expected to demonstrate an impressive growth during the forecast period. Efforts towards bolstering the global manufacturing sector is likely to create opportunities for suppliers. Moreover, there has been a sharp rise in demand for FAME as a fuel additive in countries such the U.S. and Canada.
APAC and North America are followed by Europe, which is likely to retain its third position over 2023. Meanwhile, LatAm and MEA markets are expected to witness considerable growth but from a slower base.
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Competition Analysis
Archer Daniels Midland Company (ADM) (U.S.), Wilmar International Limited (Singapore), Emery Oleochemicals Group (Malaysia), Longyan Zhuoyue New Energy Co. Ltd. (China), BASF S.E. (Germany), Alnor Oil Co. Inc. (U.S.), Cargill Inc. (U.S.), Evonik Industries AG (Germany), Procter & Gamble (Singapore) and KLK Oleo (Malaysia) are among the top-notch companies operating in the global fatty acid methyl ester (FAME) market.
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