The personal care and cosmetics industry has been registering considerable growth over the past few years. This is because of the rising disposable income of people across the globe and surging consciousness among people regarding their physical appearance. A major component that is used in the cosmetic industry is fatty acid esters, because of which its demand is increasing as well. These compounds are synthesized by the dehydration of alkyl alcohol and fatty acids, and are used in the cosmetics industry as they soften the skin for creating a smooth sensation. Their growing demand is leading to the growth of the fatty acid esters market. 

These days, the demand for bio-based fatty acid esters has also been increasing rapidly. These compounds are being utilized as lubricant additives for metal-cutting, automotive, and hydraulic applications. Eco-friendly fatty acid esters offer enhanced lubricity and cleaner and less toxic work environment in comparison to traditional lubricants. In addition to this, bio-based fatty acid esters are less costly, which can be ascribed to the abundance of raw materials, including plant and animal oils, for their production. The surging concerns regarding fossil fuels is predicted to drive the demand for eco-friendly fatty acid esters.

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The global fatty acid esters market is predicted to generate a revenue of $3,688.9 million by 2030, rising from $2,240.9 million in 2019, and is projected to advance at a 4.6% CAGR during the forecast period (2020–2030). In terms of product types, the market is categorized into palmitates, laureates, stearates, oleates, tall oil fatty acid (TOFA)-based esters, dimerates, and pelargnates. Out of these, the oleates category held the largest volume share of the market in 2019 and is predicted to generate $1,180.8 million in 2030.

This can be attributed to the high, volume demand for these products from pharmaceuticals, lubricants, and personal care applications. These fatty acid esters have excellent cold flow properties and lubrication and low toxicity and volatility, thereby making them ideal for various applications. As per a PS Intelligence report, the global fatty acid esters market was dominated by Asia-Pacific in 2019, due to the to the rising demand for these products from various industries in emerging economies.

Hence, the demand for fatty ester acids is growing due to the increasing need for biofuels, personal care products, and bio-based fatty ester acid.