Global fatty esters market is expected to witness growth on account of gaining popularity of oleochemicals in industrial applications on account of its eco-friendly nature. Fatty esters are majorly used in the form of thickeners and emollients in the cosmetic industry. Increasing consumer preference towards naturally derived cosmetic care products is expected to fuel fatty esters market demand over the next six years. Fatty esters find application in the manufacturing of soaps and detergents on account of exhibiting stabilizing, foaming and moisturizing properties. Increasing demand for detergents in emerging markets of China and India on account of rising awareness towards hygiene is expected to fuel fatty esters demand. Growing biodiesel production as a result of regulatory support for eco-friendly products is expected to fuel fatty esters demand as raw material.
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Asia Pacific is expected to witness growth on account of increasing demand for personal care products and detergents. Emergence of Malaysia and Indonesia as manufacturing hubs of oleochemicals on account of raw material availability is expected to open new avenues for fatty esters market over the forecast period. The European Commission framed Horizon 2020, which is intended for promoting sustainable industry growth by promoting the use and manufacture of bio-based products. This factor is expected to have a positive impact on fatty esters market. Abundance of oil seeds coupled with growing domestic demand for personal care products in Brazil on account of rising disposable income is likely to promote new investments in fatty esters market.
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Key market players include Sumitomo Chemical, ADM, ABITEC Corporation, Croda International, Faci Asia Pacific Pte, AkzoNobel, BASF SE, DuPont and UNDESA Group. Oleon and United Plantations (UP) plan to complete the expansion of their joint-venture manufacturing facility of fatty esters and acids in Malaysia by the first quarter of 2014. The annual output capacity of the plant is expected to reach 50,000 tons.
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