The increasing entrenched oil consumption due to the proliferation of processed fried foods is anticipated to drive the demand in food industries . In addition , rising living standards and declining edible oil prices are other drivers projected to fuel the growth of global fatty acid ester market . The market on the basis of the product is segmented into isopropyl esters ( isopropyl myristate and isopropyl palmitate ), glycerol monostearate ( GMS ), medium chain triglycerides ( MCT ), and other esters such as sucrose , polyol , and emollient . GMS is expected to hold the largest market share owing to the high usage in food industry mainly for frozen foods and ice creams as thickening agent and emulsifiers .
MCT is estimated to be the fastest growing segment owing to the low-calorie content . Furthermore , the reduced chain length of the product promotes quicker metabolism and contributes to accelerating the demand for weight loss programs across the globe . Isopropyl palmitate is expected to grow at a significant pace owing to the rising demand in the cosmetic industry .
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The use of fatty acid ester in various applications is presumed to boost the market growth . The applications include surfactants & detergents , personal care & cosmetics , food processing , lubricants and pharmaceuticals and construction industries . Personal care & cosmetics is projected to hold the largest market share owing to the increased functionality and eco-profile product . Therefore , resulting in high demand in niche applications such as water solubility , thickening , and anti-irritant agent . Food industry is estimated to have tremendous growth in coming six years owing to the increasing consumption of these esters in various processed foods .
Geographically , the key regions identified in this industry are North America , Europe , Asia-Pacific , Latin America and the Middle East and Africa . North America is estimated to dominate the market followed by Europe owing to the high consumer awareness level regarding beauty and fitness . In addition increasing adoption of MCT is projected to have a positive impact on the market growth . Asia Pacific is expected to witness the fastest growth over the decade owing to the rising disposable income in this region . This has led to increasing consumption of fatty and processed foods .
The key players in this industry include DuPont , P & G Chemicals , Evonik Industries , Cargill Inc ., Estelle Chemicals Pvt . Ltd ., Fine Organics , Stepan Company , KLK Oleo , The Seydel Companies and World Chem Industries . Other prominent players are A . B . Enterprises , Zhengzhou Yi Bang Industry Co . Ltd ., Metroshen International Corporation , Faci Asia Pacific Pte . Ltd , and Oleon N . V .
The market is highly competitive in nature as the players in order to increase their market share are adopting certain strategies such as new product development and collaborations . In April 2016 , according to the journal