The global fatty acid methyl ester (fame) market size is expected to reach USD 32.77 billion by 2030, according to a new study by Polaris Market Research. The report “Fatty Acid Methyl Ester (FAME) Market Share, Size, Trends, Industry Analysis Report, By Source (Vegetable Oils, Animal Fats, and Used Cooking Oils); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for FAME has increased in recent years owing to greater environmental concerns and a rising inclination toward sustainable solutions. Increasing use of biodiesel and shift toward cleaner mobility solutions support the growth of the industry.
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The application of FAME has also increased in applications such as lubricants, paints & coatings, food additives, and detergents & surfactants, among others. Greater demand from emerging economies and the adoption of sustainable fuel sources to cater to the growing energy demand across the globe are factors expected to offer growth opportunities.
Based on application, the global FAME industry has been segmented into lubricants & metal working fluids, fuels, paints & coatings, food additives, detergents & surfactants, agrochemicals, personal care & cosmetics, and others. The fuel segment accounted for a considerable share of the market in 2021. Greater penetration of passenger vehicles need higher fuel efficiency, and the introduction of emission regulations supports the growth of the segment.
The outbreak of COVID-19 negatively influenced the growth of the FAME industry. The global industry experienced supply chain disruptions, limited availability of raw materials, and a lack of workforce. Reduced demand from industries such as transportation, chemicals, and agriculture was observed during the pandemic. The introduction of lockdown, transportation delays, and hurdles in manufacturing activities resulted in decreased demand for FAME during the pandemic.
Asia Pacific is expected to experience significant growth during the forecast period. Increasing population, rising industrialization, and urbanization have increased the demand for FAME in the region. Greater consumer awareness and rising environmental concerns have accelerated the adoption of FAME. Several supportive government initiatives and regulations have increased the demand for FAME in biodiesel. For instance, Indonesia mandates the use of diesel with 30% bio content (B30) made up of fatty acid methyl ester (FAME).
Fatty Acid Methyl Ester (FAME) Market Report Highlights
Polaris Market Research has segmented the Fatty Acid Methyl Ester (FAME) market report based on source, application, and region:
Fatty Acid Methyl Ester (FAME), Source Outlook (Revenue - USD Billion, 2018 - 2030)
Fatty Acid Methyl Ester (FAME), Application Outlook (Revenue - USD Billion, 2018 - 2030)
Fatty Acid Methyl Ester (FAME), Regional Outlook (Revenue - USD Billion, 2018 - 2030)