Photos: AOCS lipid library and Wikipedia
Rancidity of oils and fats is a major problem in food and cosmetic industry. The rancidity and the primary as well as secondary and tertiary decomposition products cause that characteristic rancid odor, affect the taste (in the food industry) and affect the skin feel in cosmetic products. There are two major mechanisms and pathways for rancidity each having their own catalysts and accelerators.
Adding anti-oxidants to oils (I'll come to this in a separate post) might prolong the shelf life and slow down the oxidative rancidity but can not stop it completely. Heat, metal ions, moisture, light and enzymes are major catalysts and promoters of rancidity.
I hope you'll enjoy this infographic and find it useful.
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