Palm Methyl Ester Derivatives Market to Witness a Pronounce Growth During 2019 to 2027
Global Palm Methyl Ester Derivatives Market: Introduction
Palm methyl ester derivatives are oleochemicals derived from crude palm oil (CPO) and palm kernel oil (PKO). Shifting consumer preference for natural materials and process sustainability in food, personal care, and other sectors are estimated to boost the demand for palm methyl ester derivatives in the near future.
Rise in investment in R&D activities to develop biodegradable products, which can substitute petroleum-based products in various end-use applications, has increased the dependence on specialty chemicals such as palm methyl ester derivatives. Growth in demand for palm methyl derivatives in applications such as homecare, personal care, and cosmetic products is expected to further drive the market during the forecast period.
Palm Methyl Ester Derivatives Market: Trends & Developments
Rise in awareness about the benefits of natural ingredients used in personal care and homecare products is a major factor driving the demand for palm methyl ester derivatives. These derivatives are employed in a broad range of applications including detergents, soaps, lubricants, personal care products, and food & additives. Several key players in cosmetics & personal care and chemical industries have been shifting toward utilizing palm-based raw materials for manufacturing various products owing to government regulations to use bio-based products and a shift in consumer preference toward natural products. These factors are expected to positively influence companies to develop numerous oleochemicals such as glycerol, alcohols, and other downstream chemicals from palm methyl ester derivatives.
Favorable regulatory guidelines such as tax benefits and monetary incentives for bio-based chemical manufacturers are estimated to influence product growth. Furthermore, uninterrupted supply of raw materials, especially from China, Indonesia, and Malaysia which are the major palm oil producers and exporters, is projected to contribute significantly to demand for palm methyl ester derivatives during the forecast period.
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Palm Methyl Ester Derivatives Market: Segmentation
The global palm methyl ester derivatives market can be segmented based on product, source, application, and region. Based on product, the market can be segmented into methyl caprylate, methyl laurate, methyl myristate, methyl palmitate, methyl stearate, methyl oleate, and methyl linoleate. The methyl oleate segment dominated the palm methyl ester derivatives market in 2018. Increase in usage of methyl oleate as surfactants in personal care products, solvents in industrial cleaners, solvents & defamers in the production of inks and coatings, and lubricant in metal & precision metal cleaning are likely to be the key factors driving the demand for methyl oleate during the forecast period.
Based on source, the global market can be bifurcated in crude palm oil (CPO) and palm kernel oil (PKO). CPO based palm methyl ester derivatives segment is characterized by the increasing demand of CPO-based product to manufacture downstream chemicals coupled with easy availability of CPO.
Based on application, the market can be classified into agriculture, lubricants, solvents, fuel, polymers, metal working fluids, surfactants, and food. In terms of application, the solvent & co-solvent segment dominated the global palm methyl ester derivatives market in 2018. It is used as solvents in a wide range of applications. For instance, it is employed in the preparation of personal care products, industrial cleaners, and precision metal cleaning products. However, soaps & detergents is projected to be the fastest growing application segment in the next few years.
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Palm Methyl Ester Derivatives Market: Regional Outlook
Based on region, the global palm methyl ester derivatives market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific emerged as the major consumer of palm methyl ester derivatives in 2018. High usage of oleochemicals in automotive, paint & coating, and food industries are anticipated to be the major driver of the palm methyl ester derivatives market. Rapid increase in demand for palm methyl ester derivatives in a wide range of industries, such as food & beverages, personal care, biodiesel, and lubricants, is the major factor boosting the palm methyl ester derivatives market in Asia Pacific. Growth in consumer health awareness and need for clean & green environment have led to significant increase in investments in the palm oil industry. This is estimated to boost the market in the near future.
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Palm Methyl Ester Derivatives Market: Key Players
Increase in consumer awareness about bio-based products is anticipated to encourage new players to enter the market. Prominent players operating in the global palm methyl ester derivatives market include Carotino Group, Peter Cremer North America, Ecogreen Oleochemicals, KLK OLEO, and Kao Corporation.