Palm Methyl Ester Derivatives Market is predicted to reach USD ~2.4 billion at a CAGR of ~5.92%. during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Palm Methyl Ester Derivatives Market” that contains the information from 2022 to 2030.

Palm Methyl Ester Derivatives Market Highlights

Palm methyl ester derivatives are fractionated methyl esters made from palm, having excellent colour values and are essentially odourless. They are used in a wide range of products, including methyl ester sulfonates, sizing agents for textile fibres, base oils in lubricants, and mould release oils to methyl ester sulfonates. They are frequently less expensive than traditional fatty-acid esters. Based on product type, the palm methyl ester derivatives can be segmented as methyl caprylate, methyl laurate, methyl myristate, methyl palmitate, methyl stearate, methyl oleate, and methyl linoleate), Based on application, palm methyl ester derivatives are segmented into soap and detergent, personal care and cosmetics, lubricants and additives, biofuel, textile treatments, paints and coatings, agriculture and others.

Market Synopsis

According to the MRFR analysis, the global palm methyl ester derivatives market size is projected to reach USD 2.4 billion by 2030 at a CAGR of 5.92%.

The rise in demand for sustainable products to reduce carbon emissions is accelerating market growth during the forecast period. Also, the rising demand for palm methyl ester derivatives products in various applications including personal care products, solvents in industrial cleaners, and solvents & defamers in coating and ink production is accelerating the demand for palm methyl ester derivatives during the forecast period.

However, the volatile price of palm oil is hampering the palm methyl ester derivatives market growth during the forecast period.

COVID-19 Impact on the Palm Methyl Ester Derivatives Market:

The instantaneous spread of COVID-19 has caused considerable disturbance to a wide range of industries across the globe. Some major palm methyl ester derivatives end-users who were enormously hit by the pandemic include personal care & cosmetics, lubricants and additives, biofuel, textile treatments, paints and coatings and agriculture

At the start, the outbreak of COVID-19 has immensely impacted the materials supply chains, manufacturing operations, international trade, and production processes across the globe. As a result of a lockdown across geographies, manufacturing facilities have faced serious troubles. The market players have had to close production facilities or operate the facilities below the optimal manufacturing capacities to stop the spread of COVID-19.

The pandemic, which began in 2020, has highly impacted the palm methyl ester derivatives market due to the major capacity increases and sluggish demand growth. The automotive industry was hard hit by the pandemic owing to a shortage of chips and disturbance in the supply chain. According to the International Organization of Motor Vehicle Manufacturers, global automotive production declined by 16% in 2020 to less than 78 million vehicles, equivalent to the sales level of 2010. This has reduced the consumption of various end products such as lubricants and additives, biofuel and other. The growing need for vehicles owing to rising population and economic growth is expected to increase the demand for palm methyl ester derivatives post covid.

Market Trends & Opportunities

• The rise in demand for sustainable products globally will accelerate the market growth

Consumer behaviour is essential for fostering change and displaying respect for the environment. This pressure has compelled brands to make and uphold significant sustainability commitments. The changing consumer behaviour is helping in the adoption of sustainable products globally. For instance, more than 50% of C-Suite executives claim that the fashion and textile industries' emphasis on sustainability is being driven by customer demand. As a result, according to a recent poll, 60% of firms now gather data on supply-chain sustainability, including the use of water and other natural resources in their manufacturing processes, and 65% of organisations indicated they had committed to obtaining raw materials produced sustainably.

The World Wildlife Fund (WWF) recently commissioned the Economist Intelligence Unit (EIU) to undertake a comprehensive global analysis across 54 countries, and the results provide the most recent proof of the public's growing environmental concern. The popularity of internet searches for sustainable products has grown by 71% globally in the last five years. Furthermore, similar trends were discovered by the EIU analysis in other developing countries and rising markets. For instance, Ecuador has seen a startling 120% increase in consumer interest in sustainable products. Therefore, the growing demand for sustainable products will increase the demand for palm methyl ester derivatives products globally for various applications during the forecast period.

Competitive LandscapeThe global palm methyl ester derivatives market is highly fragmented and consists of many organized and unorganized industry players. Manufacturers focus mainly on expanding production capacities, continuous product launches, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include Musim Mas, KLK Oleo, Emery Oleochemicals Group, Carotino Group, Apical Group, Asian Agri, Ecogreen Oleochemicals, Oleon NV, VVF LLC and Kao Corporation.Request a Free Sample Copy or View Report Summary: Palm Methyl Ester Derivatives Market