Palm Methyl Ester Derivatives Market Size, Share, Industry Analysis, Trends, Growth, 2030

Palm Methyl Ester Derivatives Industry Prospective:

The global palm methyl ester derivatives market size was evaluated at $2000 million in 2022 and is slated to hit $5000 million by the end of 2030 with a CAGR of nearly 6.5% between 2023 and 2030.

Request Free Sample

Palm Methyl Ester Derivatives Market: Overview

Palm methyl ester derivatives are a kind of oleo chemicals that are extracted from crude palm oil as well as palm kernel oil. A surge in the customer preference for natural materials in food items, cosmetic products, and personal care items will enhance the popularity of palm methyl ester derivatives in the coming years.  

Key Insights

• As per the analysis shared by our research analyst, the global palm methyl ester derivatives market is projected to expand annually at the annual growth rate of around 6.5% over the forecast timespan (2023-2030)
• In terms of revenue, the global palm methyl ester derivatives market size was evaluated at nearly $2000 million in 2022 and is expected to reach $5000 million by 2030.
• The global palm methyl ester derivatives market is anticipated to grow rapidly over the forecast timeline owing to a surge in health awareness and preference for organic and skin-friendly items.
• In terms of product type, the methyl oleate segment is slated to register the highest CAGR over the analysis period.
• Based on source, the crude palm oil segment is projected to record a massive surge in the coming years.
• Based on end-use, the personal care & cosmetic products segment is predicted to lead the market space in the years ahead.
• Region-wise, the European palm methyl ester derivatives industry is expected to register the fastest CAGR during the assessment timeline.

Request Free Sample

Palm Methyl Ester Derivatives Market: Growth Factors

Growing product penetration in personal care & cosmetics sectors to accentuate the market growth globally by 2030

The growth of the palm methyl ester derivatives market over the forecast timespan is owing to a rise in the purchase of personal care items & cosmetics having natural ingredients. Apart from this, a surge in health awareness and preference for organic and skin-friendly items will further proliferate the demand for palm methyl ester derivatives in the coming years. In addition to this, the products are biodegradable as well as non-toxic and this will benefit the market growth over the forecasting years. Furthermore, palm oil ester derivatives are utilized as viscous modifiers, emollients, and humectants, thereby creating a humungous scope for the market over the forthcoming years.

With the government promoting the use of bio-based items and players focusing on the addition of natural ingredients for manufacturing cosmetic & personal care items, the global market is likely to gain traction over the estimated timespan. The rise in product penetration across the globe can be attributed to tax benefits & incentives offered by various governments for manufacturing bio-based chemicals. 

Palm Methyl Ester Derivatives Market: Restraints

Surging cases of deforestation can lead to lesser product demand over the forecast period

Growing concerns about loss of crop diversity and deforestation can put brakes on the global palm methyl ester derivatives industry expansion. Product toxicity can put brakes on the market demand in the years ahead.

Palm Methyl Ester Derivatives Market: Opportunities

The high purchasing power of middle-income groups helps the market explore new prospects of growth over the forecast timeline

Escalating demand for products across the personal care and cosmetics sector will open new growth opportunities for the palm methyl ester derivatives market across the globe.  Growing urbanization and lifestyle change will further contribute to the expansion of the global market in the upcoming years. A surge in the purchasing capacity of people in emerging economies will boost the expansion of the market globally.

Palm Methyl Ester Derivatives Market: Challenges

Fluctuating palm oil prices can impact the profitability of the global industry in the next few years

Oscillation in palm oil costs can pose a big challenge for the global palm methyl ester derivatives industry in the upcoming years. Huge manufacturing costs of products can further decimate their sale and adversely impact the growth of the industry across the globe in the upcoming years.

Palm Methyl Ester Derivatives Market: Segmentation

The global palm methyl ester derivatives market is sectored into product type, source, end-use, and region.                    

In product type terms, the global palm methyl ester derivatives market is segregated into methyl caprylate, methyl palmitate, methyl oleate, methyl laurate, methyl myristate, methyl stearate, and others segments. Furthermore, the methyl oleate segment, which acquired approximately 55% of the global market share in 2022, is expected to record the fastest growth rate in the coming eight years. The growth of the segment during the forecast timeline can be ascribed to a large-scale product application in personal care products, industrial cleaners, metal & precision metal cleaning, and production of coatings & inks.

Based on the source, the global palm methyl ester derivatives industry is sectored into crude palm oil and palm kernel oil segments. Moreover, the crude palm oil segment, which accumulated the largest share of the global industry in 2022, is anticipated to register the highest CAGR in the forecasting years. The expansion of the segment in the forecast timeframe can be subject to a surge in the use of crude palm oil in the manufacturing of downstream chemicals.  

Based on the end-use, the global palm methyl ester derivatives market is sectored into soaps & detergents, food & beverages, personal care & cosmetic products, solvents, and lubricants & additives segments. Furthermore, the food & beverages segment, which garnered nearly two-fifths of the global market share in 2022, is set to dominate the segment in the coming eight years. The growth of the segment during the forecast period can be credited to an increase in the use of products in the food & beverages segment.

Palm Methyl Ester Derivatives Market: Report Scope

Palm Methyl Ester Derivatives Market: Regional Insights

Asia-Pacific is predicted to maintain its dominant position in the global palm methyl ester derivatives market over the forecast timeframe

Asia-Pacific, which amassed nearly half of the global palm methyl ester derivatives market revenue share in 2022, is predicted to dominate the regional market space in the next couple of years. Additionally, the regional market surge in the coming years can be attributed to a rise in the use of palm methyl ester derivatives in the automotive, food, and paints & coatings sectors. Furthermore, the rise in the use of biodiesel in India will prompt regional market trends. Moreover, the large-scale presence of key manufacturers in the region will contribute significantly to the market size of the APAC zone.  Incessant supply and availability of cost-effective raw components in the region will drive the regional market trends. Apart from this, an increase in the cultivation of palm oil in APAC countries such as Indonesia and Malaysia will steer the growth of the market in the region.

The European palm methyl ester derivatives industry is set to register the highest CAGR in the next eight years and can be subject to a rise in the demand for bio-based products in a slew of end-use sectors in countries such as Germany, the UK, Italy, Russia, and France. Moreover, the promotion of the use of environment-friendly fuels by various governments in Europe will drive the growth of the industry in the continent. In addition to this, the large-scale acceptance of green products in European countries owing to strict EU directives on carbon emissions will proliferate the size of the industry in Europe over the coming years.   

Key Developments

• In the first half of 2022, Vantage Specialty Chemicals, Inc., a U.S.-based specialty chemicals firm, acquired JEEN International Corporation, a key supplier of personal care, pharmaceuticals, flavor & fragrance, and cosmetic products, to expand its product portfolio of personal care products along with increasing its share in the global market.
• In the second quarter of 2022, Olean NV, a key manufacturer of oleo chemicals, declared the construction of a new manufacturing unit in Texas, the U.S. The move is aimed at expanding the ester production in the country.

 Palm Methyl Ester Derivatives Market: Competitive Space

The global palm methyl ester derivatives market profiles key players such as:

• Emery Oleochemicals Group
• IOI Corporation Berhad
• The Procter & Gamble Company
• KLK Oleo
• Musim Mas Group
• Hebei Jingu Plasticizer Company Limited
• Wilmar International Limited
• Oleon NV
• VVF LLC.

The market is highly fragmented with giant players gaining a very lesser share of the global market.  Market players are developing green products as a part of their corporate social responsibility and contributing humungously towards global market expansion.

The global palm methyl ester derivatives market is segmented as follows:

By Product Type

• Methyl Caprylate
• Methyl Palmitate
• Methyl Oleate
• Methyl Laurate
• Methyl Myristate
• Methyl Sterate
• Others

By Source

• Crude Palm Oil
• Palm Kernel Oil

By End-Use

• Soaps & Detergents
• Food & Beverages
• Personal Care & Cosmetic Products
• Solvents
• Lubricants & Additives

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa