Palm Methyl Ester Derivatives Market Share, Size, Trends, Industry Analysis Report, By Product (Palm Methyl Caprylate, Palm Methyl Laurate, Palm Methyl Myristate, Palm Methyl Stearate, and Others); By Source; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM3435
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global palm methyl ester derivatives market was valued at USD 1.89 billion in 2023 and is expected to grow at a CAGR of 6.3% during the forecast period. Extensive growth in the product demand for wide range of end-use industries and surge in the consumer awareness regarding natural ingredients that are being used in home care and personal care products along with the high focus among key industry participants to utilize palm-based raw materials for the manufacturing of several chemicals and introducing innovative products with improved characteristics, are among the major factors driving the market growth.
The research report offers a quantitative and qualitative analysis of the palm methyl ester derivatives market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
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For instance, in October 2021, Vantage Specialty Chemicals, enhanced the production of the sulfate-free surfactants & intermediates at their Germany, manufacturing facility, to meet the rising demand for natural personal care solutions. With this expansion, the company will be able to fulfill th rising demand for taurates to strengthen its market position.
Moreover, various specialty downstream chemicals such as methyl oleate, palmitate, and laurate have gained significant popularity and adoption as an alternative to petroleum-derived substitutes due to its excellent solvency properties, high biodegradability, and low toxicity.
Presence of favorable regulatory guidelines like monetary incentives and tax benefits associated with the production of bio-based chemicals, are estimated to influence the product growth. Coronavirus worldwide resulted in high disturbances in global supply chain and temporary closure of various manufacturing facilities across several industries including cosmetics, lubricants & additives, and soaps & detergents, due to imposed lockdown and other restrictions worldwide.
Industry Dynamics
Growth Drivers
The major promising applications for this product derivatives are the production of personal care and soaps & detergents among others, thus the rising expansion of these sectors across the globe is driving the demand and growth of the global palm methyl ester derivatives market. The utilization of soaps & detergents and personal care products is drastically growing due to modern lifestyle and emerging trend of urbanization in many countries, that is affecting the market in a positive way.
Furthermore, the rising awareness regarding the health, wellness, and personal grooming & appearance among both women and men population along with the growing adoption of the product as an effective alternative for chemical-based additives worldwide, are further anticipated to create huge growth opportunities for the market in the near future.
Report Segmentation
The market is primarily segmented based on product, source, end-use, and region.
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By Product |
By Source |
By End-Use |
By Region |
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Palm methyl oleate segment accounted for largest market share in 2022
The growth of the segment can be highly attributed to increasing use and adoption of the product as solvents in industrial cleaners, as solvents & defamers in ink & coatings, as a lubricant for metal & precision metal cleaning, and as surfactants in personal care products. Additionally, it is being widely used as solvents in numerous applications due to wide range of benefits associated with it and its easy availability.
The palm methyl laurate segment is expected to grow at fastest growth rate during the anticipated period, which is mainly driven its rapidly surging applications in the metalworking, textiles, fluids, and lubricants & greases due to its extra superior quality compared to its other substitutes available in the market. In addition, the product has gained significant traction and prevalence across several applications including the formulation of fatty alcohols, emollients for green cosmetics, oil carrier in agriculture, and sulphonated esters, which in turn, resulting in high demand and growth of the segment market.
Palm kernel oil segment is expected to witness highest growth over the forecast period
Palm oil segment registered the significant growth rate over the study period, which is largely accelerated by its growing usage in various non-edible purposes such as formulations of detergents, soaps, and cosmetics across the globe. There has been a significant rise in the demand and need for soaps & detergents especially in countries like China and Indonesia, which resulting in the growth of palm methyl ester derivatives and in turn, fuel the demand for palm kernel oil in the near future.
The crude palm oil segment led the industry market with significant market share in 2022, on account of its huge demand for the manufacturing of various types of downstream chemicals and its easy availability all over the world. It is being largely used in the production of pre-packaged food, cosmetics, cleaning, hair care, and personal care among others, that is creating high demand and growth opportunities for the market.
Personal care & cosmetic segment held the significant market share in 2022
Personal care & cosmetic segment held the majority market revenue share at healthy growth rate in 2022, mainly due to its widespread use in numerous personal care and cosmetic products, where they act as emulsifiers and lubricating agents. Moreover, the change in consumer living styles and drastic shift towards the urban areas coupled with their increasing disposable income and spending capacity on these products, is boosting the personal care industry and pushing the global market forward at rapid pace.
The food & beverages segment is projected to exhibit substantial growth rate during the projected period, which is mainly driven by significant growth in the demand for food & beverages products globally with rapidly increasing global population. The emerging trend for ready to eat food across various countries including China and India because of change in consumer lifestyles especially in the urban areas, will stimulate the demand for food additives over the coming years.
Asia Pacific region dominated the global market in 2022
Asia Pacific garnered the largest market share, in 2022. Growing usage of these types of chemicals in paint & coating, automotive, and food sector along with the surging trend of biodiesel in countries like India due to numerous favorable government initiatives are key factors expected to boost the market expansion in the region. Additionally, the rising consumer health awareness and high demand for green & clean environment across the region, that led to significant rise in the investment in palm oil industry, is also likely to bode well for the market growth.
The Europe region is anticipated to grow at fastest growth rate during the forecast period, which is highly attributable to presence of one of the biggest personal care & cosmetics markets in the world and high adoption of these products among consumers, as a result of their high spending capacity and investments towards the R&D activities to introduce new product with innovative characteristics.
Competitive Insight
Some of the major players operating in the global market include Wilmar International, Emery Oleochemicals, Hebei Jingu Plasticizer, Musim Mas, The Procter & Gamble, Ecogreen Oleochemicals, Kao Corporation, Carotino Group, Peter Cremer, KLK OLEO, VVF LLC, Asian Agri, Apical Group, Vantage Specialty., Timur Oleochemicals, IOI Corporation Berhad, and Oleon.
Recent Developments
- In March 2022, Vantage Specialty acquired JEEN International & BotanicalPlus. With this acquisition, the company will focus on the expansion of its personal care and food ingredients portfolio to its existing comprehensive portfolio of the naturally occurring ingredients.
- In October 2021, Bursa Malaysia introduced East Malaysia Crude Palm Oil Future contract, in order to meet the rising needs of Sabah & Sarawak pam oil market. The introduction to new FEPO contract will help company strengthen its palm complex offerings, and further cementing the country’s position as global center for palm oil.
Palm Methyl Ester Derivatives Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 2 billion |
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Revenue forecast in 2032 |
USD 3.28 billion |
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CAGR |
6.3% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product, By Source, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Wilmar International Ltd., Emery Oleochemicals, Hebei Jingu Plasticizer Co. Ltd., Musim Mas, The Procter & Gamble Company, Ecogreen Oleochemicals, Kao Corporation, Carotino Group, Peter Cremer, KLK OLEO, VVF LLC, Asian Agri, Apical Group, Vantage Specialty Ingredients N.V., Timur Oleochemicals, IOI Corporation Berhad, and Oleon NV. |
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FAQ's
The palm methyl ester derivatives market report covering key segments are product, source, end-use, and region.
Palm Methyl Ester Derivatives Market Size Worth $3.28 Billion By 2032.
The global palm methyl ester derivatives market is expected to grow at a CAGR of 6.3% during the forecast period.
Asia Pacific is leading the global market.
key driving factors in palm methyl ester derivatives market are consumer awareness regarding natural ingredients.
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