The growth of the palm methyl ester derivatives market is mainly driven by the surging demand for organic products, such as cosmetics and personal care, owing to their beneficial properties. Palm methyl esters (PME) are derived from crude palm oil (CPO) and palm kernel oil (PKO), using methanol as the catalyst, to produce biodiesel, soaps and detergents, solvents, and other consumables.
The market is categorized, by type, into CPO and PKO. Of these, the PKO type accounted for the larger volume share, of more than 60.0%, in the global palm methyl ester derivatives market, during the base year, 2018. The high-volume demand for PKO is because of its high oil content, beneficial properties, and nutrients, such as antioxidants, vitamin A and vitamin K, and fatty acids). Even during the forecast period, PKO would witness the higher CAGR, thus retaining its dominance on the industry.
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In terms of application, the market is divided into soaps and detergents, personal care products and cosmetics, food and beverages, lubricants and additives, solvents, and others. The division of soaps and detergents held the largest volume share in 2018, in the palm methyl ester derivatives market. The key driver for the PME use in the manufacturing of these products are their low cost, high emulsifying power, product consistency, and high dispersibility factor.
In terms of product, the palm methyl ester derivatives market is majorly classified into methyl laurate, methyl myristate, methyl palmitate, methyl caprylate, methyl stearate, methyl linoleate, and methyl oleate. Methyl oleate held the largest revenue share in the market, in 2018, mainly due to the high- volume demand for it in personal care and cosmetic products, soaps and detergents, and industrial chemicals. Owing to a rise in the demand for these end products, significant growth for this category is predicted in the market during the forecast period.
The Global Palm Methyl Ester Derivatives Market is projected to surpass $2,106.7 million by 2024, witnessing a CAGR of 6.4% during the forecast period (2019–2024).
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The energy crisis, carbon emissions, and other issues threatening the environment have created the need for the production of sustainable power, globally. PMEs are used for producing sustainable oil-based biodiesel, which efficiently produces low environmental impact. Biodiesel is a promising sustainable alternative to help lower the dependence on fossil fuels in the coming years. Conventional energy sources are being replaced by renewable energy, such as solar energy, wind energy, and alternative fuels, such as biodiesels. Thus, the commercial adoption of palm oil-based biodiesel is offering opportunities to the palm methyl ester derivatives market.
Globally, Asian-Pacific (APAC) was the major consumer in the palm methyl ester derivatives market, 2018. The demand for the derivatives is projected to be driven by the economic growth across the region, an increase in disposal income, and prosperity of end-use industries. The market is also driven by the requirement for oil-based intermediates and their end products, such as cosmetics, soaps and detergents, and personal care products. Within the region, Indonesia and Malaysia are the major producers of palm oil, and they also have high-volume production capacities for PME.
Thus, it is clearly visible that the market will continue to progress, as the organic commodity and sustainable power, produced from it, are in high demand.
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