Global Palm Methyl Ester Derivatives market growth 2024, Forecast To 2033
4 Mar, 2024
The palm methyl ester derivatives market size has shown strong growth, increasing from$3.66 billion in 2023 to$3.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period is driven by the rise in biodiesel production, environmental regulations, crude oil price volatility, global expansion of palm oil production, consumer awareness of sustainable products, and the shift toward green chemistry. Looking forward, the market is expected to witness robust growth, reaching$5.09 billion in 2028 with a CAGR of 7.0%. This growth will be propelled by biojet fuels development, global initiatives for carbon neutrality, energy security concerns, policy support for biofuel industries, and the emergence of advanced biofuels. Major trends in the forecast period include investments in green technologies, product innovation focus, collaborations and partnerships, technological advancements in biodiesel processing, and advancements in conversion technologies.
Global Palm Methyl Ester Derivatives Market Key Driver
The burgeoning awareness surrounding natural ingredients in personal care products is set to propel the growth of the palm methyl ester derivatives market. With consumers increasingly prioritizing nature-friendly and sustainable options, demand for palm methyl ester derivatives, widely used in personal care products, is on the rise. Notably, a report by Forbes in October 2022 indicates that 93% of beauty product consumers prioritize nature and animal welfare, while 9 out of 10 consumers emphasize ethical considerations, including sustainability, in their purchasing decisions. Thus, the growing consciousness regarding natural ingredients in personal care products is fueling the expansion of the palm methyl ester derivatives market.
Get A Free Sample Of The Global Palm Methyl Ester Derivatives Market ReportGlobal Palm Methyl Ester Derivatives Market Segments
The global palm methyl ester derivatives market covered in this report is segmented –
1) By Product: Palm Methyl Caprylate, Palm Methyl Laurate, Palm Methyl Myristate, Palm Methyl Palmitate, Palm Methyl Stearate, Palm Methyl Oleate, Palm Methyl Linoleate
2) By Source: Crude Palm Oil, Palm Kernel Oil
3) By End-Use: Soaps and Detergents, Personal Care and Cosmetic Products, Food and Beverages, Lubricants and Additives, Solvents, Other End Users
By Geography: The regions covered in the palm methyl ester derivatives market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the palm methyl ester derivatives market share in 2023. Europe was the second-largest region in the palm methyl ester derivatives market. The regions covered in the palm methyl ester derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Palm Methyl Ester Derivatives Industry Players
Wilmar International Limited, The Procter & Gamble Company, Carotino Sdn Bhd, KLK OLEO Group of Companies, Musim Mas Holdings Pte. Ltd., Emery Oleochemicals Group, Hebei Jingu Plasticizer Co. Ltd., CREMER Oleo GmbH & Co. KG, PT Ecogreen Oleochemicals, VVF Limited Liability Company, Timur Oleochemicals Malaysia Sdn Bhd, Pacific Oleochemicals Sdn Bhd, Godrej Industries Limited, Cargill Incorporated, PTT Global Chemical Public Company Limited, PT Sinar Mas Agro Resources and Technology Tbk, Peter Cremer North America LP, Asian Agri Group, Apical Group Ltd., IOI Loders Croklaan Group, Kao Corporation, Vantage Specialty Chemicals Inc., Twin Rivers Technologies – Specialties LLC, Oxiteno USA LLC, Procter & Gamble Chemicals, Kuala Lumpur Kepong Berhad, Oleon NV, Croda International PLC, Chemical Associates Inc.
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Palm Methyl Ester Derivatives Market Overview
Palm methyl ester derivatives refer to a type of oleochemical derived from crude palm oil. Oleochemicals come from organic materials like plant and animal lipids. Palm methyl ester derivatives are primarily used in chemical compounds.
Palm Methyl Ester Derivatives Global Market Report 2023 provides data on the global palm methyl ester derivatives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The palm methyl ester derivatives market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.