(Health-NewsWire.Net, November 09, 2022 ) The report "Palm Methyl Ester Derivatives Market by Product, Source (Crude Palm Oil, Palm Kernel Oil), End-Use (Soaps & Detergents, Personal Care & Cosmetic Products, Food & Beverages, Lubricants & Additives, Solvents), and Region - Global Forecast to 2027", is projected to grow from USD 1.9 billion in 2022 to USD 2.6 billion by 2027, at a CAGR of 6.3% during the forecast period. High demand for personal care & cosmetic products in countries such as China and India along with the shift in consumer preference towards products having natural additives is expected to drive the palm methyl ester derivatives market.
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The soaps & detergents segment, by end-use, is expected to account for the largest market share during the forecast period
Based on end-use, the palm methyl ester derivatives is classified into soaps & detergents, personal care & cosmetic products, food & beverages, lubricants & additives, solvents, and others. Growing population of countries such as India and China with a significant growth in urban population has given a boost in the demand for soaps & detergents. Thus, usage of palm methyl ester derivatives in the production of soaps & detergents is expected to drive the market.
Crude palm oil segment, by source, is expected to account for the largest share of the palm methyl ester derivatives market, during the forecast period
Based on source, the palm methyl ester derivatives is classified into crude palm oil and kernel palm oil. Crude palm oil is the major source used in the production of palm methyl ester derivatives. Crude palm oil is expected to account for the largest share in 2022, in terms of value and volume. With rising awareness about the benefits of utilizing natural elements, especially in personal care and home care products, the demand is increasing for palm methyl ester derivatives. This in turn is generating demand for crude palm oil.
Palm methyl laurate segment, by product, is expected to be the fastest growing segment for palm methyl ester derivatives market, during the forecast period
Based on product, the palm methyl ester derivatives is classified into palm methyl caprylate, palm methyl laurate, palm methyl myristate, palm methyl palmitate, palm methyl stearate, palm methyl oleate, palm methyl linoleate, and others. Methyl laurate is used in various other industries such as textile, metal working fluids, and lubricants & greases. There is significant growth related to the textile industry in some of the key countries, such as India and the US which is driving the market for palm methyl laurate derivative.
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Asia Pacific region is expected to be the largest and fastest-growing palm methyl ester derivatives market
Asia Pacific is expected to lead the palm methyl ester derivatives market during the forecast period by value. This demand can be attributed to the high growth in emerging economies such as China and India, that has made Asia Pacific a huge market for palm methyl ester derivatives. China is one of the largest markets for palm methyl ester derivatives across the globe and is expected to contribute a major portion to the overall regional demand for palm methyl ester derivatives during the forecast period.
Some of the leading players in this market include The Procter & Gamble Company (US), Wilmar International Ltd (Singapore), Musim Mas (Singapore), KLK OLEO (Malaysia), Emery Oleochemicals (US), and Hebei Jingu Plasticizer Co., Ltd. (China), among others.
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