Home > Polymers, Specialty Chemicals & Advanced Materials > Palm Methyl Ester Derivatives Market
Palm Methyl Ester Derivatives Market size is likely to showcase promising growth between 2023 and 2032, driven by the rising preference for bio-based natural products worldwide. These derivates find usage in a wide range of industrial sectors including lubricants, biofuels, coatings, food and agriculture, personal care products, and metalworking fluids.
When compared to petroleum-derived replacements, the demand for several specialty downstream chemicals, such as palmitate, and laureate has picked a significant pace as they offer low toxicity, superior solvent qualities, and biodegradability. The preference for personal care products observed a considerable spike during the COVID-19 outbreak with the soaring emphasis of consumers on maintaining hygiene to reduce the chances of infection, offering multiple gains opportunities to manufacturers.
On the basis of material, the palm methyl ester derivatives market share from the methyl laurate segment is poised to garner significant momentum through 2032. Methyl laurate compound is used for fruits, vegetables, and cereals as an agricultural inert component. Following the stringency of hygiene requirements in the food packaging sector, the application of methyl laurate as a defoamer in food-contact coatings is on the rise, aiding the market revenue in the long run. Increasing usage in the production of maize, wheat, soybeans, and cotton will also drive product adoption.
Based on application, the market share from the industrial sector is predicted to grow significantly throughout the projected timeframe. The growth can be attributed to the increasing usage of palm methyl ester derivatives as solvents in industrial goods, including adhesives, paints and coatings, and lubricants throughout the world. Palm methyl ester is both environmentally and economically favorable. The influx of several rigorous laws by environmental organizations for the usage of traditional fuel will boost market outlook through 2032.
Regionally, Europe palm methyl ester derivatives market is anticipated to record substantial gains up to 2032, powered by increasing application scope in the personal care & hygiene sector. These derivatives are used in a variety of items such as soaps, detergents, lubricants, and other items. The rising awareness of the advantages of natural components to cater to the thriving demand for personal care products will add positive impetus to the regional market expansion.
The growing government support for the use of bio-based and natural products in the region has pushed key cosmetics and personal care manufacturers to transition towards palm-based raw materials for producing various products. These considerations are likely to encourage multiple firms to create a variety of oleochemicals from palm methyl ester derivatives, including alcohols, glycerol, and other downstream chemicals.
With the rising demand for soaps, face wipes, and detergents growing in France, Spain, Germany, the United Kingdom, and Poland, the industry is expected to make significant investments in palm methyl ester derivates throughout the projected period.
Prominent companies operating in the palm methyl ester derivatives market include Kao Corporation, Carotino Group, Ecogreen Oleochemicals, KLK OLEO, Godrej, and Timur Olechemicals Malaysia, among others.