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Palm Methyl Ester Derivatives Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI4150

Palm methyl ester derivatives market outlook is estimated to remain positive over 2022 to 2028, facilitated by the growing preference for bio-based and natural products. Considering the changes in consumer preference toward natural ingredients, top cosmetics and personal care product manufacturers are increasingly using these derivatives in their product offerings.

The beauty & personal hygiene industry has been registering a high demand since the outbreak of the COVID-19 pandemic. In order to meet the ever-expanding end-user needs, major exporters of palm oil, such as Malaysia and Indonesia are putting in their best foot forward to deal with product shortage issues due to the pandemic.

By material, the palm methyl ester derivatives market share from the methyl laurate segment is projected to record considerable revenue over 2028. As the compound is being used across the food & beverage industry as a flavoring ingredient, the recent boom across the global food industry is likely to support product penetration. The product is also used in the pharmaceutical and fragrance industries, on account of its favorable properties. The material use is increasing as a defoamer for food-contact coatings, following the stringency of hygiene rules across the food packaging industry.

By application, the palm methyl ester derivatives industry share from the industrial sector is expected to increase notably through the forecast timeframe. This trend can be to rising product use as solvents in industrial products including paints & coatings, adhesives, and lubricants. The upsurge in home renovation trends will aid product use across paints & coatings applications over 2028.

Europe palm methyl ester derivatives market size is growing stably, thanks to the continual product uptake across the personal hygiene & care industry. As per the data published by Cosmetics Europe, the regional cosmetics and personal care industry is one of the biggest markets for cosmetic products worldwide, with retail sales at more than €76.7 recorded in 2020. As the demand for face wipes, soaps, and detergents continues to grow across Spain, France, Germany, Poland and the U.K., the industry is set to accrue considerable investments over the forecast timeline.

Ecogreen Oleochemicals, Kao Corporation, Carotino Group, KLK OLEO, Timur Olechemicals Malaysia, and Godrej are some top palm methyl ester derivatives manufacturers. Industry participants are focusing on fortifying their distribution chains through a stronger network.

In November 2021, Malaysian palm oil giant FGV Holdings announced that over migrant workers will be arriving in the country by March 2022. Earlier, in September 2021, the government said that it would allow the re-entry of 32,000 workers for mitigating the labor shortages faced by the Malaysian palm oil industry and consequent losses. The company had been operating at a workforce strength of nearly 70% due to the COVID-induced border closures. According to the Malaysian Palm Oil Association (MPOA) estimates, Malaysia registered a production loss of nearly 4.5 million tons of crude palm oil during 2021 due to plantation worker shortfall.

COVID-19 impact on palm methyl ester derivatives market

The rising number of COVID-19 cases during the subsequent waves of the pandemic have been exerting a negative effect on the overall market share. Since the imposition of worldwide lockdowns, the tourism and foodservice industries, amongst others, faced a major blow. As these two industries account for a fair portion of the total product demand, major exporters such as Indonesia are registering lower export volumes. However, the market is expected to see renewed demand by mid-2022, as several countries including India are easing their import duties.

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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