Global Palm Methyl Ester Derivatives Market
is anticipated to reach USD 1.01 billion by 2025, according to a new
report by Hexa Reports. Growing demand for CPO and PKO derived products
from a wide range of sectors including personal care, home care, and
food along with other industrial products such as adhesives, lubricants,
paints, coatings, and inks is expected to influence product demand over
the forecast period.
Palm methyl ester derivatives are
essentially oleochemicals processed from CPO and PKO, leading to greater
global demand driven by sustainability along with environmental and
health concerns. Rising consumer preference for natural ingredients and
process sustainability in personal care, food, and other sectors is also
anticipated to boost product demand.
In the past few years, the industry has
witnessed increasing investments in R&D activities for the
development of biodegradable products, which can substitute the
petroleum-based ones. This, in turn, has led to increased dependence on
these specialty chemicals. Some of the major application sectors of the
products include homecare, personal care, and cosmetic products.
Methyl oleate held the largest share in
the market and is expected to continue its dominance over the forecast
period. The increasing use of the product as solvents in industrial
cleaners, as surfactants in personal care products, as solvents &
defamers in the production of inks and coatings and as a lubricant for
metal cleaning & precision metal cleaning are expected to be the
major factors driving oleate demand over the forecast period.
Further key findings from the report suggest:
- The collective demand for palm methyl ester derivatives globally was 204 kilo tons in 2016 and is expected to grow at a CAGR of around 5.3% from 2017 to 2025 to exceed a total volume of over 320 kilo tons by 2025
- Crude palm oil (CPO) was the largest source for these derivatives while accounting for over 60% of the total revenue in 2015
- Personal care & cosmetics was the largest application segment for methyl laurate with a demand of over USD 32 million in 2016
- Asia Pacific is expected to be the largest regional market with a projected demand of around USD 575 million by 2025
- The industry is dominated by a few multinational corporations such as Peter Cremer North America, Carotino Group, KLK OLEO, Ecogreen Oleochemicals, and Kao Corporation with significant presence across the value chain
- Companies such as P&G Chemicals, VVF, and KLK Oleo are integrated throughout the value chain from manufacturing of raw materials for downstream chemicals to finished products such as detergents, soaps, and personal care products.
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