Palm oil is a vegetable oil that is converted to biodiesel through transesterification process utilizing methanol as a catalyst. As palm methyl ester derivatives are bi-based products, their demand in applications such as solvents, personal care products and cosmetics, soaps and detergents, and lubricants and additives is increasing. As per a P&S Intelligence report, valued at $1,443.4 million in 2018, the global market for palm methyl ester derivatives is predicted to surpass $2,106.7 million by 2023, advancing at a 6.4% CAGR during the forecast period.
Some of the key derivatives of palm methyl ester include methyl caprylate, methyl myristate, methyl laurate, methyl stearate, methyl palmitate, methyl linoleate, and methyl oleate. In recent years, methyl oleate has been used in the highest volume because of its importance as a solvent in industrial cleaners, lubricant for metal and precision cleaning, and surfactant in personal care products. Most of these derivatives are derived from palm kernel oil (PKO) and crude palm oil (CPO). Of these, the consumption of PKO has increased significantly, majorly as a raw material for producing the final formulations of detergents, food and beverages, and pharmaceuticals.
These products and oils find application in several end-use industries due to the presence of antioxidants and healthy unsaturated fats in them. Thus, the application segment of the palm methyl ester derivatives market is categorized into soaps and detergents, solvents, personal care products and cosmetics, lubricants and additives, food and beverages, and others. Among these, the soaps and detergents category will hold the largest market share in the forecast period on account of the growing usage of laurates, oleates, and palmitates in the production of soaps and detergents.
Furthermore, Latin America, North America, and the Middle East and Africa (MEA) will also hold considerable shares in the palm methyl ester derivatives market during the forecast period. This can be owed to the large-scale usage of these derivatives for producing industrial chemicals, personal care products, and food and beverages. The North American market will be led by the U.S., as it imports high volume of palm methyl esters and palm oil for use as precursors in the formulations that are consumed in personal care and cosmetics, industrial chemicals, and agricultural formulations.
Thus, the switch toward natural cosmetic products and biodiesel will amplify the application of palm methyl derivatives in the coming years.
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