Palm Methyl Ester Derivatives Market Driven by Need for Sustainable Power

The palm methyl ester derivatives market valued $1,443.4 million in 2018, which is projected to increase to$2,106.7 million in 2024, at a 6.4%CAGR during the forecast period (2019-2024).The growth of the market is mainly driven by the surging demand for organic products, such as cosmetics and personal care, owing to their beneficial properties. Palm methyl esters (PME) are derived from crude palm oil (CPO) and palm kernel oil (PKO), using methanol as the catalyst, to produce biodiesel, soaps and detergents, solvents, and other consumables.

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The market is categorized, by type, into CPO and PKO. Of these, the PKO type accounted for the largervolume share, of more than 60.0%, in the global palm methyl ester derivatives market, during the base year, 2018. The high-volume demand for PKO is because of its high oil content, beneficial properties, and nutrients, such as antioxidants, vitamin A and vitamin K, and fatty acids). Even during the forecast period, PKO would witness the higher CAGR, thus retaining its dominance on the industry.

Globally, Asian-Pacific (APAC) was the major consumer in the palm methyl ester derivatives market, 2018. The demand for the derivatives is projected to be driven by the economic growth across the region, increase in disposal income, and prosperity of end-use industries. The market is also driven by the requirement for oil-based intermediates and their end products, such as cosmetics, soaps and detergents, and personal care products. Within the region, Indonesia and Malaysia are the major producers of palm oil, and they also have high-volume production capacities for PME.

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Competitive Landscape of Palm Methyl Ester Derivatives Market

The palm methyl ester derivatives market is highly fragmented in nature, wherein top five players account for nearly 50% share. They key players in market are Wilmar International Ltd., The Procter & Gamble Company, IOI Corporation Berhad, Musim Mas Group, KLK OLEO and Emery Oleochemicals Group. Some of the other market players are VVF LLC, Oleon NV, Vantage Specialty Ingredients Inc., Kao Corporation, Carotino Group, and Timur OleoChemicals.

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