Palm Methyl Ester Derivatives Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Palm Methyl Ester Derivatives Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The palm methyl ester derivatives market size has grown strongly in recent years. It will grow from $3.66 billion in 2023 to $3.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to rise in biodiesel production, environmental regulations, volatility in crude oil prices, global expansion of palm oil production, consumer awareness of sustainable products, shift toward green chemistry.

The palm methyl ester derivatives market size is expected to see strong growth in the next few years. It will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to biojet fuels development, global push for carbon neutrality, global energy security concerns, policy support for biofuel industries, emergence of advanced biofuels. Major trends in the forecast period include investments in green technologies, focus on product innovation, collaborations and partnerships, technological advancements in biodiesel processing, advancements in conversion technologies.

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Market Drivers and Trends:

An increase in importance for ethical sourcing is expected to propel the growth of the palm methyl ester derivatives market going forward. Ethical sourcing refers to the procurement of goods and services in a manner that prioritizes social and environmental responsibility. The use of palm methyl ester derivatives plays a significant role in ethical sourcing within various industries. Derived from natural palm oil, these derivatives offer a sustainable and eco-friendly alternative for a range of applications, including personal care products. Palm methyl ester derivatives contribute to ethical sourcing by providing a renewable and biodegradable ingredient for personal care items, aligning with the growing consumer demand for products that prioritize environmental sustainability and ethical production. For instance, January 2022, Forbes, a US-based business magazine published a survey of 25,000 consumers across 12 countries according to which 81% of respondents cared about purchasing ethically sourced and/or produced products which has increased after covid. While 78% of respondents were a net yes, only 25 percent indicated they always prioritized ethical sourcing. Therefore, an increase in the importance of ethical sourcing is driving the palm methyl ester derivatives market.

Innovation is a key trend gaining popularity in the palm methyl ester derivatives market. Major companies operating in the palm methyl ester derivatives market are focusing on developing innovative extraction process to strengthen their market position. For instance, in November 2022, the America Chemical Society, a US-based scientific society, innovated a new extraction process of methyl ester from oil seeds through a single-step process using heterogeneous catalysts. Maximum oil was extracted using the heterogeneous catalyst in a single process rather than conventional two/three-process-step method.

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Major Key Players of the Market:

Wilmar International Limited, The Procter & Gamble Company, Carotino Sdn Bhd, KLK OLEO Group of Companies, Musim Mas Holdings Pte. Ltd., Emery Oleochemicals Group, Hebei Jingu Plasticizer Co. Ltd., CREMER Oleo GmbH & Co. KG, PT Ecogreen Oleochemicals, VVF Limited Liability Company, Timur Oleochemicals Malaysia Sdn Bhd, Pacific Oleochemicals Sdn Bhd, Godrej Industries Limited, Cargill Incorporated, PTT Global Chemical Public Company Limited, PT Sinar Mas Agro Resources and Technology Tbk, Peter Cremer North America LP, Asian Agri Group, Apical Group Ltd., IOI Loders Croklaan Group, Kao Corporation, Vantage Specialty Chemicals Inc., Twin Rivers Technologies - Specialties LLC, Oxiteno USA LLC, Procter & Gamble Chemicals, Kuala Lumpur Kepong Berhad, Oleon NV, Croda International plc, Chemical Associates Inc.

Palm Methyl Ester Derivatives Market 2024 Key Insights:

• The palm methyl ester derivatives market size is expected to see strong growth in the next few years. It will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• The Surging Demand For Palm Methyl Ester Derivatives In Personal Care Products
• Innovative Extraction Techniques Transforming The Palm Methyl Ester Derivatives Market
• Asia-Pacific was the largest region in the palm methyl ester derivatives market share in 2023

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