Palm Methyl Ester Derivatives Global Market Report 2024

The global palm methyl ester derivatives market 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 expansion witnessed in the historic period can be linked to several factors, including the increased production of biodiesel, stricter environmental regulations, fluctuations in crude oil prices, the global expansion of palm oil production, heightened consumer consciousness regarding sustainable products, and a notable shift toward green chemistry.

The global palm methyl ester derivatives market 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 anticipated growth in the upcoming period can be ascribed to the development of biojet fuels, the worldwide drive toward achieving carbon neutrality, concerns about global energy security, supportive policies for the biofuel sector, and the emergence of advanced biofuels. Among the significant trends projected for this period are increased investments in green technologies, a strong emphasis on product innovation, fostering collaborations and partnerships, technological advancements in biodiesel processing, and progress in conversion technologies.

The anticipated growth in the palm methyl ester derivatives market is driven by increasing awareness of natural ingredients used in personal care products. This rise in awareness is largely due to the preference for substances derived from natural resources. Palm methyl ester derivatives, a key ingredient in personal care items, align with the trend toward natural products. A report from Forbes in October 2022 revealed that 93% of beauty product buyers consider nature and animal welfare crucial, with 9 out of 10 consumers emphasizing sustainability in their purchases. Hence, the surge in awareness regarding natural ingredients is a driving force in the palm methyl ester derivatives market's growth.

The increasing emphasis on ethical sourcing is also propelling the palm methyl ester derivatives market. Ethical sourcing prioritizes social and environmental responsibility in procuring goods and services. Palm methyl ester derivatives, derived from sustainable palm oil, fulfill this need by offering a renewable and environmentally friendly ingredient, particularly in personal care products. A Forbes survey from January 2022, covering 25,000 consumers across 12 countries, highlighted that 81% of respondents value ethically sourced products. While 78% indicated a positive inclination, only 25% consistently prioritize ethical sourcing. Hence, the growing significance of ethical sourcing practices is fostering growth in the palm methyl ester derivatives market.

Innovation is becoming a prominent trend in the palm methyl ester derivatives market, with major companies focusing on advanced extraction processes. For example, in November 2022, the American Chemical Society introduced an innovative single-step extraction method using heterogeneous catalysts for methyl ester extraction from oil seeds. This process maximizes oil extraction in a singular step, deviating from the traditional multi-step approach.

Key players in the palm methyl ester derivatives market are bolstering their positions by expanding production capabilities. Expansion initiatives aim to boost manufacturing capacity and improve overall output efficiency. For instance, in June 2023, Oleon NV inaugurated an innovative oleochemistry plant, significantly reducing CO2 emissions in enzymatic ester production for the food and cosmetics industries. Using pioneering technology, the plant exclusively utilizes natural building blocks, such as proteins or enzymes, ensuring sustainably produced esters.

In March 2022, Vantage Specialty Chemicals, a US-based company specializing in specialty ingredients and customized solutions, completed the acquisition of JEEN International Corporation for an undisclosed sum. This strategic move combines their resources, empowering Vantage to significantly broaden its capacities and assert its leadership position within the personal care ingredients sector. JEEN International Corporation, also based in the US, is a distinguished manufacturer and supplier of specialized chemicals, including lanolins and palm methyl esters.

Major companies operating in the palm methyl ester derivatives market report are 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.

Asia-Pacific was the largest region in the palm methyl ester derivatives market share in 2023. Europe was the second-largest region in the palm methyl ester derivatives market. The regions covered in the palm methyl ester derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the palm methyl ester derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary palm methyl ester derivatives encompass palm methyl caprylate, palm methyl laurate, palm methyl myristate, palm methyl palmitate, palm methyl stearate, palm methyl oleate, and palm methyl linoleate. Palm methyl caprylate, a subset of fatty acid methyl esters, is predominantly employed in cosmetic applications. These derivatives are sourced from crude palm oil and palm kernel oil and serve diverse end-users, including soaps, detergents, personal care products, cosmetics, food and beverages, lubricants, additives, solvents, among others.

This report provides palm methyl ester derivatives market statistics, including palm methyl ester derivatives industry global market size, regional shares, competitors with a palm methyl ester derivatives market share, detailed palm methyl ester derivatives market segments, market trends and opportunities, and any further data you may need to thrive in the palm methyl ester derivatives industry. This palm methyl ester derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The palm methyl ester derivatives market consists of sales of palm methyl ester derivatives used as feedstock for biodiesel production. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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