NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, palm methyl ester derivatives market is projected to reach $2,106.7 million by 2024. The market growth is expected to be driven by high-volume demand for these chemicals in several chemical formulations such as soaps and detergents, personal care products and cosmetics, and agricultural products; and growth in disposable income across the Asia-Pacific (APAC) and Latin America (LATAM) region.
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The palm methyl ester derivatives market is segmented on basis of type, product, and application. Furthermore, the market is categorized by type into crude palm oil (CPO) and palm kernel oil (PKO). Among these, PKO is estimated to account for larger volume share in the market. High oil content and its ability to provide beneficial properties and nutrients (antioxidants, Vitamin A and Vitamin K, and other unsaturated fats) to final product formulations are attributed to account for its high-volume demand.
Based on product, the palm methyl ester derivatives market is primarily classified into methyl caprylate, methyl laurate, methyl myristate, methyl palmitate, methyl stearate, methyl oleate, and methyl linoleate. In 2018, methyl oleate is estimated to generate the largest revenue share in the market. This is attributable to its high-volume demand in industrial chemicals, personal care products and cosmetics, and soaps and detergents. Furthermore, growing demand for these chemicals is expected to propel the market growth during the forecast period.
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In 2018, the soaps and detergents category is estimated to hold the largest volume share in the palm methyl ester derivatives market. This is attributable to the high-volume adoption of palm-based derivatives, such as oleates, stearates, palmitates, linoleates, laurates, caprylates, and myristates, in soaps and detergents due to their low cost, high emulsifying power, high froth and lather formation, high dispersibility, and appreciable performance in soft and hard wash conditions.
Some of the major players operating in the global palm methyl ester derivatives market are Wilmar International Ltd., The Procter & Gamble Company, IOI Corporation Berhad, Musim Mas Group, KLK Oleo, Emery Oleochemicals Group, VVF LLC, and Oleon NV.
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A large number of companies operating in the market have their processing facilities of palm methyl ester derivatives in Indonesia and Malaysia or source their raw materials from these countries as these are the two major palm oil and its derivatives producers in the world. Besides, the palm methyl ester derivatives market has witnessed forward and backward integration among players in recent years, as an effort toward integrating supply chain and increasing their market share. This trend had been primarily indicated by increasing acquisitions of palm oil plantation companies and launch of new palm-based consumer products in the market.
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