Why will Demand for Palm Methyl Ester Derivatives Soar in Asia-Pacific in Future?

AUGUSTA, Ark. - April 11, 2023 - PRLog -- Moreover, with the surging disposable income of people and the growing public awareness about the benefits of organic products and skincare, this trend will continue in the coming years, thereby driving the expansion of the personal care industry, especially in the emerging economies of Latin America and Asia-Pacific. As palm oil derivatives are used as humectants, viscosity modifiers, and emollients in these cosmetic products, the boom in the personal care industry is causing a sharp surge in the sales of palm methyl ester derivatives.

In recent years, exhaustive research has been conducted in the production of biodiesel from palm oi derivatives and it has been found that the commercial usage of palm oil-based biodiesel is possible, due to its low price, high performance attributes, and the abundant availability of feedstock. Due to these factors, the usage of palm methyl ester derivatives is soaring, which is, in turn, propelling the growth of the global palm methyl ester derivatives market. According to the estimates of the market research company, P&S Intelligence, the market revenue will grow from $1,443.4 million in 2018 to more than $2,106.7 million by 2023.

Furthermore, the market is expected to exhibit a CAGR of 6.4% from 2019 to 2024. Crude palm oil (CPO) and palm kernel oil (PKO) are the two main types of palm methyl ester derivatives. Between these, the demand for PKO was found to be higher during the last few years. This oil was used as a raw material in the production of final formulations of foods and beverages, pharmaceuticals, and various other medium-chain fatty alcohol-based substances.

The demand for these products is also expected to explode in Latin America, Middle East and Africa, and North America in the coming years. This will be because of the extensive usage of palm methyl ester derivatives in personal care products, industrial chemicals, and foods and beverages in these regions. The U.S. is predicted to dominate the North American palm methyl ester derivatives market in the forthcoming years, on account of the fact that these derivatives are required in large quantities in several end-use industries such as agricultural formulations and industrial chemicals, in the country.

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