Sarasota, FL -- (SBWIRE) -- 04/19/2019 -- Global Palm Methyl Ester Derivative Market: Overview
Palm methyl ester derivatives are basically oleochemicals processed from palm kernel oil and crude palm oil. The growing global demand and popularity of the palm methyl ester derivative market can be attributed to the increase in the disposable income of the regional population in the Asia Pacific and Latin American regions, which, in turn, fuels their purchasing power.
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Global Palm Methyl Ester Derivative Market: Growth Factors
The growing product demand from a wide array of end-user sectors is majorly expected to drive the palm methyl ester derivative market globally in the upcoming years. The increasing awareness related to natural ingredients utilized in personal care and home care products is another significant factor likely to support the global palm methyl ester derivative market in the future. As palm methyl ester derivative is used to manufacture different kinds of products, such as detergents, soaps, food and additives, lubricants, and personal care products, the demand for palm methyl ester derivative is always high. In today's time, numerous major industry players across the globe are likely to shift to palm-based raw materials for the production of several chemicals owing to changing customer preference.
Global Palm Methyl Ester Derivative Market: Segmentation
The global palm methyl ester derivative market is fragmented on the basis of type, product, and application. On the basis of type, the global palm methyl ester derivative market is bifurcated into palm kernel oil (PKO) and crude palm oil (CPO). Based on product, the market includes methyl linoleate, methyl oleate, methyl stearate, methyl palmitate, methyl myristate, methyl laurate, and methyl caprylate. The methyl oleate segment generated the largest revenue in 2018, owing to its huge demand for manufacturing soaps, detergents, personal care products, chemicals, cosmetics, etc. By application, the global palm methyl ester derivative market is categorized into solvents, lubricants and additives, food and beverages, personal care products and cosmetics, and soaps and detergents. The soaps and detergents segment is expected to hold the largest market share in the future.
Global Palm Methyl Ester Derivative Market: Regional Analysis
The Asia Pacific region is likely to account for a significant revenue share of the palm methyl ester derivative market globally in the years ahead. This regional growth can be attributed to the high utilization of palm methyl ester derivative chemicals in automotive, paint and coating, and food sectors and increasing consumer health consciousness and the requirement for a green and clean environment. Furthermore, the development of biodiesel in India is fuelled by several initiatives taken by this developing nation's central government, which is projected to further drive this regional market's expansion. The rapidly growing product demand from a wide range of sectors, such as personal care, food, beverage, biodiesel, etc., is also likely to contribute to the Asia Pacific palm methyl ester derivative market. Majority of the worldwide palm is cultivated in Indonesia and Malaysia. Thus, the majority of key market players are based in this region that export huge amounts of raw materials to the European and North American markets. The North American palm methyl ester derivative market is projected to witness a moderate development in the future, due to the high disposable income of the regional population.
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Global Palm Methyl Ester Derivative Market: Competitive Players
Some key players of the global palm methyl ester derivative market are Oleon NV, VVF LLC, Emery Oleochemicals Group, KLK Oleo, Musim Mas Group, IOI Corporation Berhad, P&G, and Wilmar International Ltd., among others.
Global Palm Methyl Ester Derivative Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa
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