Global Palm Methyl Ester Market is Expected to Reach above USD 6.45 billion in 2021
Sarasota, FL -- (SBWIRE) -- 01/18/2018 -- Zion Market Research has published a new report titled "Palm Methyl Ester for Bio-fuel, Food, Lubricants, Surfactants, Agriculture, Solvents, Polymers, Metal Working Fluids and Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021". According to the report, global demand for palm methyl ester market was valued at over USD 4.56 billion in 2015, is expected to reach above USD 6.45 billion in 2021 and is anticipated to grow at a CAGR of slightly above 5.10% between 2016 and 2021.
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Palm methyl ester is aliphatic organic esters derived from palm oil. Palm oil is first cut down to methyl ester with methanol as a catalyst. As it is not possible to use palm oil directly owing to its high viscosity, they are converted to palm methyl esters. Palm methyl ester is the base material for bio fuels and can be used as lubricants in the automotive sector.
Palm methyl ester is widely used as solvents, polymers, surfactants in agriculture, paint and coating industry, plasticizers industry. Palm methyl ester is environmental friendly and cost efficient. Therefore increasing demand for palm methyl ester in bio fuel industry is expected to drive the market for palm methyl ester market in coming years. Environmental agencies had imposed various stringent regulations over the use of conventional fuel is likely to strengthen the growth of palm methyl ester market in the forecast period. However, issues such as deforestation for plantation of palm may barricade the growth of the palm methyl ester market. Nonetheless, ongoing research for the innovating novel product line is anticipated to impel the growth of the palm methyl ester market in the forecast period. Moreover, growing demand from the food industry for the palm methyl ester market is likely to offer new opportunities in the coming years.
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There are numerous applications of palm methyl ester such as bio-fuel, food, lubricants, surfactants, agriculture, solvents, polymers, metal working fluids and others. Among all, lubricants segment dominated the palm methyl ester market with significant market share in 2015. Palm methyl ester is extensively used as the lubricant in automotive, fibers, transformers, biodegradable lubes and hydraulic fluid. Palm methyl ester are also used as emulsifiers in the food industry and as solvents in the agricultural industry for attaining better adhesion in an eco-friendly and sustainable manner which radically contributes in the growth of palm methyl ester market.
The palm methyl ester market was dominated by Asia Pacific in 2015 and s expected to gain traction in the forecast period. This was mainly due to the high consumption of palm methyl ester due to its wide range of assets such as emulsifier, lubricant, and surfactants in different industrial applications such as automotive, paint and coating and food industry. India, China, and Japan are expected to be the most potent markets in the near future due to increasing automotive and agricultural industry in these regions. In 2015, Europe was considered the effective markets for the palm methyl ester market. This was mainly due to compelling of European government for use of renewable fuels. Latin America is expected to experience lucrative growth over the period of years due to growing industrialization and food industry in Brazil. The Middle East and Africa are anticipated to propel the growth of palm methyl ester market in forecast period owing to high growth in agricultural sector.
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Some of the global major players in the palm methyl ester are OnBiz Enterprise, PG Worldwide Trade SDN BHD, Pure Diesel Co. Ltd., RITS, Bioinvent Sdn Bhd., LOL Oleochemicals Sdn. Bhd., International Source, AM Biofuels Sdn Bhd., Natural Fuel PTE Ltd., Green and Natural Sdn Bhd., Agricode Bio-Technology Pte Ltd., and Alternative Fuels Holdings Sdn Bhd among others.
This report segments the palm methyl ester market as follows:
Palm Methyl Ester Market: Application Analysis
Metal Working Fluids
Palm Methyl Ester Market: Regional Analysis
The Middle East and Africa
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