Palm methyl ester derivatives are used as humectants, viscosity modifiers, and emollients in personal care products as they contain beta-carotene, a powerful antioxidant that eliminates free radicals. In comparison to petroleum-derived substances, palm oil derivates are non-toxic and highly biodegradable, owing to which they are being increasingly used in personal care products and cosmetics. Thus, the surging consumer preference for organic personal care products over chemically synthesized ones will augment the consumption of palm methyl ester derivatives in the forthcoming years.
Additionally, the burgeoning demand for palm-oil-based biodiesel, on account of the mounting public and government focus on reducing air pollution levels and depleting oil and gas reserves, will help the palm methyl ester derivatives market display a CAGR of 6.4% during 2019–2024. According to P&S Intelligence, the market revenue stood at $1,443.4 million in 2018, and it will exceed $2,106.7 million by 2023. Biodiesel is being derived from the fatty acid methyl esters (FAMEs) of palm oil as they are less harmful to the environment.
Palm kernel oil (PKO) and crude palm oil (CPO) are the two types of palm methyl ester derivatives used in the production of methyl caprylate, methyl myristate, methyl laurate, methyl palmitate, methyl oleate, methyl stearate, and methyl linoleate. In the preceding years, the demand for PKO due was higher due to its heavy consumption in the production of the final formulations of pharmaceutical products, detergents, food items and drinks, and other medium-chain-fatty-alcohol substances. The increasing consumption of PKO can be credited to the presence of vitamin A and K, healthy unsaturated fats, and antioxidants in it.
The application segment of the palm methyl ester derivatives market is classified into food and beverages, lubricants and additives, personal care products and cosmetics, solvents, soaps and detergents, and others. Among these, the personal care products and cosmetics category will demonstrate the fastest growth in the forecast years owing to the increasing consumption of skincare products, haircare products, and soaps. Whereas, the soaps and detergents category is expected to generate the highest revenue due to the growing usage of laurates, palmitates, and oleates in soap and detergent production.
Globally, the Asia-Pacific palm methyl ester derivatives market generated the highest revenue during the historical period (2014–2018), and it is expected to continue this trend throughout the forecast period. The dominance of APAC can be owed to the availability of high-volume feedstock, extensive demand for beauty and personal care products, and low manufacturing cost in the region. Additionally, the regional market is expected to showcase the fastest growth during the forecast period on account of the soaring number of manufacturing plants.
Thus, the escalating demand for organic personal care products and biodiesel will accelerate the adoption of palm methyl ester derivatives in the foreseeable future.