Palm Methyl Ester Derivative Market is Expected to Reach USD 2.4 Billion By 2030. With a CAGR of 5.92% 2030 – Report by Market Research Future (MRFR)
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Market Research Future
Palm Methyl Ester Derivative Market Research Report Information By Product Type (Methyl Caprylate, Methyl Laurate, Methyl Myristate, Methyl Palmitate, Methyl Stearate, Methyl Oleate, and Methyl Linoleate), By Application (Soap and Detergent, Personal Care and Cosmetics, Lubricants, and Additives, Biofuel, Textile Treatments, Paints and Coatings, Agriculture and Others) and By Region (North America, Europe, Asia-Pacific, and Rest of The World) - Forecast Till 2030
New York (US), May 01, 2023 (GLOBE NEWSWIRE) -- Palm Methyl Ester Derivatives Market Overview
The MRFR study reports imply that the “Palm Methyl Ester Derivatives MarketResearch Report Information by Product Type, Region, and Application - Forecast Till 2030”, the global Palm methyl ester derivatives market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 5.92%. The reports further predict the market will acquire nearly USD 2.4 billion by the end of 2030. As per the documents, the Palm methyl ester derivatives market was valued at nearly USD 1.5 billion in 2021.
Market Scope
The global Palm methyl ester derivatives industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising demand for palm methyl ester derivatives in various end-user applications.
The global Palm methyl ester derivatives industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising demand for palm methyl ester derivatives in various end-user applications. Furthermore, the rising demand for biofuel is also anticipated to boost the market's performance over the coming years.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Palm methyl ester derivatives market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the product types, the methyl oleate segment secured the leading position across the global market for Palm Methyl Ester Derivatives in the year 2021, given mainly to the surge in demand for biodiesels globally. Furthermore, the growing adoption of sustainable products given to lower carbon emissions is also boosting the segment's development over the coming years.
Among all the applications, the personal care and cosmetics segment held the leading position across the global Palm Methyl Ester Derivatives market in 2021. The primary parameter supporting the development of the segment is the rapid demand for ester-based surfactants in the personal care and cosmetics industry. Furthermore, the rising application of palm methyl ester derivatives in various end-use industries will likely enhance the segment's performance over the coming years.
The global Palm methyl ester derivatives market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Palm methyl ester derivatives industry in 2021. The reports further predict the market to thrive considerably during the assessment period. The main parameter supporting the development of the regional market is the presence of manufacturing facilities. Furthermore, the growing adoption of sustainable products across the region is also considered one of the crucial parameters boosting the demand for palm methyl ester derivatives across the regional market. China is the fastest growing market as the country is one of the leading manufacturing hubs for several application areas such as soaps & detergents, biofuels, agricultural products, lubricants, cosmetics, and many more. For example, per the United States Department of Agriculture, biodiesel production in China will be nearly 1.7 billion liters in 2021, up by more than 54% from 2020, given the strong exports. Therefore, Asia-Pacific is projected to showcase the maximum growth rate over the evaluation period from 2022–2030.
The European regional palm methyl ester derivatives market is anticipated to secure the second spot globally over the assessment period. The growing adoption of bio-based products in end-user sectors to substitute non-renewable fuels with renewable and ecologically friendly fuels encouraged by the government is considered one of the vital parameters supporting the development of the regional market. The region has Germany as the leading growth contributor. At the same time, the U.K. is anticipated to showcase the highest growth rate over the coming years.
The North American regional market for palm methyl ester derivatives showcased a considered development in the year 2021, given mainly to the high adoption of sustainable products to lower carbon emissions. Moreover, the U.S. palm methyl ester derivative market secured the top position across the regional market regarding revenues. On the other hand, Canada is anticipated to grow at the maximum pace over the coming years.
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