The global palm methyl ester derivatives market is projected to grow from USD 1.9 billion in 2022 to USD 2.6 billion by 2027, at a CAGR of 6.3% during the forecast period. Palm methyl ester derivatives are primarily used in personal care & cosmetic products, soaps & detergents, lubricants & additives, solvents, food & beverages and others.
The Procter & Gamble Company (US), Wilmar International Ltd (Singapore), Musim Mas (Singapore), KLK OLEO (Malaysia), Emery Oleochemicals (US), Hebei Jingu Plasticizer Co., Ltd. (China) are some of the key players operating in the palm methyl ester derivatives market. These players have adopted strategies such as joint ventures, and expansions to enhance their business revenue and market share. Expansion of production units globally is the key strategy adopted by these players to cater to the increasing demand for palm methyl ester derivatives.
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The Procter & Gamble Company is one of the major players in the global palm methyl ester derivatives market. It is involved in the production and selling of palm methyl ester derivatives. The company serves approximately 80 countries across the Americas, Asia Pacific, and other regions of the world. It has about 31 domestic manufacturing facilities across the US along with other overseas manufacturing facilities which allows the company to meet the consumer demand. The company has a considerable focus on its fabric & home care segment as it generates 34% of revenue for the company. This indicates a good platform for the growth of its palm methyl ester derivatives business.
Another important player in the global palm methyl ester derivatives market is Musim Mas. In October 2019, Musim Mas announced the opening of its new innovation and research and development center in Singapore. The company aims to develop innovative solutions for using palm oil-based functional blends and specialty fats to address diverse needs across the food & beverage industry. With this expansion, Musim Mas will be more capable of meeting the rising demand for palm methyl ester derivatives in the Asia Pacific market and ensure steady customer supply.
Palm Methyl Ester Derivatives Market by Product, Source (Crude Palm Oil, Palm Kernel Oil), End-Use (Soaps & Detergents, Personal Care & Cosmetic Products, Food & Beverages, Lubricants & Additives, Solvents), and Region - Global Forecast to 2027
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