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.
Palm oil is one of majorly consumed oil in several regions across the globe. However, palm oil possesses high viscosity, therefore, cannot be used directly as engine oil. Henceforth, they are reacted with methanol to form methyl esters. In recent times, palm methyl esters act as the substitute for conventional fuels. As palm methyl esters are the base material for producing biofuels. This factor is likely to reinforce the growth of palm methyl ester market in near future.
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The increasing trend for eco-friendly fuel is likely to drive the palm methyl ester market. Moreover, rising demand from end-user industry such as food industry, lubricant agriculture is expected to trigger the growth of palm methyl ester market in the coming years. Growing industrial sector is expected to aid the growth of palm methyl ester market in the coming years. High accomplishment from the government for use of bio-based fuel is predicted to bloom the palm methyl ester market in the forecast period. However, environment concerns regarding plantation of palm may impede the growth of the palm methyl ester market. Nevertheless, ongoing research for exploiting properties and untapped opportunities of palm methyl ester is likely to positively impact on palm methyl ester market in the coming years.
Several applications for palm methyl ester are biofuel, food, lubricants, surfactants, agriculture, solvents, polymers, metal working fluids and others. Lubricants and biofuel were the leading segment of the palm methyl ester market in 2015. Various agencies such as EPA, UNEP, and WNO are practicing to encourage the consumption of renewable fuel which is expected to shore up the growth of palm methyl esters market in near future. Growing awareness for eco-friendly and efficient fuel is likely to boost the biofuel market which will result in the high growth of palm methyl ester market in coming years.
Asia Pacific governed the palm methyl ester market in 2015 with 56% of the total market share. This is mainly attributed to the presence of abundant raw material especially in India. Asia-Pacific is the major consumer for palm oil, as it is majorly used as emulsifiers in the food industry and lubricants in the automotive sector in various regions of Asia Pacific. Escalating investment in bio fuels by Europe is likely to boost the bio fuel market which in turn is expected to spur the growth of palm methyl ester in the forecast period. The Middle East and Africa is witnessing predominant growth for the palm methyl ester in recent times and is to gain traction in the forecast period. Huge usage of palm methyl ester in surfactants along with utilization of palm methyl ester as lubricants in the agricultural industry is likely to brisk the growth of palm methyl ester market in coming years. Increasing government initiatives to uphold the eco-friendly development in the manufacturing sectors is expected to aid the growth of palm methyl ester market in this region. Latin America is likely to witness decent growth in the forecast period.
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.
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