Palm oil derivates are widely used in the production of personal care products, as they contain beta-carotene, which is a strong antioxidant that eliminates free radicals. These derivates are, therefore, used as viscosity modifiers, humectants, and emollients in such items. Products containing such derivates are non-toxic and highly biodegradable in comparison to petroleum-derived substitutes. In this regard, the rapid shift toward natural personal care products has led to the production of organic haircare and skincare products containing palm methyl ester derivatives.
Moreover, the rise in the adoption of palm-oil-based biodiesel is catalyzing the demand for the derivatives of palm methyl ester. There has been a rapid shift toward renewable energy sources, including biodiesel, from conventional sources, as they are a less-polluting fuel. Biodiesel is derived from fatty acid methyl esters (FAMEs) of vegetable oils like palm oil and rapeseed oil, which is why it has a weaker environmental impact in comparison to diesel fuel. This factor will, therefore, assist the palm methyl ester derivatives market in growing from $1,443.4 million in 2018 to $2,106.7 million by 2023 at a 6.4% CAGR during the forecast period (2019–2024).
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According to P&S Intelligence, the Asia-Pacific region has demanded the largest quantity of palm methyl ester derivatives till now. This can be owed to the high-volume availability of the feedstock, low manufacturing cost, and widescale adoption of beauty and personal care products. Owing to these reasons, APAC will remain the largest consumer of these derivatives in the coming years, with China utilizing their highest quantity. With a surge in their disposable income and growing influence of the Western culture, regional inhabitants have become more conscious of their appearance, which is why cosmetics and personal care companies are making brisk business.
Thus, the switch toward natural cosmetic products and biodiesel will amplify the application of palm methyl derivatives in the coming years.
Read More: https://www.psmarketresearch.com/market-analysis/palm-methyl-ester-derivatives-market
