Asia Pacific Palm Methyl Ester Market to Grow with a CAGR of 4.17% through 2028
Surge in research and development activities is expected to drive the Asia
Pacific Palm Methyl Ester Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Asia Pacific
Palm Methyl Ester Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Asia Pacific Palm Methyl Ester Market stood at USD1.85
billion in 2022 and is anticipated to grow with a CAGR of 4.17% in the forecast
period, 2023-2028. The initiatives taken by government based on palm methyl
ester has led to favorable market conditions for the Asia Pacific Palm Methyl
Ester Market. Several factors contribute to the growth of various palm methyl
ester market products.
The Indonesian
government is actively planning to revamp its palm oil levy system in order to
further support its biodiesel program. The new rules, which are currently under
discussion, propose implementing a mechanism that would increase the levy when
global palm oil prices reach a certain threshold. This strategic move is aimed
at providing additional funding for the country's biodiesel initiatives, which
heavily rely on palm methyl ester (PME) as a key component.
In addition to
the government's efforts, the Indonesian Palm Oil Association (GAPKI) is
seeking a comprehensive review of the existing export levy policies in case
palm prices surpass 4000 RGT. This proactive initiative reflects the
association's commitment to ensuring the long-term sustainability of the
country's biodiesel blending rates, which heavily depend on the availability
and affordability of PME.
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Research and
development (R&D) initiatives have played a crucial role in driving
significant advancements in the quality and efficiency of PME (Palm Methyl
Ester) production. Through the implementation of advanced processing
techniques, the purity levels of PME have been greatly improved, resulting in
higher yields and making the production process more cost-effective.
Furthermore,
extensive research has also led to the development of PME variants with
enhanced properties. These variants exhibit improved oxidative stability,
ensuring longer shelf life and enhanced performance in various applications.
Additionally, the introduction of PME variants with lower pour points has
expanded their suitability for a wider range of industries and environmental
conditions.
These continuous
improvements in PME production have not only enhanced its competitiveness in
the market but have also significantly contributed to its overall growth and
market demand. The ongoing commitment to research and development in this field
continues to drive innovation and unlock new opportunities for the PME
industry.
The Asia Pacific
Palm Methyl Ester Market is segmented into derivative, application, regional
distribution, and company.
Based on its derivative, the methyl oleate segment held
the largest share in the market. The Asia-Pacific region, especially China, is
renowned as a significant producer of methyl oleate, providing it with a
distinct competitive advantage in the market. This dominance can be attributed
to a combination of factors, including the region's abundant palm oil resources
and its advanced processing capabilities. These key strengths have propelled
the Asia-Pacific region to the forefront of the global methyl oleate market.
Moreover, the region's market dominance is reinforced
by the escalating domestic demand for methyl oleate, particularly driven by the
exponential growth of industries such as cosmetics and personal care in countries
like China and India. As these industries continue to flourish, the demand for
methyl oleate as a vital ingredient in their formulations experiences a
parallel surge, further cementing the Asia-Pacific region's prominent position
in the market.
Based on region, China segment is expected to grow
during the forecast period.
One of the significant factors contributing to China's
dominance in the market is the abundant availability of palm oil, which serves
as the primary feedstock for PME production. Despite not being a major palm oil
producer, China has positioned itself as one of the largest importers of palm
oil on a global scale. This strategic move ensures a consistent and
uninterrupted supply of raw materials, allowing China to maintain its leading
position in the market, meet the growing demand for PME, and further solidify
its foothold in the industry. With a reliable source of palm oil, Chinese
manufacturers can continue to produce PME efficiently, meeting both domestic
and international needs, and fueling the country's economic growth in this
sector.
Major companies operating in Asia Pacific Palm Methyl
Ester Market are:
- Emery Oleochemicals Japan Ltd
- Klk Oleo Sdn. Bhd.
- Universal Biofuels Private
Limited
- Wilmar International Limited
- Procter & Gamble Chemical
Services Pte Ltd
- Timur Oleochemicals Malaysia
Sdn. Bhd.
- Vance Bioenergy Sdn. Bhd.
- Future Prelude Sdn. Bhd.
- Carotino Sdn. Bhd.
- BASF SE
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“Growing application of palm methyl ester in various
end user industries are key drivers of the palm methyl ester market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of palm methyl ester with every
passing year are anticipated to register an impressive growth to Asia Pacific
Palm Methyl Ester Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Asia Pacific Palm Methyl Ester Market By Derivative (Methyl
Linoleate, Methyl Laurate, Methyl Palmitate, Methyl Caprylate, Methyl
Myristate, Methyl Oleate, and Others), By Application (Agriculture, Lubricants,
Solvents, Polymers, Fuel, Food, and Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Asia Pacific Palm Methyl Ester Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Asia Pacific Palm Methyl Ester Market.
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