Global palm methyl ester market was valued at approximately USD 4,700 million in 2014. The industry is expected to be driven by increasing palm oil based bio-diesel acceptance across the world. Growing environmental concerns and health problems on account of non-renewable fuel consumption have spurred the need for environmental friendly products.
Palm oil owing to higher viscosity is not directly consumed as engine oil. Therefore, the product is converted into methyl ester in the presence of methanol, which acts as a catalyst. Thus, high renewable fuel demand is expected to directly impact global palm methyl ester market.
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Environmental agencies such as EPA, UNEP, and WNO which aim at protecting environment and promoting environmentally sound practices and regulations are encouraging consumption of renewable fuels over diesel. Such initiatives are also expected to drive global industry demand over the forecast period.
The product is currently used as a fuel for passenger cars and power stations and is expected to replace diesel in the coming years. Palm methyl ester is also used in industrial, food, cosmetic, and pharmaceutical areas. Other use includes oil field drilling fluids, fatty alcohol production, crop oil, and alkanolamides production.
The industry is segmented on the basis of application areas. Agriculture, lubricants, solvents, fuel, polymers, metal working fluids, surfactants, and food are the major application types. Agriculture segment includes solvents, adjuvants, enzymatic processes, active carriers, and pest control.
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Lubricants type includes fibers, automotive, transformers, hydraulic fluid, and biodegradable lubes. Solvents segment is further segmented into cleansers, inks, electronics, paint strippers, and graffiti removers. Fuel type includes generators, trucks, rail road, and heating candles.
Polymers segment consists of coatings and plasticizer. Metal working fluids segment is further divided into lubrication, alternate base oils, cooling, and metal cleaning. Surfactants segment includes personal care, detergents, and fabric softeners. Food segment is further segmented into emulsifiers.
Lubricants and fuel were the leading application segments in 2014 while food, agriculture, and polymers are expected to boost at a significant growth rates over the forecast period. Asia Pacific market dominated the overall palm methyl ester industry followed by Europe and Middle East & Africa.
Asia Pacific is expected to witness high growth in the coming years owing to introduction of bio diesel policy in India coupled with various initiatives by regional government to promote use of biodiesel as a fuel in passenger vehicles over diesel. Middle East & Africa is also expected to show significant growth over the forecast period owing to widening product base in food applications.
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