The utilization of personal care products on a daily basis has become quite normal, due to which the personal care industry has been expanding rapidly. In fact, these days people are becoming aware regarding the harmful effects of chemicals that are used in these products, which is why the preference for organic personal care products is growing. Since organic products are made from organically produced ingredients that are free from pesticides, they are beneficial for the skin. Owing to this, companies are making use of palm oil and its derivatives, including stearin and olein, as precursors for the manufacturing of beauty products.

Palm oil is a vegetable oil that is converted to biodiesel through transesterification process utilizing methanol as a catalyst . As palm methyl ester derivatives are bi-based products, their demand in applications such as solvents, personal care products and cosmetics, soaps and detergents, and lubricants and additives is increasing. As per a P&S Intelligence report, valued at $1,443.4 million in 2018, the global palm methyl ester derivatives market is predicted to surpass $2,106.7 million by 2023, advancing at a 6.4% CAGR during the forecast cast (2019–2023).

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Palm kernel oil (PKO) and crude palm oil are the two types of palm oil. PKO is used as a raw material in the manufacturing of final formulations of pharmaceuticals, detergents, food & beverages, and several other medium-chain fatty alcohol-based substances. This is because of the presence of antioxidants, vitamin A and vitamin K, healthy unsaturated fats, and other nutrients in PKO.Product types of palm methyl ester derivatives which are used in the above-mentioned applications are methyl myristate, methyl caprylate, methyl laurate, methyl linoleate, and methyl oleate. In the past, methyl oleate was in demand the most because of its increased utilization as solvent in industrial cleaners, as lubricant for metal cleaning, and as surfactant in personal care products.

Till now, it has been observed that personal care products and soaps & detergents are the major applications of palm oil, however, it also has the scope of being used in applications such as the manufacturing of alternative fuels, such as biodiesel. Biodiesel can produce energy efficiently and has low negative impacts on the environment. The fuel is produced from fatty acid methyl esters of vegetable oils, such as palm oil and rapeseed oil. Palm oil biodiesel can be utilized in diesel engines without making any modification and can also be blended with traditional diesel for producing different proportions of palm methyl ester diesel blend fuels. This is predicted to open up opportunities for the companies in the market.

In the past, the Asia-Pacific (APAC) region made the most use of palm methyl ester and its derivatives, which is ascribed to the presence of high-volume feedstock, growing requirement for beauty and personal care products, and low manufacturing cost in the region. In addition, because of these factors, the APAC region is expected to remain the largest palm methyl ester derivatives market in the coming years as well, with China leading the regional domain.

Hence, the need for palm methyl ester derives is rising because of the growing demand for organic personal care products and alternative fuels.