The palm methyl ester is mostly utilized in biodiesel and biofuels and is manufactured from palm oil. The process of transesterification, which uses methanol as a catalyst, transforms palm oil into palm methyl ester. It belongs to the fatty acid methyl ester group of sustainable diesel fuels (FAME). It can be used as a fuel, as well as solvents, hydraulic fluids, emulsifiers, lubricants, and other applications.
Market Trends
Over the forecast period, the worldwide palm methyl ester market is expected to rise at a high CAGR of 6%. As environmental worries about non-renewable fuel consumption grow, demand for renewable fuel is likely to rise, propelling the palm methyl ester industry forward. The mobility, availability, renewability, and biodegradability of palm methyl ester as diesel fuel are all positives. Furthermore, environmental agencies such as the Environmental Protection Agency are promoting the use of renewable fuels over diesel, which is projected to propel the market forward throughout the forecast period.
Market Prognosis
The global palm methyl ester market is divided into four regions: North America, Latin America, Asia Pacific, the Middle East, and Africa. The palm methyl ester market was dominated by the Asia Pacific, followed by Europe and the Middle East, and Africa. Due to the adoption of a biodiesel policy in India and several steps done by regional governments to promote the use of biodiesel as a fuel in passenger vehicles over diesel, the market in the Asia Pacific is likely to grow rapidly in the near future.
Players to Watch
Klk Oleo Sdn. Bhd., Ibmalaysia, New Britain Palm Oil Limited, Golden Agri-Resources, and United Plantations Berhad are some of the key companies in the global palm methyl ester market.
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