METHYL MYRISTATE MARKET ANALYSIS

The global methyl myristate market is projected to surpass US$ 26.69 Bn by the end of 2030, in terms of revenue, growing at CAGR of 4.27% during the forecast period (2023 to 2030).

Global Methyl Myristate Market- Drivers:

Growing demand for personal care and cosmetics

Nowadays, people are spending more money on personal care, hygiene, and cosmetic products, and this is driving the market growth. Myristic Acid, its salts and esters are used in eye makeup, soaps and detergents, hair care products, nail care products, shaving products, and other skin care products. Growing demand for hair care and skin care products is expected to boost global methyl myristate market growth.

Growing demand in chemical companies

Methyl Myristate is used in the production of cutting oils, defoamers, gear oils, jet lubricants, plasticizers, rolling oils, low-VOC (volatile organic compound) solvents, and metalworking fluids, solvents for inks and for paint removal, plasticizer alcohols, emulsifiers, stabilizers, resins, and flavorings. Growing demand in the automotive industry for the oils has significantly increased the demand for methyl myristate.

Figure 1. Global Methyl Myristate Market Revenue Share (%), By Region, 2022

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Among region, Asia Pacific is expected to be the leading market for methyl myristate during the forecast period. The Asia Pacific region is a desirable investment location for the producers of methyl myristate due to the availability of low-cost labour and raw materials and rising local demand for methyl myristate. The governmental regulations in the Asia Pacific region regarding ban of plastic bags, and the global warming initiatives are boosting the global market growth.

Global Methyl Myristate Market- Restraints

Restrictions associated with the storage of Methyl Myristate

Methyl Myristate should be stored in a tightly closed containers in a cool and dry place, and it should be protected from light. If it is stored more than 24 months its quality gets affected. Thus restrictions associated with the storage and transport is hindering the global methyl myristate market. Companies providing specialized containers for the storage of methyl myristate.

Global Methyl Myristate Market- Trends

Increasing demand for food flavoring and additives agents

Methyl Myristate is a white colored solid substance, and is insoluble in water.  It has waxy honey like odor and is used in food &beverages industry as a flavoring agent, food additive, and as a fragrance agent. Growing demand for luxury food and life style are one of the trends in the market that is increasing demand for methyl myristate. Nowadays, cosmetics has become an indispensable feature of the modern lifestyle of every individual. Moreover, development of people's internal intelligence, and their growing awareness of beauty is boosting usage of cosmetics in the international market. Currently, males use cosmetics more frequently in their everyday lives than women, this leads to increasing demand for cosmetics in the global market, and this increases demand for methyl myristate. All these factors including altering lifestyles is expected to drive the global methyl myristate market growth. 

Figure 2. Global Methyl Myristate Market Revenue Share (%), By Types, 2022

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Among Types, cosmetics grade segment is projected to lead the market of methyl myristate during the forecast period, accounting for 36.80% of market revenue share.

Global Methyl Myristate Market - Impact of Coronavirus (COVID-19) Pandemic

Methyl Myristate is mainly used in the automotive industry and in foods as a flavoring agent, food additive, fragrance agent, and as additive in the lubricant in automotive industry. Due to pandemic (Covid-19) the end- use industries are heavily affected. Logistical restrictions, lockdown and shutting down of the hotels and restaurants has slowed down the industries growth during the pandemic.

Competitive Section

Major players operating in the global methyl myristate market include Procter & Gamble (P&G) Chemicals, CREMER, Wilmar, VVF Ltd., KLK OLEO, Inoue Perfumery MFG, Wuhan Yuancheng Gongchuang, Changsha Jianglong Chemicals, and Godrej Industries.