Palm methyl ester, produced from palm oil, is majorly used as biodiesel and biofuels. Palm oil is converted into palm methyl ester through a process known as transesterification, wherein methanol is used as a catalyst. It falls under the category of renewable diesel fuel known as fatty acid methyl ester (FAME). Apart from being used as fuel, it can also be used as solvents, hydraulic fluids, emulsifiers, lubricants, and others.
The global palm methyl ester market is expected to witness significant growth at a CAGR of 6% over the forecast period. Increasing environmental concerns due to non-renewable fuel consumption is expected to increase demand for renewable fuel, which in turn will drive growth of palm methyl ester market. The advantages of using palm methyl ester as diesel fuel are its portability, availability, renewability, and biodegradability. Moreover, environmental agencies such as Environmental Protection Agency is taking initiatives to encourage consumption of renewable fuels over diesel, which is expected to drive growth of the market over the forecast period.
Depleting source of fossil fuels and increasing demand for palm methyl ester from various end-use industries such as food and agriculture, automotive, and oil & gas industries are other major factors that are expected to fuel growth of the palm methyl ester market.
On the basis of region, the global palm methyl ester market is segmented into North America, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific held dominant position in the palm methyl ester market, followed by Europe and Middle East & Africa. The market in Asia Pacific is expected to witness high growth in the near future, owing to introduction of biodiesel policy in India and various initiatives taken by regional government to promote use of biodiesel as a fuel in passenger vehicles over diesel.
Increasing product base in food applications is expected to significantly drive growth of the Middle East & Africa palm methyl ester market over the forecast period. Moreover, in Europe, as palm methyl ester meets the European standards for biodiesel, it is widely accepted as biodiesel in the region. Also, it has been successfully evaluated as a diesel alternate in summer and with an additive in winter due to its poor cold-flow properties.
Some of the major players operating in the global palm methyl ester include Klk Oleo Sdn. Bhd., Ibmalaysia, New Britain Palm Oil Limited, Golden Agri-Resources, and United Plantations Berhad.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.