Palm Methyl Ester MarketSize and Trends

Market Dynamics

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.