By region, the study provides palm methyl ester derivative market insights into North America, Europe, Asia-Pacific, and the Rest of the World. According to market statistics, the Asia-Pacific palm methyl ester derivative market holds the dominant share in 2021 and is expected to exhibit a significant CAGR during the study period. As per market data, this growth is attributed to the presence of manufacturing facilities, and the growing adoption of sustainable products across the region.
For instance, China's palm methyl ester derivative market is the fastest growing market as china is one of the largest manufacturing hubs for various applications such as biofuels, cosmetics, lubricants, agricultural products, soaps & detergents, and many more. For instance, according to the United States Department of Agriculture, biodiesel production in China is around 1.7 billion liters in 2021, up by more than 54% from 2020 due to strong exports. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Furthermore, the major countries studied are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Palm Methyl Ester Derivative Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Europe Palm Methyl Ester Derivative market accounts for the second-largest share in 2021. The adoption of bio-based products in end-user sectors to replace non-renewable fuels with renewable and ecologically friendly fuels encouraged by the government is supporting the market growth. Further, the German palm methyl ester derivative market held the largest market share, and the UK palm methyl ester derivative market was the fastest-growing market in the European region.
The North America Palm Methyl Ester Derivative market accounts for the third-largest share in 2021. This is due to the high adoption of sustainable products to reduce carbon emissions. Moreover, the U.S. palm methyl ester derivative market held the largest share, and the Canadian palm methyl ester derivative market was the fastest-growing market in the North American region
Leave a Comment