Burlingame, April 17, 2023 (GLOBE NEWSWIRE) -- The Global Methyl Myristate market was valued at US$ 19.1 Bn in 2022 and is expected to exhibit a CAGR of 4.27% the forecast period (2023-2030).
Key Trends and Analysis of the Global Methyl Myristate Market:
Increasing research and development in the luxury food sector and cosmetics
Increase in the research and development investment to produce more innovative and luxurious food products by the food manufacturers can propel the global methyl myristate market growth in forecast period (2023-2030).
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Rise in the introduction of new product in the cosmetics industry is expected to drive the global methyl myristate market in near future. Furthermore, various companies requiring methyl myristate and are adopting various innovation in the cosmetics products using methyl myristate in skin conditioning agents that has the quality to soften or soothe the skin, and this can propel the global methyl myristate market growth during forecast period.
Other uses of methyl myristate apart from food and cosmetics industry include in the chemical industry as jet lubricants, plasticizers, rolling oils, low VOC (Volatile Organic Compounds) solvents, and in metal working fluids along with the usage as solvents for inks, solvents for paint removals, stabilizers, resins, and in production of plasticizer alcohols.
Methyl Myristate Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 19.1 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 4.27% | 2030 Value Projection: | US$ 26.69 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Procter & Gamble (P&G) Chemicals, CREMER, Wilmar, VVF Ltd., KLK OLEO, Inoue Perfumery MFG, Wuhan Yuancheng Gongchuang, Changsha Jianglong Chemicals, Godrej Industries. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Restrictions associated with the storage of Methyl Myristate
Methyl Myristate is required to be stored in tightly closed containers in cool and dry place. It is to be protected from the light and the storage of methyl myristate more than 24 months will affect the quality of methyl myristate which hinders the global methyl myristate market.
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Key Market Takeaways
Global methyl myristate market is expected to exhibit a CAGR of 4.27% over the forecast period (2023-2030).
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
The product is used as an additive in various lubricants such as engine oil, hydraulic fluids, and greases. It helps in improving the performance of lubricants by reducing friction and wear. It is also used as plasticizer in polyvinyl chloride (PVC) products such as pipes, sheets, and wires.
Competitive Landscape:
Major market players are using different strategies such as Mergers, Acquisitions, Joint ventures, and Capacity expansion in order to increase their manufacturing capacity of the methyl myristate, due to increasing demand for the lubricants in the automobile industry and its usage in cosmetics industries.
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Market Segmentation:
- Global Methyl Myristate Market, By Types:
- Industrial Grade
- Food Grade
- Cosmetics Grade
- Others
- Global Methyl Myristate Market, By Application:
- Personal Care & Cosmetics
- Food
- Lubricant & Additives
- Others
- Global Methyl Myristate Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- South Africa
- North Africa
- Central Africa
- By Country:
- North America
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