Market Trends of 9-Decanoic Acid Methyl Ester Industry
This section covers the major market trends shaping the 9-Decanoic Acid Methyl Ester Market according to our research experts:
Significant Demand from Personal Care Segment
- Decanoic acid are widely known for their high biodegradability, ecofriendly nature, and ability to be easily hydrolyzed. Such favorable properties contribute to the growing demand in several home and personal care applications.
- The 9-decanoic acid methyl ester is increasingly being utilized in the cosmetics and personal care industries. It is used as a primary ingredient in shampoos, lotions, body wash, soaps, and hand cleaners.
- One of the key reasons for the use of 9-decanoic acid methyl ester is due to the extraction from ecological sources, which reduces side-effects and cost. The introduction of biofuels directive and favorable regulations for bio-based products is expected to positively impact the market growth.
- Population growth, urbanization, changing living standards, and rising per capita income, among other factors have been significantly affecting the demand for home care products such as laundry detergents, soaps, and fabric conditioners, among others.
- Essentials like soaps and shampoos holds a major share in 9-decanoic acid methyl ester demand while personal care is anticipated to be the fastest growing application segment for the market.
- An unprecedented surge in demand for hand sanitizers and cleaners in the wake of the COVID-19 pandemic has in turn created a surge for essential commodities globally.
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Asia Pacific Region to Dominate the Market
- Asia-Pacific is anticipated to witness the highest CAGR during the period on account of high demand for flavors and fragrances from countries like China, South Korea, Japan, and India.
- The region is anticipated to witness slightly lower prices owing to ample availability of raw materials. The abundance of raw materials such as palm oil and coconut oil, which are used in the production of 9-decanoic acid methyl ester is driving the market's growth in the region.
- The Philippines is the world's largest producer of coconut oil. Indonesia and Malaysia together account for around 85% of the global palm oil production.
- In addition, the cost of production of methyl decanoate is low. The production of palm oil is high in countries like Malaysia and Thailand owing to the presence of abundant palm trees in tropical parts of the region. This in turn, positively impacts the demand for 9-decanoic acid methyl ester.
- With the increase in the disposable incomes of the middle-class population, the demand for personal care products is projected to increase steadily in the future, thereby, driving the market growth.
- Due to the aforementioned factors, the demand for 9-decanoic acid methyl ester is expected to increase in the region during the forecast period.
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