Methyl myristate is an ester derived from tetradecanoic acid and commonly used as a fragrance ingredient in personal care products such as perfumes and cosmetics. It provides a floral, fruity scent and blends well with other aromas. Methyl myristate is increasingly being utilized in cleaners, lubricants, solvents and food flavorings due to its low toxicity. As a lubricant, it has good oxidation stability, wide liquid range and low pour point. Methyl myristate also finds applications as an emollient and thickening agent in cosmetic formulations.
The Global Methyl Myristate Market is estimated to be valued at US$ 22.95 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024 to 2031. Growing demand from the personal care industry and expansion of the lubricants market is fueling market growth.
Key Takeaways
Key players operating in the Methyl Myristate are Turo, Getaround, Zipcar, Drivy, SnappCar, Car2Go, Maven, HiyaCar, DriveNow, RelayRides. These companies have steadily expanded their business operations across major cities to tap the sharing economy potential.
The growing Methyl Myristate Market Demand for personal care and cosmetic products worldwide has driven the need for emollients and thickeners such as methyl myristate. Rising disposable incomes in developing countries allow customers to spend more on premium personal care brands that use methyl myristate as a key ingredient.
Rapid urbanization coupled with congested cities has led to the rise of shared transportation services across the globe. Companies operating in the shared mobility space have grown exponentially over the past decade and are increasingly using methyl myristate in lubricant applications to smoothly run their large fleet of vehicles.
Market drivers
One of the key drivers of the methyl myristate market is the boom in the shared economy. With apps and internet penetrating all around, the concept of asset sharing rather than owning is gaining popularity, especially among the young generation. This has boosted several sharing platforms for transportation, accommodation, working spaces and more. As more people adopt the shared lifestyle, it is positively impacting the volumes of lubricants, personal care products and cleaners that use methyl myristate. The growing sharing economy has enabled higher production of methyl myristate to meet rising demand from related end use industries.
Impact of geopolitical situation on Methyl Myristate market growth
The global Methyl Myristate market growth is facing challenges due to the ongoing geopolitical tensions and conflicts between various countries. The rising tensions between major economies like US, China and India has negatively impacted the cross border trade and collaborations between companies located in these regions. This has hindered the supply chain operations and distribution channels of Methyl Myristate market players.
The ongoing Russia-Ukraine conflict has disrupted the supplies of raw materials and impacted production activities for some key players located in Eastern Europe. This has constrained their production capacities and ability to fulfill international orders. Rising energy prices and sanctions on Russia have increased the input costs for most organizations. This would force them to raise prices of Methyl Myristate, reducing its demand in price sensitive segments.
The Covid pandemic outbreak and subsequent lockdowns across major economies massively hurt the consumer goods sector which is a major end user industry for Methyl Myristate. With economic activities shrinking, demand from personal care and cosmetics sectors declined sharply. Geopolitical conflicts prolonging economic uncertainties would impact consumption patterns and demand revival in coming years.
To overcome these challenges, companies should focus on diversifying their supplier networks and look at alternative sourcing options from politically stable regions. Adopting a decentralized regional production model instead of relying on few global manufacturing hubs would help mitigate supply risks. Investing in R&D to develop substitutes using indigenous raw materials can provide a strategic advantage.
Regions concentrated in Methyl Myristate market
North America currently dominates the global methyl myristate market in terms of value, accounting for over 35% of the total sales. Key countries contributing significantly include the United States and Canada. Easy availability of raw materials, well established personal care industries and high spending on beauty & skincare products drive the massive consumption.
Asia Pacific follows next with around 30% share led by developing countries like India and China. Rapid urbanization, changing lifestyles and rising disposable incomes are fueling the adoption of premium cosmetics in the region. Various multinational brands are establishing manufacturing plants in Asia to cater the growing regional demand.
Europe holds the third largest share with major contributors being Germany, United Kingdom, Italy and France. Mature markets, strong presence of beauty brands and high product innovation are factors sustaining the sales.
Fastest growing region for Methyl Myristate market
Asia Pacific region is expected to witness the fastest growth during the forecast period in the global methyl myristate market. This can be attributed to growing industries like paints & coatings, personal care & cosmetics sector in developing nations. Rapid economic development, increasing consumerism, and rising health & beauty consciousness among youth are driving the sales of premium skin and hair care brands using methyl myristate.
China dominates the Asia Pacific methyl myristate consumption due to large population, boosting cosmetic industry and presence of leading global & local manufacturers. India and Southeast Asian countries will experience high single digit CAGR over next decade. Asia represents huge untapped opportunities for international players and favorable foreign investment policies are encouraging them to set up production hubs to cater rising regional needs. Continuous product innovations, affordable prices and aggressive marketing are fueling the massive demand growth from Asia Pacific region.
Get More Insights on Methyl Myristate market
The global methyl methacrylate market size is projected to reachUSD23.45millionby the end of 2027.
According to a report published by Fortune Business Insights, titled“Methyl Methacrylate (MMA) Market Size, Share and COVID-19 Impact Analysis, By Application (Chemical Intermediate, Surface Coatings, Emulsion Polymer), By End-Use (Building and Construction, Automotive, Electronics, Paints and Coatings, and Others), and Regional Forecast, 2020-2027,”the market was worthUSD12.57millionin 2019 and will exhibit a CAGR of 8% during the forecast period, 2020-2027.Covid-19 Pandemic has Halted Construction Activities, Subsequently Affecting Manufacturers in this SectorThe recent coronavirus outbreak has created a sense of urgency across the world.
The strict social distancing practices and lockdowns imposed by governments across the world have affected building and construction as well as manufacturing activities.
This product is mainly used in manufacturing of widely used thermoplastics such as ABS, PVC, and acrylics.
Subsequently, growing investments will encourage newer market entrants in the coming years.
Among all factors, the increasing number of company collaborations and mergers, aimed at development of efficient products, has made the highest impact on market growth.Due to the rising demand for methyl methacrylate across the world driven by increasing applications, several large scale companies are looking to adopt standout strategies that will help them acquire a wider consumer base, even in a highly competitive market.
