Methyl myristate is a yellow viscous liquid derived from plant and animal fats that has wide applications in lubricants, personal care products, fragrances, flavours, and industrial coatings. Due to easy availability of raw materials and cost-effectiveness, methyl myristate provides a sustainable alternative to petroleum-based products. It is used as a thickening agent in cosmetics, provides emollience and has antibacterial properties. Methyl myristate lubricates plastic parts in consumer goods, acts as a friction reducer in industrial equipment and transmission fluids for electric vehicles.
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.
Key Takeaways
Key players operating in the Methyl Myristate market are Turo, Getaround, Zipcar, Drivy, SnappCar, Car2Go, Maven, HiyaCar, DriveNow, RelayRides. Turo is the largest peer-to-peer marketplace for unique vehicles while Getaround is majorly focused on electric vehicles. Zipcar and Car2Go pioneered carsharing services for urban markets in North America and Europe.
The growing demand for personal care and cosmetic products along with increasing use of bio-lubricants is driving the growth of methyl myristate market. Rapid urbanization, rising disposable incomes and popularity of on-demand transportation are augmenting the car renting and carsharing business models globally.
The Methyl Myristate Market Demand is expanding globally with trade agreements reducing barriers, investments in manufacturing facilities and development of electric vehicles. The Europe and North America regions have stringent environmental regulations favouring the use of sustainable and eco-friendly products. Whereas, the Asia Pacific region is anticipated to be the fastest growing market with progress in end-use industries and changing consumer preferences.
Market key trends
One of the key trends in the methyl myristate market is increasing preference of bio-based lubricants and alternatives to petroleum-derived products. Methyl myristate offers comparable performance with less toxicity. It is readily biodegradable and produces non-hazardous degradation products. Another significant trend is the substantial growth in electric vehicles sales leading to new applications of methyl myristate as a friction reducing agent in transmission fluids. Battery developments are improving driving ranges while dropping prices and supportive government policies are accelerating e-mobility adoption globally.
Porter’s Analysis
Threat of new entrants: New entrants face high costs associated with R&D, manufacturing facilities, and brand differentiation advantages enjoyed by existing players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, switching costs are relatively low. Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to limited availability of raw materials and differentiation in quality. Threat of new substitutes: Substitutes like caprylic acid, lauric acid, and palmitic acid pose moderate threat. Competitive rivalry: Intense competition exists among existing players to gain market share.
Geographical regions with high market share in terms of value:
North America currently dominates the methyl myristate market and is expected to continue doing so over the forecast period. The region accounted for over 40% market share in 2024 due to large demand from personal care products and food additive industries in the US and Canada.
Fastest growing region:
Asia Pacific region is projected to be the fastest growing market for methyl myristate during the forecast period. Substantial growth of personal care and food & beverage industries along with rising disposable income in developing economies such as China and India is anticipated to drive the demand in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it