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.