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"The demand for esters was estimated at USD ~ 73.9 billion in 2019. It is projected to witness a CAGR of 5.3% during the forecast period (2020-2028)"
The global esters market is growing significantly owing to large scale investments observed in the chemicals, food & flavor, along with lubricant manufacturers. Large consumption worldwide and wide application of ester are other prominent factors driving the market growth. The growing demand of esters for improving the overall mechanical performance, driving their increasingly prominent use in applications for automotive lubricant will also boost the market growth. Clean operations at high temperatures as well as low-temperature flow make esters preferred in the production of lubricants for automotive, aviation and other manufacturing industries. The increasing popularity of bond manufacturing has appeared as a notable trend in the industry which will help the market growth.
The rising demand of esters in various industries such as automotive, aviation, textiles, food and others will enhance the market in years to come. Rising adoption of bio-based or eco-friendly esters will also spur revenue growth. Growing consumption of ester in the paper & pulp industry will also enhance the market growth.
The global esters market on the basis of the end-use segment is bifurcated into food, automotive & aviation, marine, textiles, cosmetics & personal care products, chemicals, and manufacturing. The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
As per application, lubricants expected to grow at the significant rate
By application, lubricants are expected to witness the highest growth in the esters market across the globe. It is expected to hold XX% of the total market.
Rising demand for industrial lubricants in the automotive & aviation industry will boost the segment growth. Rapid industrialization in the developing nations has surged the manufacturing industry owing to which the demand for lubricants is increasing. Automation introduction and adoption of Industry 4.0 will also enhance the demand for the lubricant segment. Growing automotive, industrial, marine and aviation industry will also spur the revenue growth for the lubricants segment in years to come. The segment will show significant growth in the years to come.
By End-use, Textiles are estimated to witness high sales in esters market
The esters market was dominated by the textile industry in 2019. The textiles segment has its dominance owing to lightweight properties and high strength of polyesters. The global textile market in 2018 was valued more than 850 billion and expected to increase with a CAGR of around 4% in years to come. The growing textiles industry in the emerging economies will also spur the segment growth. Thus, the segment will witness significant growth during the forecast period.
On the other hand, the automotive & aviation segment will show substantial growth during the forecast period. Rising adoption of esters as a base stock in lubricants is the major factor for the segment growth. The marine and manufacturing industry will also show significant growth in the years to come.
Asia Pacific region to dominate the overall esters market in terms of revenue share.
The Asia Pacific dominates the esters market in 2018. The Asia Pacific has its dominance due to the high demand of esters in the packaging & textile industry, growth of the automotive industry and rapid industrialization. China and India will be the key contributor to the growth of the Asia Pacific esters market in years to come. The market is expected to register a CAGR of XX% during the forecast period.
North America and Europe have a significant share in the esters market owing to the developed automotive and automation industries in the region.
BASF SE, Exxon Mobil Corporation, Hatco-Lanxess, Arkema, Ashland, Inc., Sinopec Group, Evonik Industries AG, Cargill, Inc., Hexion, Procter & Gamble, Kao Corporation, Oleon N.V., Mitsubishi Chemical Corporation, PMC Biogenica, Calumet Specialty Products Partners, L.P., Croda International plc, NYCO SA, Interplastic Corporation, NYCO SA, ZSCHIMMER & SCHWARZ, Teknor Apex, Hallstar, Monument Chemical, Shanghai huazhen Technology Co., Ltd., Sisterna, New Japan Chemical Co., Ltd., Kowa American Corporation, NIPPON SHOKUBAI CO., LTD., SHOWA DENKO K.K., SK Chemicals., are few of the key players in the global esters market.
Segmentation of Global Esters Market:
Esters Market by Product Type:
- Dibasic Esters
- Polyol Esters
- Methyl Esters
- Nitrate Esters
- Vinyl Esters
- Phosphate Esters
- Acrylic Esters
- Sucrose Esters
- Fatty Acid Esters
Esters Market by Product Type:
- Automotive Lubricants
- Aviation Lubricants
- Industrial Lubricants
- Marine Lubricants
- Food-grade Lubricants
- Fuel and Oil Additives
- Flame Retardants
- Flavoring Agents
Esters Market by End-use:
- Plastic and Polymers
- Soaps and Detergents
- Paints and Coatings
- Agrochemicals and Domestic Hygiene Products
- Industrial Chemicals
- Automotive and Aviation
- Cosmetics and Personal Care Products
- General Manufacturing
Esters Market by Region:
- North America
- South America
- Middle East & Africa