Polyol Esters Remain Highly Sought-After Products in Esters Market. Rapid growth of end-use industries, growing popularity of bio-based products and penetration of advanced manufacturing technologies are some of the key trends shaping the growth of esters market
NEWARK, Del. , Aug. 16, 2022 /PRNewswire/ -- The global ester market is expected to create an absolute dollar opportunity throughout the forecast period 2022-2029. It is anticipated to be worth approximately US$ 89.36 Bn in 2022 showcasing a healthy CAGR of 5.2% totaling US$ 127.41 Bn by 2029. Owing to the increasing demand for esters from diverse end-use industries including chemicals & materials, food & beverage, and automotive are expected to drive the growth of the market.
Ester is considered an essential constituent for making a variety of substances including lubricants, flavoring agents, and surfactants. Their high usage has been witnessed in the automotive, food, and cosmetic sectors. In 2020, the esters market formed around 11.0% of the global specialty chemicals market.
A half-yearly comparison of the growth forecast for the demand of esters has been presented by Future Market Insights along with recent developments being witnessed in the market. One of the key factors propelling the market is the expansion of the automotive and construction industries.
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Some of the crucial drivers that are estimated to surge the growth of the ester market include the introduction of bio-based esters and the rising adoption of esters in the formulation of lubricants, solvents, surfactants, flavoring agents, personal care products, etc.
The global demand for an ester is estimated to skyrocket and witness a growth rate of 5.4% during the first half of 2022, whereas the market was forecast to grow with a 5.2% CAGR as per the earlier projections.
Accounting for surging growth in the automotive and construction industry is set to drive the market growth in the global scenario. Due to the introduction of bio-based esters and increasing adoption of esters for formulating lubricants, solvents, surfactants, flavoring agents, personal care products, etc. are some of the major factors driving the market.
The chemical industry is excessively using ester as the compound is the preferred base stock in lubricant formulation for the automotive, aviation, and other manufacturing industries because they have a clean operation at high temperatures and low-temperature flow ability.
The diverse application of ester compounds in the formulation of fragrances, varnishes, paints, and lubricants is multiplying its demand all over the world. Esters are chemical compounds derived from organic or inorganic acids by substituting a hydroxyl group (-OH) with an alkyl group (-O-).
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Mitsubishi Chemical Corporation, Exxon Mobil Corporation, Cargill, Inc., The Procter & Gamble Company, Lanxess AG, Arkema SA, and Evonik Industries AG are some of the key companies profiled in the full version of the report.
Leading players operating in the global esters market are investing in partnerships, advanced product launches, collaborations, acquisitions, and the establishment of new facilities to gain a competitive edge in the global market.
Key players are heavily investing in geographical and capacity expansions in order to gain momentum in the market. In addition to that, market players are inclining towards renewable sources for esters production to set up a circular economy infrastructure to sustain in the competitive environment.
More Insights into Esters Market
The East Asia region is expected to dominate the global ester market which accounts for 26.7% of the total market share in 2022, with China emerging as a lucrative pocket over the forecast period.
Over a span of time, China is gradually becoming a global leader in automotive and chemical production owing to its rapid expansion of these end-use industries is anticipated to boost the sales of esters.
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Ester comes with a variety of benefits including low cost, high performance, easy availability, and low environmental impact. Backed by such factors, China has led to the establishment of giant manufacturing bases.
As per FMI analysis, the U.K. market is emerging as a leading market for ester from end-use industries such as food & beverages, cosmetic & personal care, and chemicals. The U.K. is accounted to hold a market share of 23.9% in 2022.
The strong demands for cosmetic products and personal care items are surging due to changing lifestyle patterns and an increase in disposable income in the U.K. This is having a positive impact on the sales of esters.
The U.S. esters market is poised to exhibit strong growth on account of the expansion of the construction industry and growing demand for ester-based high-performance lubricants.
The growing adoption of ester across the textiles, food, and general manufacturing sectors is triggering the growth of the esters market in the country.
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