Ester Market Insight | Size, Share Trends, Future Growth, Emerging Trends, Qualitative Outlook - Global Forecast to 2030
Market Overview:
Ester is synthesized from inorganic and organic
acids by dehydration with alcohol. Naturally, derived esters comprise of oils,
fats, and triglycerides. A common type of esters consists of nitrate esters,
fatty acid esters of glycerol, and others depending on the alkyl or aromatic
group. It provides multi-functional properties such as superior spreadability,
high oxidation stability, and less pour point, which makes them suitable for
utilization in various ends use industries such as food & beverage, cosmetic
& personal care, paint & coatings, construction, pulp & paper,
lubricant, and others.
Some of the important factors that positively
influence the growth of ester market insight are improving construction
industry, expanding automotive industry, and rising mining activities in
developing countries. In the recent years, increasing growth of the automotive
sector is observed due to the investment of key manufacturers in emerging
economies on account of favorable norms. Furthermore, rising population along
with increasing consumer spending on personal care products in developed and
developing region is estimated to drive the growth of the market. Furthermore,
rising building & construction activities along with increasing consumption
of lubricants are estimated to fuel the demand for ester market over the
assessment period 2017-2023. However, complex processing and relatively higher
production cost of ester for a specific application is predicted to hamper the
growth of the market in the upcoming years.
Market Segmentation:
The global Ester Market
Insight is segmented on the basis of source, application,
end use industry, and region. On the basis of the source, ester market is
categorized into natural and synthetic. On the basis of the application, the
market is classified into adhesive, oil additive, binder, sizing agent, and
others. Among these, oil additives are estimated to grow at a significant CAGR
due to rising demand for ester based lubricants from various end-use
industries. On the basis of the end use industry, the global ester market is
categorized into cosmetic & personal care, lubricant, paint & coatings,
pulp & paper, construction, and others. Among the end use industry segment,
lubricant as well as cosmetic & personal care together accounted for the
largest market share in terms of value and is estimated to grow at a healthy
CAGR due to rising automotive production and sales along with high consumption
of personal care products such as cream, lotion, shampoos, and conditioners.
The construction segment is estimated to register significant growth due to
increasing maintenance and renovation work in residential & commercial
buildings, as well as for onsite application.
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Regional Analysis:
The Asia Pacific is estimated to be the largest
ester market followed by North America and Europe owing to increasing demand
from building & construction, automotive, aerospace, and among others.
Emerging economies such as India, Thailand, Malaysia, China, and South Korea
are the fastest growing market for ester and is expected to grow at the same
pace shortly. North America is expected to witness steady growth over the
estimated period on account of growing demand for textile and mining sector.
Developing countries of Latin America and the Middle East and Africa is
expected to witness a moderate growth on account of increasing end-use
application. In Europe, countries such as Germany, the U.K, and France are
predicted to witness a healthy growth due to increasing demand from automotive
manufacturers.
Competitive analysis:
The major players operating in the ester market are
Ashland (U.S.), DAK Americas (U.S.), Esterchem Ltd. (U.K), Huntsman
International LLC (U.S.), BASF SE (Germany), Evonik (Germany), Sigma-Aldrich
Co. LLC. (U.S.), U-PICA Company.Ltd. (Japan), Michelman, Inc. (U.S.), NOF
CORPORATION. (Japan), and Fushun Anxin Chemical Co., Ltd. (China) among others.
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