Ester Market Insight Growth | Size, Share Trends, Future Growth, Emerging Trends, Qualitative Outlook
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 Growth 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.
Regional Analysis:
The
Asia Pacific is estimated to be the largest ester market growth 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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