Esters Market Overview
The report is titled as ‘Esters Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the Esters market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. Esters market is expected to grow with significant rate in the near future.
In 2021, global esters market was valued at US$ 77,441.0 Mn and expected to grow significantly at a CAGR of 5.5% over the forecast period (2022-2028)
Esters Introduction
According to a basic definition, an ester can be understood as a chemical compound that is derived from an organic or inorganic acid in which at least hydroxyl (-OH) is substituted by an alkyl (-O-) group. To put it in easier terms, esters are the class of chemical compounds which are developed by bonding of an alcohol class with a class of organic acids, by losing water molecules. Moreover, esters are also generally obtained from carboxylic acids. It is also likely to be procured from the reaction of acid anhydride or acid halides with alcohols or by the reaction of salts of carboxylic acids with alkyl halides.
Other than that, there is another term called ‘Esterification’. Which refers to the process or a basic term for a chemical reaction, in which the two reactants (acid and the alcohol) develop an ester as the final reaction product. In present times, esters are witnessing high demand from the lubricant industry, as they fraternize with metal surfaces and decrease the amount of metal-to-metal contact throughout the sliding motion. Notably, structural factors that affect lubricity comprise the amount of branching, the chain length, and the location of linkages within the molecule.
Growing Demand for High Performance Lubricants from Industrial Sector
Oil and lubricants are few of the most prominent elements of this growing modern industrial sector all over the globe. Significant development in the industrial sector supported by growth in the economy especially in the developing nations has led to the upsurge development of manufacturing along with the industrial sector. Increasing automation in the industrial sector has elevated the adoption of complex machine, tools and equipment. Usage of advance technologies and machines is augmenting the output of several industries. Advancement in the technology and increasing adoption of modern age machinery are driving the demand for high performance lubricants. The demand for industrial lubricants is estimated to grow with a growth rate of 3 to 3.5% in the coming years. Esters are used in the manufacturing of lubricants. Growing demand for industrial lubricants all over the globe is anticipated to bolster the consumption of esters over the forecast period.
Esters Market Segmentation
The global esters market is segmented on the basis of product type, application, end user industry, and region.
By Product
Polyol Esters
Methyl Esters
Nitrate Esters
Vinyl Esters
Phosphate Esters
Acrylic Esters
Sucrose Esters
Fatty Acid Esters
By Application
Solvents
Plasticizers
Fuel and Oil Additives
Flame Retardants
Insecticides
Explosives
Surfactants
Flavoring Agents
By End-Use Industry
Plastic & Polymers
Soaps & Detergents
Paints & Coatings
Agrochemical & Domestic Hygiene Products
Industrial Chemical
Others
Food
Automotive and Aviation
Marine
Textiles
Cosmetics and Personal Care Products
General Manufacturing
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Esters Market Key Players
Some of the key participating players in global Esters market are:
Mitsubishi Chemical Corporation
Calumet Specialty Products Partners, L.P.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Reimbursement
Concerns for use of Esters
Advantages of Esters
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s product sales, previous growth rates and market expansion plans are considered to generate market share in the market.
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In 2021, global esters market was valued at US$ 77,441.0 Mn and expected to grow significantly at a CAGR of 5.5% over the forecast period (2022-2028)
The base year for the report is 2021 in esters market.
The global esters market is segmented on the basis of product type, application, end user industry, and region.
BASF SE, Exxon Mobil Corporation, LANXESS, Arkema Group, Ashland, Inc., Evonik Industries AG, Cargill Incorporated, Procter & Gamble, Kao Corporation, Oleon N.V., Mitsubishi Chemical Corporation, PMC Biogenix, Inc., Hexion, Calumet Specialty Products Partners, L.P., Croda International plc, NYCO, Interplastic Corporation, and ZSCHIMMER & SCHWARZ