Market reports related to chemicals and materials industry have been lately available by Market Research Future, which has created the reports on global ester market. The study reveals that the market has benefited by many factors that are continuously encouraging it to grow at a substantial CAGR by 2023. The market is anticipated to amass revenues at a higher level during the forecast period.
The protruding market players who are continuously operating in the global 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).
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Ester is considered as a non-hydrocarbon organic substance that is derived from the reaction between carboxylic acid and alcohol. It is obtained either natural ways or synthetically. The usage of ester has been widely used in numerous end-use industries such as lubricant, paint & coatings, pulp & paper, cosmetic & personal care, construction, and others. It can be suggested that the global ester market is on the rise due to a lot of factors backing and has made the market more reliable than past years.
Market Drivers & Trends:
The rise in the construction activities, as well as rising consumption of ester as a sizing agent in paper & pulp, have been the key factors backing the global ester market growth. Escalating use of ester in the continuous growth of the defense sector is also influencing the market growth remarkably. More elements, such as increasing mining-related activities, which lead to higher consumption of explosives, are also expected to open more avenues for the growth of the market during the assessment period.
The rise in the consumption of ester is also due to the increasing population along with rising consumption of packaged food & beverage is, however, anticipated to drive the demand for ester in the review period. Various types of esters are used as a textile finishing agent as well in the textile industry, which is gaining more traction in the growth graph of the market. Thus, the usage of esters in the textile industry at a high rate has presented lucrative opportunities for the global ester market growth in the years to come.
Furthermore, factors such as growing production of automotive and sales coupling with mounting demand for ester, especially from the lubricant industry has the possibility to propel the growth of the market at a rapid pace. Speedily growing cosmetic & personal care products are also witnessing the inclusion of ester into the products, which is, to a great extent, benefitting the growth of the global ester market.
However, on the flip side, factor such as high cost allied with the ester-based lubricant is estimated to pose as a hindrance to the growth of the global ester market in the forecast period.
Regionally, the Global Ester Market has covered the main regions of Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Among these, Asia Pacific has a significant market share for the ester market and is anticipated to half around half of the market share by value and volume in 2016. It is predicted to register a tremendous growth over the estimated period due to the continuous growth of various end-use industries such as construction, automotive, paints & coatings, and more. The demand for ester is also expected to fuel the market in various developing economies of the Asia Pacific such as South Korea, India, Thailand, Taiwan, Malaysia, China, Australia, Bangladesh, Japan, and Singapore. These countries have witnessed rapid industrialization as well as the high adoption rate from various end-use industries.
Followed by APAC region, North America and Europe are estimated to hold a larger share of the market due to steady growth owing to recovery of the industrial sector coupled with increasing investments to revitalize construction & paints & coating sector over the forecast period. The U.S. owns the maximum market share in North America, which is further followed by Canada on account of increasing consumption of cosmetic & personal care products along with the expansion of the textile industry. Europe encompasses countries such as Germany, Spain, Italy, the U.K, and France that also owes to be the most significant contributor to the regional market in support of considerable growth of automotive sector and expansion of personal care industry.
According to the study by MRFR, the global ester market is segmented based on source, application, end-use industry, and region.
In terms of the source, the market is bifurcated into natural and synthetic. In terms of the application, the market is classified into adhesive, oil additive, binder, sizing agent, and others. In terms of the end-use industry, ester market is categorized into cosmetic & personal care, lubricant, paint & coatings, pulp & paper, construction, and others.
- Ester manufacturers
- Traders and Distributors of ester
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory