The global market for esters is projected to witness a CAGR of 6.6% during the forecast period. Some of the major factors which are driving the market are rapidly growing demand from the automobile sector, increasing demand for esters in end user applications such as lubricants, construction coatings, personal care industries, and technological advancements in product formulations. The growth of the global market for esters is majorly driven by the demand for esters in lubricants for usage in several industries such as aviation, marine, automotive, and industrial applications. Commercial adoption of ecofriendly or bio-based esters, increase in preference of environmentally acceptable lubricants (EALs) are expected to serve as major growth opportunities for global market for esters.
By type, polyesters segment dominated the global market for esters in 2015. This was majorly owing to high demand from applications such as textiles, home furnishing, industrial fabrics, electrical insulation, and packaging. Phosphate esters are expected to demonstrate the fastest growth in the global esters market during the forecast period. This growth can be attributed to the increasing consumption due to their high lubrication properties and thermal stability.
By applications, textile segment held the largest share in the global market in 2015. Due to high strength and light weight properties of polyesters, the demand for it is expected to rise significantly in the coming years.
Geographically, Asia-Pacific dominated the global market for esters with the largest market share in 2015, and the region is expected to be witness the fastest growth during the forecast period. This growth can be attributed to high demand for polyesters in textile and packaging industries, rapid industrialization, and growth of automotive industry in emerging economies such as Thailand, Vietnam, and India.
Leading players in the global esters market include Croda International Plc, DAK Americas LLC, The Dow Chemical Company, Cargill Incorporated, BASF SE, Chemtura Corporation, Exxon Mobil Corporation, Esterchem Ltd., and NYCO.
The information and data in the publication “Global Esters Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
GLOBAL ESTERS MARKET SEGMENTATION