CITRIC ACID ESTER MARKET ANALYSIS

An ester of citric acid is also known as citric acid ester. Citric acid is a synthesized by reacting citric acid with ethyl alcohol that is called esterification. Cherries and wine both naturally contain the compound. Citric acid ester is used in plasticizers, food additives, lubricants, plastics, and pharmaceutical coatings, among other things.

Global citric acid ester market is expected to surpass US$ 468.6 million by the end of 2030 and exhibit a CAGR of 5.6% during the forecast period (2022 to 2030).

Drivers

Growing popularity of environment friendly, a non-toxic plasticizer that can replace the highly persistent plasticizers such as phthalates is driving the growth of the citric acid ester market. Citric acid ester is used as a plasticizer to lighten polymers (such as rubber and plastic) and can be used to restrict viscosity. The construction and automotive industries are increasingly have used plastic because it is cost effective and can hold on a variety of shapes. The packaging industry's expanding use of plastics to protect equipment from dust and scratches is also driving up demand for citric acid ester, which gives plastic polymers flexibility. According to the European Plasticizers Association, Over 7.5 million tonnes of plasticizers is consumed annually in Europe. The market is expanding as a result of the growing use of plastics as a substitute for metals in industrial applications.

Consumers are shifting more towards skin care products is influencing the citric acid ester market. Citric acid ester is integrated in all type of cosmetic products including bath products, baby products, soaps, make-up, detergents, hair dyes, hair colours and other skin care products.

Among regions, Asia Pacific held a dominant position in the global citric acid ester market in 2021, accounting for 39.6% market share in terms of revenue, followed by Europe and North America. Due to rapid economic changes and industrialization, the citric acid ester market is expected to drive the growth in the near future.

Figure 1. Global Citric Acid Ester Market Revenue Share (%), By Region, 2021

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Market Restraints

By intake and inhalation, a citric acid ester is taken up by the body and causes eye irritation, lung irritation that results in coughing and nausea, central nervous system depression, and slowness of reflexes. Citric acid ester is highly harmful to aquatic life, hence laws supported by the Food & Drug Administration (FDA) may prevent its manufacturing and shipment in underdeveloped nations. This factor is adversely affects the market for citric acid ester.

Market Trends

Citric acid ester is used as plasticizers to reduce hardness of polymers (rubber and plastic) and can be further used to regulate viscosity. Cost effectiveness and the ability of plastics to transform into various shapes is augmenting the use of plastic in construction and automotive sectors. Surging use of plastics in packaging industry for the protection of equipment from scratches and dust is also boosting the demand for citric acid ester for imparting flexibility to plastic polymers.

Figure 2. Global Citric Acid Ester Market Revenue Share (%), By End-Use Industry, 2021

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Among end-use industry, food & beverages segment accounted for the highest market share of 26.9% in the global citric acid ester market in 2021. Increasing use of citric acid plays a huge role in enhancing flavors, particularly in the drinks industry, as it provides a sour, and refreshing flavor which offsets the sweetness of many drinks. Many professional chefs also testify for it, as it enables them to fine tune their dishes and balance off any unwanted naturally occurring sweetness.

Global Citric Acid Ester Market - Impact of Coronavirus (Covid-19) Pandemic

The breakout of the COVID-19 pandemic has had a significant impact on the global market for citric acid ester. The citric acid ester market has been severely impacted by COVID-19. The COVID 19 pandemic is expected to disrupt regular economic activity and daily life worldwide in 2020, according to an estimation made by the World Trade Organization. Manufacturing companies have had to stop producing as a result of supply chain disruption and a manpower shortage, which has further contributed to their demise. The construction industry and the automobile industry both experienced a decline in purchasing power, which in turn reduced the demand for polymers and slowed the market expansion for citric acid ester.

Key Players

Key players operating in the global citric acid ester market include ChemPoint, Tokyo Chemical Industry, AA BLOCKS, INC., Fine Organics, Oakwood Products, Inc., Nutrition & Biosciences, Zhonglan Industry Co.,Ltd., Indo-Nippon Chemical Co. Ltd, Weifang Limin Chemical Co., Ltd. And Lemon-flex Company Limited