Esters are chemical compound produced by carboxyl acids and are widely used across cosmetics, personal care, paper, and lubricants industry. Fatty esters, acrylic esters, phosphate esters, allyl and aromatic estersoils, and cellulose esters are some of the types of the esters. Cosmetics, paints &coatings, plastics, food &beverage, lubricants, bio-fuel, resins, explosives, and surfactants are some of the major applications of the esters.
The global esters market was estimated to account for US$ 763.1 Mn in terms of value and 205.9 Thousand Tons in terms of volume by the end of 2019.
Rising demand for fatty acids esters from various industrial applications is expected to foster the market growth of the esters. Fatty acids have excellent oxidative bio-stability and hydrolytic properties as compared to natural triglyceride oils. Moreover, growing demand for biodegradable lubricants as they are environmentally friendly and are also ideal for various industrial application is projected to bolster the market growth. Thus, increasing demand for fatty acids esters is expected to augment the market growth.
Growing R&D in the field of esters for development of fatty esters with enhanced properties is expected to foster the market growth of the esters. Developing economy coupled with the rising demand for bio-based lubricants from the automotive industry is further projected to augment the market growth of the esters. Moreover, the growing demand for sustainable surfactants for household cleaning products is also projected to foster the market growth of the esters.
Maintenance of the ester lubricant requires costly tools that are expected to hamper the market growth of the esters. For example, electro-hydraulic-control maintenance equipment used in industrial and aviation applications costs hundreds of millions of dollars, which restrict producers of synthetic lubricants to produce ester lubricants in bulk.
On the basis of product type, complex esters dominated the global esters market in 2019 with around 31% of market share in terms of revenue, followed by diesters and monoesters, respectively.
Ester lubricants are gaining traction in the Asia Pacific region especially in Japan where it is widely used in fire-resistant hydraulic fluids which is used across metal processing, petrochemical, and automobile industries. Growth in the refrigeration oil market is also expected to boost the demand for esters lubricants. All these factors are projected to foster the market growth of the esters over the forecast period.
Product innovation by major players for serving across various end-user industries is expected to augment the market growth of the esters. For instance, in October 2019, Eastman has announced the launch of a new portfolio of 13 cellulose esters for use in food contact applications such as inks, adhesives, tapes and labels, and internal can and other coatings. These products meet requirements for use in certain food contact applications under regulations of the U.S. Food and Drug Administration (21 CFR), European Commission (Regulation 10/2011), and the Swiss Ordinance on Materials & Articles in Contact with Food (SR 817.023.21).
Global Esters Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus pandemic has affected one of the most important sectors of the global economy including chemicals and materials sector. Spread of Covid-19 is hindering growth of the esters market owing decreasing demand for esters from marine, automotive and aviation industry. According to the International Civil Aviation Organization, estimated approximately US$ 289 to 387 billion potential loss of gross operating revenues of airlines in 2020.
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