NEWARK, Del, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global esters market is anticipated to reach a valuation of US$ 94.19 billion in 2023, driven by various end-use applications. This trend is expected to create new opportunities for the global market, leading to a projected CAGR of 5.4% between 2023 and 2033. It is estimated to gain a valuation of approximately US$ 159.36 billion by 2033.
The lubricant business has worked tirelessly to provide high-performance lubricants that benefit the aerospace, automotive, and industrial sectors. One such innovation was the use of synthetic esters in the production of very effective lubricants.
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Esters are being employed more often in creating lubricants as appropriate replacements for conventional base oils due to their biodegradability and low toxicity. At a certain viscosity, they are substantially less volatile than other lubricant base oils and tend to lubricate even at very high temperatures.
An increase in manufacturing activity has been brought on by rapid industrialization backed by growth in emerging nations' economies. The use of new machinery like Industry 4.0 and other technological advancements like automation are expanding, which is driving up demand for high-performance lubricants. This, in turn, is bolstering the global demand for esters.
Key Takeaways from the Market Study
- The esters market increased at a CAGR of 4.5% from 2018 to 2022.
- The esters market in the United States is expected to account for 33.7% of all sales in 2023.
- China will take 23.4% of the global market share for esters in 2023.
- By the end of 2023, the Japan esters will hold 7.5% of the global market.
- By 2023, the French esters market is expected to increase its market share by 8.3%.
- By 2023, the United Kingdom esters industry anticipates a 9.8% market share.
- The automobile and aviation category will expand quickly with a 5.4% CAGR throughout the projection period.
- Polyol esters will account for more than 60% of the market globally in 2023.
“The rise in the cosmetics and personal care sector, the desire for sustainable as well as bio-based chemicals, and the increased use of esters as lubricants and plasticizers are the main drivers of the global esters market, says, Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape
To expand their product offers on the global market, producers actively invest in product and technological advances, research and development expenses, and industrial alliances.
There are several independent manufacturers of alcohol and oleochemicals. These independent manufacturers deliver raw ingredients to ester producers via a significant distribution network.
Prominent Players in the Esters Market
- Mitsubishi Chemical Corporation
- Exxon Mobil Corporation
- Cargill, Inc.
- The Procter & Gamble Company
- Lanxess AG
- Arkema SA
- Evonik Industries AG
Product Portfolio
- The creation of ester-based polymers, including polyethylene terephthalate (PET), is a specialty of Mitsubishi Chemical Corporation. PET is frequently used to make packaging materials, plastic bottles, and textile fibers.
- Many of the synthetic lubricants produced by ExxonMobil contain ester base stocks. These ester-based lubricants are renowned for their remarkable thermal and oxidative resilience and are created for applications that require exceptional performance.
- Cargill, a significant leader in the food sector, provides a variety of esters-based food components. Emulsifiers and texturizing chemicals used in food preparation might be examples of these.
- Esters may be an ingredient in any of the many consumer goods made by P&G. These include cosmetics and skincare products for personal care and home cleaning goods that may include esters.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global esters market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the esters market, the market is segmented on the basis of product (dibasic esters, polyol esters, methyl esters, nitrate esters, vinyl esters, phosphate esters, acrylic esters, sucrose esters, fatty acid esters), application (lubricants, automotive lubricants, aviation lubricants, industrial lubricants, marine lubricants, food-grade lubricants, solvents, plasticizers, fuel and oil additives, flame retardants, insecticides, explosives, surfactants, flavoring agents), end-use industry (chemicals, food, automotive and aviation, marine, textiles, cosmetics and personal care products, general manufacturing) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials division at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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