Ottawa, April 30, 2024 (GLOBE NEWSWIRE) -- According to Precedence Research, the global esters market size is projected to surpass around USD 152.21 billion by 2031, increasing from USD 95.24 billion in 2023.
The esters market is driven by increased demand for esters in the food and cosmetics industry, the automobile industry, government initiatives, and advanced technologies.
The esters market is the global industry producing and selling esters, which are chemical compounds derived from alcohol-organic acid reactions. They are widely used in various industries as solvents, fragrances, flavorings, and plasticizers. Esters are chemical compounds made from organic or inorganic acids with at least one -OH hydroxyl group replaced by a -O- alkyl group. They are generated by combining an alcohol group with a group of organic acids while losing water molecules.
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Esterification is a chemical reaction in which two reactants (alcohol and acid) combine to generate an ester. Esters have a carbon-to-oxygen double bond, a single link to a second oxygen atom, and an aryl or alkyl group. They come in various forms and sizes, including allyl hexanoate and long-chain triglycerides such as soybean oil. Esters can also be converted back into alcohols and carboxylic acids by ester hydrolysis. They are employed in different industries, including food flavorings, scents, polymers, perfumes, explosive materials, organic solvents, pheromones, clothing fibers, fatty acid esters, and surfactants like soap and detergents.
Key Insights
- Asia-Pacific has generated more than 40% of market share in 2023.
- North America is the fastest growing during the forecast period.
- By product type, the polyol esters segment led the market in 2023.
- By application, the lubricants segment has contributed the maximum market share in 2023.
- By end-user, the automotive and aviation segment has held the biggest market share in 2023.
Regional Stance
Asia-Pacific dominated the esters market in 2023. The market is likely to be the largest over the projection period, owing to strong demand from end-user organizations, large manufacturers, and the growth of textile and chemical industries in countries such as China and India. The market’s growth is driven by rising consumable income and increased awareness of the importance of eating nutritious foods. China’s production of paints, paints and coatings, adhesives, sealants, and Li-ion batteries leads to high demand for esters. Acrylic esters, carboxylic acid esters, fatty acid esters, and carbonic acid esters are the top four ester types, accounting for over 90% of global demand. The supplier environment is highly fragmented, with no supplier owning more than a 10% share, and the development of local vendors in Asia adds to this fragmentation.
North America is estimated to grow at the fastest rate during the forecast period. The personal care industry is driving the expansion of the esters market, notably fatty acid esters such as isopropyl palmitate. These esters can improve aroma, texture, and performance in a variety of products, including body lotions, creams, newborn washing, and hair care. Unlike synthetic chemicals, esters in skincare products are dermatologically harmless and biodegradable, making them an environmentally friendly element. This expansion is being driven in part by increased demand from the personal care industry. The growth of the market in North America is also driven by growing investments in coatings, construction, paints, automotive, and personal care. The region's extensive access to raw materials, shale gas, and favorable regulatory conditions promote innovation and investment in the sector, leading to its reputation for generating high-quality esters.
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Scope of Esters Market
| Report Coverage | Details |
| Market Size by 2033 | USD 160.35 Billion |
| Market Size in 2023 | USD 95.24 Billion |
| Market Size in 2024 | USD 100.33 Billion |
| CAGR | 5.34% from 2024 to 2033 |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2021-2022 |
| Segments Covered | By Product Type, By Application, By End-use, and By Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Report Highlights
Product Insights
The polyol esters segment dominated the esters market and is observed to contribute a significant share in the forecast period. Polyol esters have exceptional performance features such as thermal stability and fire resistance, making them ideal for high-temperature applications. They are widely used in engine oils and compressors, replacing diesters in high-temperature applications requiring oxidative stability.
Lubricants in aviation engines, high-temperature gas turbines, hydraulic fluids, and heat exchange fluids are among the most common applications. They can also be used as a base stock with PAOs to improve additive solubility while reducing elastomer shrinkage and hardness.
Application Insights
The lubricants segment dominated the esters market. Synthetic esters, with their polarity and homogeneous structure, provide excellent lubricant performance. They promote lubricity, solubility, and compatibility with metal surfaces, as well as cleanliness and sludge management. They have lower volatility and viscosity than mineral oils.
Esters are used in various applications, including compressor oils, metalworking fluids, engine oils, refrigeration lubricants, hydraulic fluids, chain lubricants, greases, and transmission fluids. They can be mixed with PAOs or mineral oils to improve seal swell, volatility reduction, additive solubility, and energy efficiency. Many esters are utilized in ecologically friendly lubricants since they are biodegradable and have low toxicity.
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End-use Insights
The automotive and aviation segment dominated the esters market. Aviation turbine oils contain high-performance components such as polyol ester base fluid (93-95%), as well as antioxidant, anti-wear, and corrosion-inhibiting additives (5-7%). Earlier jet engine lubricants were based on diesters, which are diacid esters such as sebacic acids and are utilized in turbine oils.
Diesters degrade into olefins and acids via the ß-elimination pathway, which involves a hydrogen atom in the beta position. Neopolyol esters do not include ß-hydrogen and disintegrate at a greater temperature (320-340°C) than diesters. Because of their lower thermal stability, diesters have been replaced with neopolyol esters, which provide thermal and oxidative stability, lubricity, cleanliness, and the low-temperature behavior required for jet engine lubrication.
Market Dynamics
Driver
Usage of ester in food and cosmetics
Esters are versatile chemicals used in various industries, including food and cosmetics. Biocatalysis provides a solution for manufacturing high-purity esters with no undesirable byproducts and is consistent with the 12 principles of "Green Chemistry," allowing products to be classified as "natural." The availability of commercially available lipases on the international market has motivated businesses to adopt biocatalytic processes into their manufacturing lines. However, the possible high cost of manufacturing the biocatalyst in comparison to the high cost of commercially available immobilized enzymes is cause for concern.
Manufacturers of food additives and cosmetic ingredients mainly use batch tank reactors; however, many studies are being conducted to investigate continuous reactors and other reactor layouts. Fluidized bed reactors are ideal for preventing the breakdown of immobilized enzyme particles. New microreactors are emerging, but additional research is required before they are implemented on an industrial scale. Creating kinetic, mass-transfer, and reactor-design models is critical for developing and simulating a biocatalytic ester synthesis facility. Raising awareness among process engineers about sustainability and economic research is also critical for the effective industrial-scale deployment of these manufacturing methods.
Restraint
Flammability and toxicity properties of esters
Esters are flammable or highly flammable chemicals that can burn and emit poisonous gases such as carbon monoxide, phosphorus oxides, and sulfur oxides. They react with acids to release heat, and powerful oxidizing acids can trigger a violent reaction that ignites the reaction products. Esters can also combine alkali metals and hydrides to produce combustible hydrogen. When exposed to strong reducing agents, phosphate and thiophosphate esters can produce highly poisonous and combustible phosphine gas. These chemicals have varying toxicity, with some irritating mucous membranes.
Carboxylic esters have low to moderate toxicity when exposed to the skin or through the mouth, and some are utilized as food flavorings. Pyrophosphate esters, including tetraethyl pyrophosphate, are very hazardous and extremely poisonous. They serve as the foundation for insecticides that disrupt nerve transmission by inhibiting cholinesterase. These insecticides should be handled with caution because they disintegrate quickly when introduced into the environment.
Browse More Insights:
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- Sulfuric Acid Market: The global sulfuric acid market size was estimated at USD 14.27 billion in 2023 and is expanding to around USD 28.3 billion by 2032 with an increasing CAGR of 7.9% during the forecast period 2023 to 2032.
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- Acetic Acid Market: The global acetic acid market size reached USD 19.76 billion in 2022 and it is expected to gain around USD 32.65 billion by the end of 2032 with a registered compound annual growth rate (CAGR) of 5.2% from 2023 to 2032.
- Glutamic Acid Market: The glutamic acid market size was reached at USD 12.63 billion in 2022 and it is expected to expand around USD 22.3 billion by 2032, anticipated to increase at a CAGR of 5.9% from 2023 to 2032.
- Nitric Acid Market: The global nitric acid market size is projected to hit around USD 39.27 billion by 2032 from USD 28.25 billion in 2022 and growing at a registered compound annual growth rate (CAGR) of 3.4% from 2023 to 2032.
Opportunity
Improved procedure for production
The challenges with the traditional esterification process include slow kinetics, an accumulation of byproducts like water, and poor reactant miscibility. Reducing layer thickness and moving equilibrium forward are two ways to improve mass transfer. These methods include shear mixing, agitation, high temperature, pressure, supercritical conditions, and ultrasonication. However, these techniques are not cost-effective because they need a lot of money and energy.
The use of microbubble-mediated esterification aims to increase the overall conversion rate and economy of the process. To achieve bigger interfacial areas and improved mass transfer, a bubble reactor must be employed to create microbubbles with higher surface energy, surface-to-volume ratio, internal pressure, and surface temperature. It is suggested that Le-Chatelier’s principle be used to move the esterification reaction’s equilibrium forward by removing excess alcohol from the bubble surface and a byproduct called water at the same time.
Recent Developments
- In April 2024, Savita Oil Technologies Ltd. launched the Savsol Ester 5 series of vehicle lubricants in India, which is priced 5-7% more than standard lubricants. The series offers improved fuel efficiency and performance for both two- and four-wheeler owners. The company's CMD, Gautam N. Mehra, stated that the introduction of Ester Fluid technology will set new standards in the lubricants business.
- In April 2024, Savita Oil Technologies, the first Indian lubricant business to create the ester molecule, saw its stock price rise 12% to an all-time high of Rs 549. In comparison to ordinary base oils, the biodegradable Ester molecule is more sustainable. Following a pilot-scale experiment in 2015, the Ester facility was successfully commercialized in August 2023.
- In December 2023, Croda International Plc established a Pastillator 4 plant on Jurong Island, Singapore, to fulfill the rising demand for pastille-format alkoxylates and esters. The SGD 22 million investment increased the company's production capacity by 4,600 MT, increasing the total capacity to 15,000 MT.
Esters Market Key Players
- Mitsubishi Chemical Corporation
- Exxon Mobil Corporation
- Cargill, Inc.
- The Procter & Gamble Company
- Lanxess AG
- Arkema SA
- Evonik Industries AG
- Huntsman International LLC
- BASF SE
- Evonik
- Sigma-Aldrich Co. LLC.
- U-PICA Company.Ltd.
- Michelman Inc.
- NOF CORPORATION
- Fushun Anxin Chemical Co. Ltd.
Segments Segmentation
By Product Type
- Dibasic Esters
- Polyol Esters
- Methyl Esters
- Nitrate Esters
- Vinyl Esters
- Phosphate Esters
- Acrylic Esters
- Sucrose Esters
- Fatty Acid Esters
By 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
By End-use
- Chemicals
- Plastic and Polymers
- Soaps and Detergents
- Explosive
- Paints and Coatings
- Agrochemicals and Domestic Hygiene Products
- Pharmaceutical
- Industrial Chemicals
- Food
- Automotive and Aviation
- Marine
- Textiles
- Cosmetics and Personal Care Products
- General Manufacturing
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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