The global sucrose esters market size was projected to grow from USD 76 million in 2019 to USD 106 million by 2025, recording a compound annual growth rate (CAGR) of 5.7% during the forecast period. The increasing trend of spending on convenience food products in developing countries and multifunctional properties of sucrose esters are factors that are projected to drive the growth of the market during the forecast period.
Demand for esters is majorly accounted by large-scale investments observed by food & flavor, chemicals, as well as lubricant manufacturers. Supported by widespread application and large volumetric consumption across geographies, revenue generation from the sales of esters will surpass US$ 75 Bn by the end of 2019. During 2019 – 2029, esters market is set to thrive at a healthy CAGR, as indicated by a new research report of Future Market Insights (FMI).
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Esters Market Key Takeaways
- Low temperature flowability and clean operation at elevated temperatures, make esters the preferred base stock in formulating lubricants for aviation, automotive, as well as general manufacturing industries.
- Esters have also proven their worth in enhancing the overall mechanical efficiency, driving their largely prominent usage in automotive lubricant applications.
- Conventionally, countries in Europe account for a sizeable share in the global esters marketplace. China is also noted to potentially remain a game changer with its large-scale consumption of esters, which is expected to create opportunity worth billions of dollars by the end of the forecast period. This growth can predominantly be attributed to the rising polylactic acid production in the region.
- With esters being significantly consumed as solvents in chemicals, food, and textile industries, the market for esters in China is expected to have a robust growth outlook throughout the forecast period.
- Increasing demand for greener products is largely prevalent in the chemicals industry. This has influenced the esters marketplace as well, with formulators, downstream manufacturers, as well as governments introducing environmental-friendly measures. Such initiatives are bolstering the demand for bio-based or naturally-sourced products.
- Certain ester types such as polyol esters are adapted to formulate lubricants for high-performance applications.
Esters Market: Segmentation
- Dibasic Esters
- Polyol Esters
- Methyl Esters
- Nitrate Esters
- Vinyl Esters
- Phosphate Esters
- Acrylic Esters
- Sucrose Esters
- Fatty Acid Esters
- Automotive Lubricants
- Aviation Lubricants
- Industrial Lubricants
- Marine Lubricants
- Food-grade Lubricants
- Fuel and Oil Additives
- Flame Retardants
- Flavoring Agents
- Plastic and Polymers
- Soaps and Detergents
- Paints and Coatings
- Agrochemicals and Domestic Hygiene Products
- Industrial Chemicals
- Automotive and Aviation
- Cosmetics and Personal Care Products
- General Manufacturing
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
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With rising demand for esters from several end-use industries such as chemicals, food, and textiles, manufacturers are engaging in capacity enhancements. Rising prominence of contract manufacturing has been emerging as a notable trend in industry as it offers an economically-viable option for voluminous production of commoditized products to cater to growing demand.
Acrylic esters, also known as acrylates, have a variety of uses, of which a significant volume of Methyl Methacrylate (MMA) is consumed as a monomer for the production of Polymethyl Methacrylate (PMMA). The demand from these uses is noted to be on a rise and is further expected to positively sway growth in terms of consumption as well as revenue generation.
This study sheds light on key market players, which account for a significant share in the market. The esters market study also encompasses a global as well as regional market structure analysis. Some of the market participants identified in the global esters market include Mitsubishi Chemical Corporation, Exxon Mobil Corporation, Cargill, Inc., The Procter & Gamble Company, and Lanxess AG, among others.
Limited Threat of Substitutes in Esters Market
The consumption of esters is chiefly driven by the rising demand from end users. With a minimal number of alternatives available, esters are anticipated to remain irreplaceable in their application areas. Being one of the essential raw materials in the formulation of several products, esters are expected to witness market expansion in tandem with the growth witnessed by its end uses.
More About the Report
Market research report on the global esters market published by Future Market Insights, brings about a salient analysis of the market, offering all-inclusive information such as historical consumption data for 2014-2018 and forecast statistics for 2019-2029. The research also includes emerging country analysis pointing out the countries to look out for most lucrative growth. Apart from that, the production-consumption analysis by region, regulatory framework, and patent analysis is also presented in the esters market study. The research offers insightful aspects on the global esters market based on various categories – product type (dibasic esters, polyol esters, methyl esters, nitrate esters, vinyl esters, phosphate esters, acrylic esters, sucrose esters, fatty acid esters), application (lubricants, solvents, plasticizers, fuel and oil additives, flame retardants, insecticides, explosives, surfactants, flavoring agents), and end-use industry (chemicals, food, automotive and aviation, marine, textiles, cosmetics and personal care products, general manufacturing) across six major regions.
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About FMI’s Chemicals & Materials Domain
The Chemicals & Materials division of FMI offers distinct and pin-point analysis about the chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.