Esters Market By Coherent market insights

1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

2. ESTERS MARKET ANALYSIS • Esters Market, By Product Type (Monoesters, Diesters, Complex Esters, Methyl Esters), By Application (Automotive Lubricant, Industrial Lubricant, Aviation Lubricants, Marine Lubricants, Food Grade Lubricants), and By Region (North America, Europe, APAC, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. Esters are produced from organic or inorganic acids by dehydration with the alcohol process. It contains a carbonyl group adjacent to the ether linkage. Nitrate esters, acid esters of glycerol, and polyesters are some of the major types of esters. Oils, fats, and triglycerides are some of the types of naturally occurring esters. They are widely used across cosmetics, lubricants, plastics, resins, bio-fuel, explosives, and surfactants. • The global esters market is 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.

4. Drivers: • Growing demand for esters from the cosmetic industry is expected to drive the market growth of the esters. Rising demand for emulsifier and stabilizers in the personal care and detergent industry is further expected to augment the market growth of the esters. Thus, growth of the esters market is also attributed to the growth in the cosmetic industry due to rising demand for cosmetics & personal care products around the globe. • Increasing use of esters in the food industry as a food additive is expected to foster the market growth of the esters. They are largely used in baked food products, ice-creams, and processed food. It stabilizes and thicken the food and also enhance the texture of the food products. The growth of the ester market is also attributed to the growth in the demand for processed food products around the globe. • APAC region dominated the global esters market in 2019, accounting for 32% share in terms of volume, followed by Europe and North America, respectively.

5. Figure 1. Global Esters Market, Revenue Share (%), By Region, 2019 Market Restraints: Lack of proper standardization for food-grade lubricants is expected to hinder the market growth of the esters. Moreover, the market is also facing restrictions on the amount of ester additives used in the food industry. All these factors are expected to hinder the market growth. The volatile price of raw materials used in the preparation of chemically synthesized esters that are produced from petroleum product and hence the volatile price of crude oil affects the overall price of the synthetic esters. This factor is expected to hinder the market growth of the esters.

7. Market Opportunities: • Increasing use of esters across niche applications such as solvency and bio-diesel are expected to offer potential growth opportunities for the players in the market. Bio-diesel derived from fatty acids is considered as an ideal alternative of the conventional crude oil. Moreover, growing demand from specialty and natural esters from various industries is further anticipated to foster the market growth of the esters. • Growing demand for eco-friendly ester from the paints industry is expected to provide potential growth opportunities to the market of the esters. Esters are also gaining huge demand for the packaging industry which is again expected to fuel the demand of the product. Moreover, increasing adoption of environmentally acceptable lubricants (EAL) is further anticipated to accelerate the market growth of the esters over the forecast period.

8. Figure 2. Global Esters Market – Opportunity Analysis 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. Market Trends/Key Takeaways: Introduction of aviation lubricants for gas turbines that operates up to 300°F is expected to be a major trend in the market of esters. Dioctyl sebacate and dibasic acid esters are two major aviation lubricants that have successfully adopted by aviation industry. Rising use of thick multi-grade lubricants to thin synthetic lubricants is another major trend. This is attributed to the growing demand for durable and fuel-efficient lubricants. All these factors are expected to foster market growth. Increasing production capacity of the esters by manufacturers in order to meet the global demand is expected to be a major trend. This trend is projected to foster market growth. For instance, in March 2019, M&I Materials has opened a new MIDEL ester transformer fluid manufacturing plant and state-of-the-art laboratory in India. The move creates high quality, local supply chain of the company’s MIDEL ester fluids for utilities and transformer manufacturers across the country.

9. Global Esters Market - Impact of Coronavirus (Covid-19) Pandemic • Esters are used as lubricants in different industries such as automotive, aviation, marine and food. The Covid-19 pandemic has negatively affected the automotive, aviation and marine. For instance, according to the European Automobile Manufacturers’ Association (ACEA), in the European Union (EU), the total sales of new vehicles in the first two months of 2020 were 7.4% less than the same period in the previous year. The major countries in the EU, which faced a decline in demand in 2020 are Germany, France, Italy, and Spain. This decline in automotive sector due to the spread of Covid-19 is decreasing demand for the automotive lubricants segment.  

10. Competitive Section: • Company Names  • BASF SE • Exxon Mobil Corporation • NYCO SA • Hatco (Chemtura Corp.) • Calumet Specialty Products Partners, L.P • PMC Biogenix, Inc. • Cargill, Inc. • Croda International, Plc.

11. Few Recent Developments • PMC Biogenix, Inc. • In October 2018, Univar Inc. a chemical and ingredient distributor and provider of value-added services, today that its wholly-owned subsidiary, ChemPoint.com, Inc. has expanded its relationship with PMC Biogenix to include distribution in Mexico.

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