NEW YORK, Aug. 03, 2017 (GLOBE NEWSWIRE) -- According to a new market research report titled “Global Esters Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Type (Polyesters, Acrylic Esters, Fatty Acid Esters, Phosphate Esters, and Others), by Application (Textile, Lubricant, Packaging, Paints and Coatings, Personal Care and Cosmetics, Surfactants, Food and Beverages, and Others)” published by P&S Market Research, the global esters market is forecasted to witness a CAGR of 6.6% during the period 2016 – 2022.
Having witnessed a strong growth rate in 2015, the global esters market is expected to grow at a CAGR of 6.6% during 2016 – 2022. The market is majorly being driven by factors such as growing automotive industry, growing demand for coatings in construction industry, and technological enhancements. Lubricants with various end-uses such as aviation, marine, industrial, and automotive largely demand for esters. This adds to the growth of the esters market. Further, commercial adoption of bio-based esters, and adoption of environmentally acceptable lubricants (EALs) at a fast pace offer immense growth opportunities for ester manufacturers. Developing nations of Asia-Pacific, such as India and China, are an ideal choice for investment.
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Based on type, the polyesters segment was the largest contributor to the global esters market, in terms of revenue, in 2015. The esters market for this segment is being driven by factors such as increasing demand from various industries such as electrical insulation, textile, industrial fabrics, packaging, and home furnishing. On the other hand, the phosphate esters segment is expected to grow at the fastest pace during 2016 - 2022. Phosphate esters have high lubrication properties as well as thermal stability, which acts as a growth driver for its demand.
Textile has been largest application area for esters, As high strength and light weight of polyesters increase their demand in the textile industry.
Geographically, Asia-Pacific was the largest market for esters in 2015. The region is expected to witness the fastest growth by 2022. The factors driving the growth of the Asia-Pacific esters market include rapid industrialization, growing automotive industry in developing countries, such as India and China, and stringent regulations for polyesters in industries such as textile and packaging.
The main driver for the growth of the global esters market has been the increasing demand for esters from different industries such as personal care, cosmetics, and lubricant industry. The other factors equally contributing to the growth of the global market are growth of automotive industry, continuous improvements in technology and rising demand for coatings from the construction industry. Soaring demand for esters in lubricants which have end-uses in automotive, marine, industrial, and aviation sectors, is also significantly adding to the global esters market growth.
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Some of the key players in the global market for esters are BASF SE, The Dow Chemical Company, Exxon Mobil Corporation, Croda International Plc, NYCO, Esterchem Ltd., Cargill Incorporated, Chemtura Corporation, and DAK Americas LLC.
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