The Esters Market size was projected to be worth USD 89.36 billion in 2022. By the end of 2023, the market is likely to reach a valuation of USD 94.19 billion. The global market for esters is likely to garner a 5.4% CAGR and reach a market worth USD 159.36 billion by 2033.
| Attributes | Key insights |
|---|---|
| Estimated Market Value in 2022 | USD 89.36 billion |
| Expected Market Value in 2023 | USD 94.19 billion |
| Expected Market Value in 2033 | USD 159.36 billion |
| Value-based CAGR from 2023 to 2033 | 5.4% |
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During the historical period, 2018 to 2022, the esters market expanded at a CAGR of 4.5%. The rate of expansion of the esters market is significantly accelerated by the fast growth of industrialization and urbanization, as well as the rising demand for polyesters and other esters derivatives.
| Report Attributes | Details |
|---|---|
| Market value in 2018 | USD 72.41 billion |
| Market value in 2022 | USD 89.36 billion |
| CAGR from 2018 to 2022 | 4.5% |
Lubricants are supporting the esters market in seeing increased expansion as a result of a rise in the installation of modern machinery across a variety of sectors. The market is expected to develop due to the sectors' rapid growth and expansion, particularly in the construction and automotive sectors.
Esters provide low temperature flow capabilities and clean operation even at high temperatures, making them the preferred basic stock for lubricant formulation for the aerospace, automotive, and general industrial sectors.
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Below mentioned is the table of top five countries that are anticipated to gain a significant growth rate during the forecast period. Among these countries, the maximum growth is expected from the United States and China.
Forecast CAGRs from 2023 to 2033
| Countries | Expected Market Share in 2023 |
|---|---|
| The United States | 33.7% |
| China | 23.2% |
| Japan | 7.5% |
| France | 8.3% |
| The United Kingdom | 9.8% |
In 2023, the United States market for esters is anticipated to take over 33.7% market share. The market is growing as a result of rising demand for fatty acid esters. Consumer attitudes toward both beauty and health have changed, encouraging people to pursue an active lifestyle and make thoughtful dietary decisions that incorporate fatty acid esters (FAE). By metabolizing fat and causing the body to digest food and energy more quickly, FAE encourages weight reduction.
One of the factors that tend to support the growth of the esters market in the United States over the forecast period is the rising adoption of ester derivatives like polyesters, increasing usage in industrial textiles, fabrics, desktops, consumer products, packaging, electrical insulation, as well as the availability of a wide range of esters.
Another factor is the expansion of the manufacturing sector. The rising usage of ester in cosmetics like lip products, tints, and blush along with beauty items like shower gels, conditioners, shampoos, and shower gels is anticipated to drive market expansion over the period of forecasting. The substantial requirement for esters within the food and beverage sector is also anticipated to fuel market expansion in the United States.
In 2023, China is anticipated to acquire 23.4% of the global market shares for esters. China's chemical industry, which produces esters among other things, is expanding significantly.
Esters are crucial substances that are utilized as solvents, plasticizers, and food additives across various industries. The growth of sectors including cosmetics, plastics, and food processing resulted in a rise in esters' demand. As China is a significant player in the global chemical business, both domestic consumption along with exports contributed to this increase.
Esters are essential in the personal care sector too. Esters are utilized as thickeners, emollients, and perfumes in personal care items including cosmetics along with skincare. Similar to this, they are employed in the food business as food additives and taste enhancers. Esters are increasingly in demand in the personal care as well as processed food industries as a result of China's expanding middle-class population and rising disposable income.
The esters market in Japan will gain 7.5% of the global market share by the end of 2023. Esters are essential to several production processes in Japan's highly developed chemical sector.
The innovation-driven Japanese chemical industry produces high-quality esters that are utilized in the electronics, automotive, and other sectors. Research and development were prioritized in order to producespecialtyy esters that were suited to certain uses.
Japan is renowned for its cutting-edge cosmetics and personal care sector. These items, notably skincare and cosmetics, must include esters. The need for customized esters with particular qualities was driven by the need for high-end, high-quality personal care products.
The esters market in France is anticipated to gain 8.3% market share by 2023. France is well known for its cosmetics as well as fragrance industries. Esters serve as essential emollients and scent components in cosmetics and perfumes. In order to satisfy customer demand for premium and natural goods, French businesses sought to innovate in this market by developing distinctive ester compositions.
Esters are utilized in the food and beverages sectors as flavoring agents. The market for esters used as food flavorings as well as additives is expanding in France- a country renowned for its culinary heritage. Research on plant-based esters is being undertaken by the key players in the region due to a significant rise in demand for organic and natural tastes.
France alongside the European Union was putting more of an emphasis on sustainability as well as green chemical procedures. In response to this trend, the esters industry created bio-based esters made from renewable sources, thus moving towards eco-friendly production procedures.
The United Kingdom esters market is expected to acquire a 9.8% market share by 2023. Esters are employed in medication formulation and development in the United Kingdom, which has a substantial pharmaceutical sector. Research and development activities in the healthcare industry, such as the creation of novel medications and treatments, were the primary drivers of the demand for pharmacological esters.
Demand for particular kinds of esters is also being influenced by consumer trends and tastes, such as a rising interest in organic and natural goods. Companies that adapt to these customer expectations by creating esters with clean-label characteristics or produced from natural sources could gain a competitive edge.
To cut carbon emissions, the United Kingdom government has been supporting the use of biofuels. Esters are used in the manufacturing of biofuels, particularly for biodiesels. The demand for esters may be impacted by government initiatives and environmental regulations favoring the use of biofuels, thereby boosting the sales in the regional esters market.
The below table highlights how the polyol esters are projected to lead the regional market in terms of product type. These products are expected to acquire 61.90% market share in 2023.
The esters being used up for automotive and aviation sector have gained immense traction in the last few years. During the forecast period, the automotive and aviation segment will grow with a fast 5.4% CAGR.
| Category | Market share in 2023/CAGR (2023 to 2033) |
|---|---|
| Polyol Esters | 61.9% |
| Automotive and Aviation | 5.4% CAGR |
Over 60% of the global esters market is accounted for by polyol esters and it is anticipated to expand profitably at a CAGR of 5.6% in the next ten years. For applications requiring high temperatures, polyol esters offer the best performance at an affordable price. Extended life, greater temperatures operation, decreased maintenance and downtime, reduced energy usage, decreased smoke and elimination, and biodegradability are some of the key advantages.
Jet engine oils as well as fire-resistant hydraulic fluids are the two most typical uses for polyol ester. They can also be utilized in compressor applications along with engine oils. The formulation of lubricants for meant for high-performance applications makes use of certain ester types, like these polyol esters.
They provide a number of advantages, including greater temperature functioning and prolonged life for various kinds of end-use applications. During the anticipated period, the market for esters is expected to rise due to the rising use of polyol esters in a number of high-performance lubricants.
Based on end-use, the automotive and aviation segment is expected to continue gaining traction in the global esters industry. The segment is anticipated to gain a CAGR of 5.4% throughout the forecast period.
Esters are used to make lubricants and gasoline additives as a result of their many appealing features, including their ability to flow at low temperatures and maintain a clean operation at high temperatures. They greatly increase overall mechanical efficiency, thereby rendering them perfect goods for the transportation and aviation sectors.
Market analysts predict that the introduction of aviation lubricants particularly for gas turbines operating up to 300°F will be a significant trend. Two of the main aviation lubricants used by the aviation industry are dibasic acid and dioctyl sebacate esters.
Another significant trend stems from the rising need for long-lasting and fuel-efficient lubricants: the usage of thicker multigrade lubricants as opposed to thin synthetic lubricants. All of these elements are anticipated to fuel market expansion. Manufacturers should increase their ability to produce esters in order to meet the increasing demand globally.
Top multinational companies control the majority of the world's esters market and have integrated a number of activities throughout the value chain, from the extraction of raw materials to the manufacture of esters to the distribution of completed goods.
Esters manufacturers actively engage in product and technological advancements, research and development costs, and industrial partnerships to diversify their product offerings on the international market. Independent producers of alcohol and oleochemicals are also widely distributed. Through a vast distribution network, these independent producers supply raw materials to ester makers.
Some of the prominent developments by key companies in this domain are:
| Company | Key Developments |
|---|---|
| Evonik |
|
| LOTTE chemicals |
|
| Mitsubishi Chemical Corporation |
|
| LANXESS |
|
| Attribute | Details |
|---|---|
| Projected market value in 2023 | USD 94.19 billion |
| Projected market value in 2033 | USD 159.36 billion |
| Forecast CAGR from 2023 to 2033 | 5.4% |
| Forecast period | 2023 to 2033 |
| Historical period | 2018 to 2022 |
| Market analysis | Value in USD million |
| Key regions covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key countries profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key market segments | Product Type, Application, End-use, Region |
| Key companies profiled | Mitsubishi Chemical Corporation; Exxon Mobil Corporation; Cargill, Inc.; The Procter & Gamble Company; Lanxess AG; Arkema SA; Evonik Industries AG |
The esters market is expected to reach USD 94.19 billion by 2023.
The global esters market is set to expand by a CAGR of 5.4% by 2033.
The esters industry is forecast to reach USD 159.36 billion by 2033.
The polyol esters is expected to acquire over 60% in 2023 and same trend will continue.
Through 2033, the automotive and aviation segment will garner over 5% CAGR.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Dibasic Esters 5.2. Polyol Esters 5.3. Methyl Esters 5.4. Nitrate Esters 5.5. Vinyl Esters 5.6. Phosphate Esters 5.7. Acrylic Esters 5.8. Sucrose Esters 5.9. Fatty Acid Esters 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Lubricants 6.1.1. Automotive Lubricants 6.1.2. Aviation Lubricants 6.1.3. Industrial Lubricants 6.1.4. Marine Lubricants 6.1.5. Food-grade Lubricants 6.2. Solvents 6.3. Plasticizers 6.4. Fuel and Oil Additives 6.5. Flame Retardants 6.6. Insecticides 6.7. Explosives 6.8. Surfactants 6.9. Flavoring Agents 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use Industry 7.1. Chemicals 7.1.1. Plastic and Polymers 7.1.2. Soaps and Detergents 7.1.3. Explosive 7.1.4. Paints and Coatings 7.1.5. Agrochemicals and Domestic Hygiene Products 7.1.6. Pharmaceutical 7.1.7. Industrial Chemicals 7.2. Food 7.3. Automotive and Aviation 7.4. Marine 7.5. Textiles 7.6. Cosmetics and Personal Care Products 7.7. General Manufacturing 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Mitsubishi Chemical Corporation 18.2. Exxon Mobil Corporation 18.3. Cargill, Inc. 18.4. The Procter & Gamble Company 18.5. Lanxess AG 18.6. Arkema SA 18.7. Evonik Industries AG 18.8. Teknor Apex 18.9. Hallstar 18.10. Monument Chemical 19. Assumptions & Acronyms Used 20. Research Methodology
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Esters Market
