The global esters market is expected to create an absolute dollar opportunity throughout the forecast period 2022-2029. It is anticipated to be worth approximately US$ 89.36 Bn in 2022 showcasing a healthy CAGR of 5.2% totaling US$ 127.41 Bn by 2029. Owing to the increasing demand for esters from diverse end-use industries including chemicals materials, food beverage, and automotive are expected to drive the growth of the market.
Ester is considered an essential constituent for making a variety of substances including lubricants, flavoring agents, and surfactants. Their high usage has been witnessed in the automotive, food, and cosmetic sectors. In 2020, the esters market formed around 11.0% of the global specialty chemicals market.
A half-yearly comparison of the growth forecast for the demand of esters has been presented by Future Market Insights along with recent developments being witnessed in the market. One of the key factors propelling the market is the expansion of the automotive and construction industries.
Competitive Landscape
Mitsubishi Chemical Corporation, Exxon Mobil Corporation, Cargill, Inc., The Procter Gamble Company, Lanxess AG, Arkema SA, and Evonik Industries AG are some of the key companies profiled in the full version of the report.
Leading players operating in the global esters market are investing in partnerships, advanced product launches, collaborations, acquisitions, and the establishment of new facilities to gain a competitive edge in the global market.
Key players are heavily investing in geographical and capacity expansions in order to gain momentum in the market. In addition to that, market players are inclining towards renewable sources for esters production to set up a circular economy infrastructure to sustain in the competitive environment.
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Esters Market by Category
By Product:
- Dibasic Esters
- Polyol Esters
- Methyl Esters
- Nitrate Esters
- Vinyl Esters
- Phosphate Esters
- Acrylic Esters
- Sucrose Esters
- Fatty Acid Esters
By Application:
- Lubricants
- Solvents
- Plasticizers
- Fuel and Oil Additives
- Flame Retardants
- Insecticides
- Explosives
- Surfactants
- Flavoring Agents
By End-Use Industry:
- Chemicals
- Food
- Automotive and Aviation
- Marine
- Textiles
- Cosmetics and Personal Care Products
- General Manufacturing
More Insights into Esters Market
The East Asia region is expected to dominate the global ester market which accounts for 26.7% of the total market share in 2022, with China emerging as a lucrative pocket over the forecast period. Over a span of time, China is gradually becoming a global leader in automotive and chemical production owing to its rapid expansion of these end-use industries is anticipated to boost the sales of esters.
Ester comes with a variety of benefits including low cost, high performance, easy availability, and low environmental impact. Backed by such factors, China has led to the establishment of giant manufacturing bases.
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