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Esters Market Growth, Trends, Analysis And Forecast by 2022
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The commercial adoption of bio-based esters, increasing adoption of environmentally acceptable lubricants (EALs) and developing economies of Asia-Pacific, such as India and China offer ample growth opportunities for the manufacturers of esters.
the polyesters segment held the largest share in the global esters market in 2015. The segment dominated the global market, due to high demand from textile, electrical insulation, industrial fabrics, home furnishing and packaging industries. The phosphate esters segment is anticipated to witness the fastest growth in the global esters market during 2016 -2022, owing to their high lubrication properties and thermal stability.
Asia-Pacific held the largest share in the global esters market. The region is also anticipated to be the fastest growing market for esters during the forecast period. The major reasons behind the growth of the esters market in the region include high compliance for polyesters in textile and packaging industries, rapid industrialization and high growth in automotive industry in the developing economies, such as China and India.
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Among the various applications of esters, the textile segment held the largest share in the global market in 2015. The high consumption of polyesters in textile industry is attributed to their high strength and light weight.
Some of the major players operating in the global esters market include BASF SE, Cargill Incorporated, Exxon Mobil Corporation, DAK Americas LLC, The Dow Chemical Company, Chemtura Corporation, Croda International Plc, Esterchem Ltd., and NYCO.
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