Phosphate Esters Market 2020-2025: BASF SE, Lanxess AG, Akzo Nobel N.V., Elementis PLC, Solvay S.A., Exxon Mobil Corporation, Eastman Chemical company, Ashland Inc., Castrol Ltd., Stepan Company, Dow Chemical company, Croda International Plc, Israel Chemi

Worldwide phosphate esters market size is anticipated to surpass a remuneration of USD 3 billion by 2025.The global phosphate esters market outlook has observed a remarkable transition in the last half a decade. The demand for these products has always remained consistently high, however, they have gained mainstream prominence only in recent times. This perhaps can be credited to their extensive usage across the aerospace sector. As the global air passenger traffic continues to rise and the requirement of new, enhanced aircrafts increases, the demand for phosphate esters is all set to witness an upsurge.

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Top Key Players
1. BASF SE
2. Lanxess AG
3. Akzo Nobel N.V.
4. Elementis PLC
5. Solvay S.A.
6. Exxon Mobil Corporation
7. Eastman Chemical company
8. Ashland Inc.
9. Castrol Ltd.
10. Stepan Company
11. Dow Chemical company
12. Croda International Plc
13. Israel Chemical Ltd.
14. Clariant
15. Lakeland Laboratories Ltd.
16. Daihachi chemical co.

Growth Drivers are
o Growth in aerospace industry in developed nations
o Steady growth in industrialization in APAC

Major factors driving the growth of phosphate esters industry

Phosphate esters basically are organic esters, which when used with a specific collection of additives, provide synthetic fluids that can be deployed for fire resistance. Consequently, they find usage across the aerospace vertical, where fire resistance is a crucial requirement. These esters are used in resistant hydraulic fluids, which find extensive deployment across excavators, aircraft flight control systems, aircraft carriers, power steering systems, lifts, hydraulic brakes, turbines & compressors, and more.

Since they have excellent fire resistance properties, phosphate esters are preferred for a slew of applications such as plastics, films, PVC, cables, etc., in order to improve the behavior of plasticized polymers. In addition, they have the ability to maintain low viscosity, that are required for hydraulic fluids, making their use even more prominent in the aviation sector.

The aerospace market has been experiencing tremendous expansion in the recent years. Given increasing disposable incomes and affordability, travelling by air has become commonplace. This has consequently led to an upsurge in the demand for upgraded aircraft, especially across the developed economies. The consistent expansion of aerospace sector, rising demand for state-of-the-art aircrafts, and innumerable benefits of organic esters for aviation component manufacturing will augment phosphate esters market share over the forecast period.

In fact, some phosphate esters are specifically used only for the aerospace sector. Dibutyl phenyl phosphate for example, is used prominently by aerospace industry vendors.

An overview into the major trends propelling phosphate esters industry expansion

Rising demand for triaryl phosphate esters

Triaryl phosphate esters have gained substantial popularity in the recent years on account of their antifoaming properties, owing to which they are popularly used in hydraulic fluids. Triaryl phosphate esters based hydraulic fluids are majorly used in hydraulic brakes, aircraft flight control systems, power steering systems, etc. The rising demand for these products in several other applications such as fire retardants, plasticizers, agrochemicals, lubricants, surfactants, etc., will provide a major impetus to phosphate esters market growth.

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As per estimates, triaryl phosphate esters market size is likely to cross USD 1.5 billion by the end of 2025.

Hydraulic fluids are considered to be one of most significant application avenues for phosphate esters. Phosphate ester based hydraulic fluids are most notably used in excavators and backhoes, hydraulic brakes, power steering systems, transmissions, aircraft flight control systems, garbage trucks, industrial machinery, and lifts.

The expanding aerospace industry is one of the major growth avenues for hydraulic fluids, since they offer fire resistant characteristics. Estimates claim that hydraulic fluids application segment is likely to account for close to 18% of phosphate esters market share by 2025.

Escalating demand across the APAC

A powerhouse of industrial advancement, APAC has been depicting a huge demand for phosphate esters. This can be credited to the robust expansion of the aerospace, industrial, chemical, and agriculture industries in the region. Indeed, the demand for hydraulic fluids across the region is likely to enable APAC trialkyl phosphate esters market to register a remuneration of USD 40 million by 2025.

As per estimates, APAC phosphate esters market size has been projected to exhibit a CAGR of 8.3% through 2025, driven by the robust industrialization trends in the region.

The global phosphate esters market is highly competitive. Some of the significant players in the region include Israel Chemical Ltd., Solvay S.A., Clariant, Eastman chemical company, Daihachi chemical company, Lanxess AG, BASF SE, etc. Most of these companies are focusing on rapidly increasing their manufacturing capacities as well as global reach by means of mergers and acquisitions.

For example, Lanxess, in April 2017, acquired Chemtura - one of most prominent suppliers of lubricant additives and flame retardants. The acquisition had been projected to help Lanxess enhance its production capacity and embolden its stance in the global industry.Despite fairly positive growth prospects, phosphate esters market is likely to be hampered due to a couple of major restraints.

The usage of phosphate esters as a fertilizer and pesticide for agricultural applications is strictly governed by regulations. In fact, its usage in the form of hydraulic fluids in various industries is also stringently regulated, on account of the product's toxicity. The presence of a stringent regulatory spectrum may thus prove to be a major constraint for phosphate esters market.

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When these esters come in direct contact with skin or eyes, it is likely to lead to irritation, itching, burning, and red rashes. This is another factor that may hinder the industry growth to some extent.

The worldwide phosphate esters market is thus poised for robust growth in the years ahead. Despite its projected constraints, the industry will experience a steady growth rate, on account of the rising development trends of bio-based esters that are being produced by most manufacturers to resolve the problems associated with conventional esters.

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