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Top 3 trends driving the phosphate esters market size over 2025
Phosphate Esters Market
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Its outstanding fire-resistant properties make it ideal for a wide range of applications like plastic, PVC, cables and films. It helps in improving the behavior of plasticized polymers. In addition to this, the ability to sustain low viscosity, which is crucial for hydraulic fluids, could boost its adoption. Some phosphate esters that are used in aerospace applications include dibutyl phenyl phosphate, a chemical compound that finds application in hydraulic fluids.
Considering its significance, Global Market Insight, Inc., estimates that the phosphate esters market could cross USD 3 billion by the year 2025. However, stringent regulations pertaining to the use and handling of phosphate ester as fertilizer and pesticide in agriculture as well as a hydraulic fluid in diverse application verticals could hinder the growth of phosphate esters industry. The chemical has harmful toxins and upon direct contact, could cause red rashes, irritation, burning sensation and itching.
Listed below are some of the ongoing trends that may enhance phosphate ester market outlook:
Extensive use in hydraulic fluids -
Phosphate ester hydraulic fluids find major application in excavators and backhoes, hydraulic brakes, power steering systems, aircraft flight control systems, lifts, transmissions, industrial machinery and garbage trucks. Estimates suggest that the segment could control more than 18% of the overall market share by 2025.
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Rapid industrialization across Asia Pacific countries could boost the demand for phosphate esters. Estimates suggest that the regional market could record a CAGR of 8.3% by the end of 2025. The Asia Pacific trialkyl phosphate ester market could touch USD 40 million in terms of revenue during the analysis period. Industrialization in Southeast Asia has taken considerable pace in development over the past few years, with the most substantial development happening in countries like Thailand, the Philippines and Singapore.
Companies operating in the phosphate esters industry like Israel Chemical Ltd., BASF SE, Eastman Chemical Company , Clariant, Elementis PLC, Lanxess AG, Solvay S.A., Akzo Nobel N.V., Daihachi Chemical Company, Ashland Inc. and Lakeland Laboratories Ltd. are concentrating on implementing innovative business strategies like product innovations and collaborations to expand their geographical presence and market share.
Taking September 2020 for instance, Clariant unveiled its new phosphate ester offering, dubbed Hostaphat 1738, that offers superior sustainability and outstanding performance in metalworking fluid formulations.
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Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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